- How to Deposit and Save Your Tax Refund, We love supporting your financial well-being and helping you save money. If you're expecting a refund this tax season, or any tax credit throughout the year, here are some ideas to make the most of it. , SKIP THE MAIL., Paper checks can be delayed or intercepted in the mail, and plastic refund cards often come with restrictions or fees. , CHOOSE DIRECT DEPOSIT., With direct deposit, your tax refund goes straight from the US Treasury into your account. That means it's quick, convenient, and accessible. , Plus, it's easy to set up!, Click here for tips to establish or switch your direct deposit . , STOP SPENDING, START SAVING., If you're thrilled about the cash, you could be tempted to spend it quickly. Before you do, make sure you have plenty of emergency savings to prepare for the unexpected. Experts suggest six months of living expenses as a healthy target. To start saving for emergencies, open an additional savings account today. Ask a representative or simply click, Add a Share/Certificate, in digital banking to get started. , BOOST YOUR DIVIDENDS., Your savings can lead to earnings, especially when those savings are in the right account! Unless you'll need the funds soon, consider depositing your tax return into a share certificate and enjoy a higher rate of return than traditional savings and checking accounts. When you're looking ahead to retirement, you may also want to maximize your IRA contributions for each tax year. Learn more about…, CUT DOWN DEBT., If you have a financial wellness coach or debt counselor , seek their guidance when placing those funds. By using your refund to reduce debt, you might be able to improve your credit. Learn about credit scores . Refund or no refund, it's always a good idea to review your financial wellness or retirement plan. To get in touch with a nationally accredited counselor and discuss your financial…
- There are many ways to pay for your wedding day, but many times family and savings simply aren't enough. No matter the size of your budget, the one constant is where your cash will come from. While it was customary for the bride's parents to foot the bill in the past, most couples finance their own nuptials today. A reasonable, realistic budget is the essential first step. And like any major…, Why use a wedding loan?, Couples with good credit will likely receive an unsecured loan that doesn't require collateral. Keeping one or both spouses' assets out of the equation naturally expands financial breathing room. It's true money issues, namely debt, can cause a lot of stress in a relationship. Some personal finance professionals advise against taking on personal loan debt for that reason. But, as with any loan,…, Your wedding budget must come first., A realistic budget is a critical step in the entire wedding planning process. The Knot suggests this basic breakdown as a starting point: Reception: 48-50 percent Ceremony: 2-3 percent Attire: 8-10 percent Flowers: 8-10 percent Entertainment/Music: 8-10 percent Photography/Videography: 10-12 percent Stationery: 2-3 percent Wedding Rings: 2-3 percent Parking/Transportation: 2-3 percent Gifts: 2-3…, Why not use a credit card?, Credit cards, especially those with short-term 0 percent annual percentage rates can be particularly attractive for newlyweds-to-be. It can also be particularly troublesome when you quickly rack up debt that could take many years to pay off once that promotional APR disappears and a variable rate kicks in. A high-limit credit card may make you more tempted to stray from the budget, opting for…, How should you use your wedding loan?, Once you have your budget laid out, you've estimated how much money you can save, and put a dollar figure on what you need, you're ready to apply for a wedding loan. You might want to use it as quick cash to pay upfront costs like deposits for the church or reception venue that are often due more than a year in advance. You might use the wedding loan to reserve plane tickets and make reservations…, Can you get a wedding loan with bad credit?, While the rate and term will not be as favorable, you can get a wedding loan with bad credit. If your credit score's over 680, you're in good shape. If it's under, your approval process may be a bit more difficult – but not impossible. Peer-to-peer lending sites bring together private lenders who make personal decisions on who and what to fund. Basically, it's a chance to explain yourself. If you…, Where do you get a wedding loan?, Careful budgeting and diligent saving are best for your Big Day. But, if you need quick cash for a key contract or even just an emergency fund, wedding loans are the best alternative. Credit unions work with couples so they can celebrate their marriage as the life-changing milestone it is. Big expenses or bad credit shouldn't get in the way. And you deserve the good rates, flexible terms, and…
- What's Next Now that You've Said 'Yes'?, Planning for a wedding can be very exciting, but can also be extremely overwhelming. A combination of endless details, deadlines, stress, and a big price tag all come with the preparation in making your Big Day something special. The average cost of a wedding is $26,645, not including the honeymoon, according to costofwedding.com. When it costs more than $1,500 just to put the proper clothing on…, Start Saving for Your Wedding, If you haven't already, start setting aside at least a little each week. Now's the time. Open up a special wedding savings account and set up a direct deposit allocation to go into that fund. It will come directly from your paycheck, and you won't even miss it., Take Out a Wedding Loan or Open a Line of Credit (if necessary), Paying with credit is not recommended, but sometimes necessary. A wedding loan can cut into that debt or cover smaller items like entertainment or flowers. If one or both of you have a decent credit score (generally 680 and higher for FICO Scores, or 661 or higher for VantageScore) , you shouldn't have trouble getting 0 percent promotional APR on a credit card . This will give you a good year or…
- Whether you're 18 or 48, at some point you're likely to buy a new car – even if it's just new to you. Unfortunately, cars aren't cheap. That's why many people go for an auto loan . The issue? Auto loans are confusing, especially if you've never had a loan before. Between APR, GAP, MRC, terms, and down payments, you're basically swimming through an ocean of acronyms and words that might not…, Does the APR matter?, Yes. Yes it does. If you're not familiar with loans, your APR is how much the institution will charge you to take out a loan. And, while APR and interest rates are technically a little different, it's the interest charge and subsequent payment that you need to think about – especially when added up with the principal plus auto coverage (see "The Extra Stuff" below) and debt protection to make…, What determines my APR?, Your APR varies based on many things – your credit score being the biggest factor. The better your credit score, the lower your APR is likely to be. That's because lenders look at credit scores as a form of financial trust. With a higher credit score, they figure they're more likely to be paid back, thus the lower rate. Alright, Give Me The Term... In the lending world, "term" can mean many…
- 4 Ways I Saved (or tried) in College, When I was 17 my dad's motto seemed to be "stop spending your money." But to me, spending was easy. "Saving" was hardly a word. The first time I considered cost – another new word! – was the moment my dad said, "You know, you'll end up with a lot more student loans if you choose one of those private schools. We can only help so much." This language was confusing for a teen like me with limited…, The rest would be up to me – a fact that I would learn many years later., I applied to four private universities and one state school, which I considered as a back-up plan because in my mind "private" meant "elite" and therefore "public" meant "inferior." With my 98 GPA and solid SAT scores, I was accepted across the board and had my pick. With a full platter of selections, I obviously had my eye on the elite! Sure, I looked at the price tag, too, but if my parents…, Nope!, Student loans! That's the golden ticket to this chocolate factory. And being a cosigner on those loans, that meant my parents had financial liability and, ultimately, I'd need to make payments based on their incomes and credit scores . I picked a private school anyway, and away I went. Then I watched our family funds dwindle, and as the 2008 recession took hold of our economy, I knew I needed…, With frugality in mind..., My tough lessons in college finances: , 1. Pay myself first, I had to convince myself, "If I don't have money to save, then I don't have money to spend." It does not work the other way around . And once you can train yourself to do this, your lifetime of saving can begin. , 2. Avoid the expense of luxury, My various living situations in college: Becoming a Resident Assistant so I could get a "free" dorm room. Remember though, it's a job and can be time-consuming. Working new student orientation in the summers (again, free housing and good pay), which also helped me explore my college town when it wasn't swamped with students. "Couch-surfing" and living out of my car so I didn't need to pay rent…, 3. Invest my time, Instead of investing money (because I didn't have any), I invested my time, asking, "How can my time now improve my finances tomorrow ?" Gain practical experience , instead of simply studying the topic: Apply my skills in a professional setting to make myself more valuable when seeking a better-paying job Build a strong resume for post-grad applications and internships Learn from active mentors…, 4. Stretch my student loans, Many student loans come with a bit of flexibility. Meaning, they are more than you need for tuition and housing . Seeing those excess funds in my bank account, I realized that I had to be responsible not to burn through it carelessly. Like many students, I was on my own in a new city, and yearning to break free from the pesky rules and watchful eyes of my childhood home. I won't debate the…, Other financial tips for college students, from personal experience:, Budgeting means being strict when asking, "What is a necessary expense ?" Buy used books from friends, and hunt for the bargains. Books can be pricey, particularly at the beginning of each semester. Sell the old ones, and never buy new if it can be avoided. Don't buy new outfits or clothes every semester. Focus on the supplies you need. Learn from your previous semesters and improve your…
