It is easy to get carried away as you shop online, filling your virtual cart with item after item and spending real money in the process. But there are also ways to beat the online merchants at their own game, starting with the ten money-saving tricks listed below.

1. Download a savings code finding app

Online retailers routinely publish money-saving codes, but seeking these codes can take a long time. Downloading and using a targeted app will help you find the best codes, saving you money in the process.
 

2. Buy discount gift cards and use them online

Several websites sell gift cards at a discount, and buying them could save you 10%, 20%, or even 30% or more. You can even purchase online gift codes that can be used at your favorite retail websites and make your dollars go that much farther.
 

3. Shop with your accumulated credit card points

If you have credit card rewards, you may get more bang for your buck by using them online. Look for special offers that let you use points in exchange for additional discounts and savings.
 

4. Research price protection policies

Speaking of credit cards, the plastic in your wallet may provide additional protection against future price drops, so check out those programs and sign up. In addition, you could get money back via statement credit or cold hard cash should the price of your purchased items fall later on.
 

5. Abandon your cart

Retailers have a vested interest in having you complete your purchases, and they often reach out with additional enticements to close the deal. Adding items to your cart and then abandoning the proposed purchase could get you those extra savings.
 

6. Become a new customer

When you visit a new online retailer for the first time, you may see offers designed for first-time customers. It could be a free shipping offer, a percentage off in exchange for your email address, or even a gift with purchase. Being new has its perks, so take the retailers up on their special offers.
 

7. Look for online coupons

You do not have to go through the newspaper to find some great coupons; there are plenty of money-saving offers online. Some coupons are offered by the manufacturers or by the retail outlets themselves, but they could save you a great deal of money no matter where they originate.
 

8. Sign up for the loyalty club or program

Most grocery stores and online stores offer loyalty programs. If joining the store’s reward club requires opening a credit card, this could adversely affect credit scores, so be cautious. You may have to pay a premium for some, but many are free to join. By signing up, you’ll receive members-only discounts that automatically get deducted at checkout. Wouldn’t it be nice to get free shipping on your purchases?
 

9. Check out resellers for cut-rate deals

Resellers are popular online outlets, and finding them could save you a lot of money. Some resellers specialize in returned and refurbished merchandise, while others focus on overstocks or slightly damaged goods. Just be sure you understand the guarantees and refund policies of these resellers; they are likely to be more restrictive than those of traditional online retailers.
 

10. Add items to your wish list

If you have time to spare, try adding the stuff you want to an online wish list. Many retailers will reach out when prices drop, enticing you to purchase your wished-for items and saving you money in the process.

Shopping online is undoubtedly convenient, with fast and often free shipping and a massive selection of merchandise at your fingertips. But buying online is not always the lowest priced option, and there is no guarantee that you will get the best deal. So before you start, do research, and compare prices. And if you want to save money and enjoy the convenience of online shopping, the tips listed above may help get you started.

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Therefore, if you are having financial trouble, contact your lender immediately. Don’t wait until you have missed a payment or two. Depending on the state you live in, the lender may not need a court order or give advance warning to repossess the vehicle. In some cases, a lender may repossess after just one missed payment.

Before the vehicle is repossessed

You may be able to afford the payments by decreasing your expenses or increasing your income. Review your spending plan carefully to see if there are any areas where you can cut back, or consider obtaining a second or part-time job to add to your income.

If you can’t make spending plan changes that will enable you to afford the payments, you have a couple of options:

• You can contact your lender and ask for assistance.
• If you can get more than you owe on the loan, you may choose to sell the vehicle.
• You may give the vehicle back to the lender. This is called a voluntary repossession. Not only can it save you the repossession fee, the lender may also agree to waive the deficiency balance and not report it as a repossession on your credit report. (Get these promises in writing!)

Do not be afraid to contact your lender. In almost all cases, they don’t want the vehicle—they want you to repay the loan. The earlier you make this contact, the better. If you wait until after you have missed a payment, they may not give you a break.

Now that you’ve looked at your cash flow and know what you have to work with, you can begin to negotiate. Explain your situation: whether it is temporary or permanent, and how much money you have (if any) to go toward the payment. Your options for resolution may include:

• Making no or reduced payments for a period of time. When that time frame is up, you either increase your future payments until you repay the balance due, or add the amount you owe to the loan and make extra payments at the end.
• If your credit rating is good and the value of your vehicle is greater than the loan balance, you may be able to refinance the loan with a better interest rate or longer term. For example, if you have two years left on your contract, you may be able to get a new loan where you have five years to repay, which will reduce the payment because of the longer time frame.

Neither of these options is guaranteed. When you took out the loan, you promised to make the payments as agreed. However, it does not hurt to ask, and if you have a long and positive relationship with your lender, you may very well be able to work out a deal.

After the vehicle is repossessed

If you are unable to make an arrangement with your lender and do not make your payments, eventually they can take the next step and hire someone to repossess the vehicle.

Once that happens, you may have a few options. Depending on your state and the contract, you may have the right to reinstate the contract (pay all past due installments, including late fees and costs the lender has incurred in repossessing and storing the property), or redeem the car (pay off the whole debt for the car in one lump sum, including late fees and costs the lender has incurred in repossessing and storing the property.) Not all states include these options, nor do all contracts, so you will want to check with your lender on what options may be available to you after a repossession.

If you are unable to reinstate the contract or redeem the car, the lender will then sell the car at auction. They will notify you of the auction date, and you may attend and bid on your vehicle.

Whether you or someone else buys it, however, you will be responsible for the deficiency balance if the vehicle sells for less than the loan amount. A deficiency balance is the difference between the amount that you owed on the loan and the price the vehicle sold for at auction – plus repossession, storage, and auction costs.

This deficiency balance is an unsecured debt. Some lenders may sue for this sum, while others may forgive it. If the lender does forgive it, the IRS will consider that amount income, and will assess tax due.

Summary

Dealing with a vehicle payment problem quickly, knowledgeably, and aggressively is very important. If you are having trouble making your payment, don’t wait until the “repossessor” is at your door; contact your lender as soon as you can.

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Prepare for the unexpected

Planning ahead is key to minimizing the financial impact of a natural disaster. Learn how to safeguard your finances before an emergency happens.

Recover financially after a disaster

Rebuilding after a disaster takes time and careful planning. These resources will guide you through financial relief options and strategies to get back on track, including managing debt and communicating with creditors.

Protect yourself from scams and fraud

Disasters can leave people vulnerable to scams and fraud. Learn how to recognize and avoid predatory financial schemes.

The post Natural Disaster Toolkit appeared first on Kaiperm Credit Union.

Increase retirement plan contributions by 1% (or more).

Most people want to retire someday. If you’re one of them, vow to make those later years more financially comfortable. Raising retirement contributions by 1% in the year to come is a good starting point. Of course, it can always be increased as the year progresses, but starting with 1% is an easy thing to do.

Add $50 (or more if possible) to emergency savings each paycheck.

Sometimes the smallest goals may be the easiest to reach, so vow to set aside $50 from every paycheck. Automate the process by using direct deposit to a savings account or move the funds manually each month.

Choose one bill a month and negotiate it down.

The ability to negotiate with a cable company, internet service provider, phone company, and more may improve your finances in the coming year. Choose one bill a month, pick up the phone and negotiate to get fees and rates reduced.

Fine-tune or create your budget.

Hopefully, your budget is already in place. If not, now is the time to create one. If you have a budget, make a resolution to fine-tune it even further. Make adjustments that create a higher level of control over expenses and income.

Improve your job skills.

A great way to improve finances for the coming year is to strengthen one’s earning power. Take a class, enroll in community college, attend a seminar, and do other things that will help to earn more money. Better job qualifications may result in additional promotions.

Interview a new financial planner.

There is nothing wrong with shopping around, even if a current financial planner is providing good service. Getting a second opinion from another financial planner is one smart way to see the options available.

Record or update the information for all online account logins, keep them somewhere safe and let a loved one know where they are.

If death or incapacitation occurs, loved ones will be unable to access financial accounts without the correct information. Do them a favor by recording the information and keeping it in a safe place that they can access.

Review all insurance coverage.

Insurance is not a set-it and forget-it kind of thing, and an annual review should be on everyone’s to-do list. Making sure the proper insurance coverage is in place should be part of the review process. Removing unnecessary coverage may result in monthly savings that can be used elsewhere.

Set up an estate plan.

Make this the year to finally set up an estate plan. Having an estate plan in place is one of the best things someone can do for loved ones. It’s just a smart way to provide financial protection for family members.

Invest in good health.

Last but not least, make the promise to focus on good health and well-being throughout the year. Exercising more, eating right, and taking care of oneself should always be a priority. The positive financial impacts of better health are numerous.

Making resolutions is a common activity. As the calendar rolls over and the old year gives way to the new, people everywhere will be looking for ways to improve their lives, and that includes their finances. The ten resolutions outlined above may be a way to enjoy a better today and a better future.

The post 10 Money Smart Resolutions for Any Year appeared first on Kaiperm Credit Union.

Family or close friends

The idea of having your adult or teen loved ones looking after your little loved one(s) can be very comforting. Plus, it’s typically less expensive than traditional childcare. Do your best, though, to make the caregivers not feel like they’re being taken advantage of. That can cause the situation to turn sour quickly and leave you back at square one.

Local low-income childcare programs

If your income level qualifies you, certain city, county or state programs may be available to help you get access to special childcare programs. Check with your local social services office to learn more.

Co-ops

More and more babysitting or childcare cooperatives are springing up in response to the high costs of traditional daycare. The savings over regular daycare can make all the difference. Some co-ops let you earn points by providing childcare for others. Then you can exchange these points for the care of your own child and end up paying little to nothing. Read reviews online to find a reputable group. If one doesn’t exist, research how to create one!

In-home daycare

Often, enterprising parents will create a daycare in their home to make some extra money while watching after their own children. Once again, the savings versus a traditional daycare facility can be amazing. Check to make sure the proprietor of the home daycare has the appropriate licensing for your state. It’s also a good idea to ask for some references.

Nonprofit organizations

The YMCA is probably the best-known nonprofit providing affordable daycare but check to see if there are any other non-commercial groups in your area offering this service. Because there’s no profit motive, the costs are kept down. And often there are just as many, if not more, activities for the children to participate in.

Care sponsored by an employer, college or place of worship

All these organizations have been known to provide or subsidize childcare programs. While they may not always completely meet your needs, it’s wise to check what kinds of programs are available before you make any decisions. Keep in mind that your employer’s benefits may be offered through an employee assistance program.

Extended baby-sitting or nanny care

Before you dismiss this possibility, consider how many young people there are out of work these days. You may find that because of the competition among young people to provide childcare services, you can actually get a reliable and conscientious person to look after your child for much less than you had anticipated. Various childcare sites and apps provide a list of caregivers in your area who have background checks and come with references.

You’ve probably heard a lot of fretting over the years about the cost of childcare and the lack of affordable options. However, where there are needs to be filled, services usually spring up to fill the gaps. With some dedicated research, you might just find kind and gentle care that gives your child the attention they deserve while minimizing the impact to your bank account.

The post Child Care Options That Won’t Leave you Crying appeared first on Kaiperm Credit Union.

Here’s how to get it back:

Gather the required documents/information

Before contacting the appropriate agency, gather the information that might be required of you during the application process. This usually includes the normal identifying information like social security number or driver’s license number, but can also include dates and contact information of former employment, your earnings for the past two years, and the Federal ID number for the former employer (found on your W-2 tax form). You should also have handy the bank account information for the account where you would like your money deposited, since most states offer direct deposit for unemployment benefits.

Don’t delay

Apply immediately with the unemployment insurance program for the state where you worked since it can take 2-3 weeks for the payments to start. After you find your state agency, you may be able to apply online or over the phone, depending on the state’s rules.

Keep looking for work

Be aware that should you receive unemployment benefits, you may need to provide proof that you are actively seeking work. You may also be asked to file a claim once or twice a month to continue to receive benefits, so mark your calendar accordingly.

It’s a good idea to also register with the state’s employment services office to make yourself aware of any free help you may be eligible for while you’re between jobs.

The post How to Apply for Unemployment Benefits appeared first on Kaiperm Credit Union.

A real estate broker will be well acquainted with all the facts about a neighborhood that matter most to you. For example, you may be particularly interested in the quality of the schools, the number of children in the area, the safety of the neighborhood, public transportation access, traffic volume or some other issue that affects you or your family.

Your realtor will help you figure out a price range you can afford and search classified ads and multiple listing services for homes you’d like to see. With inside information and immediate access to homes as soon as they are put on the market, the broker can save you hours of wasted driving time. When you’re ready to make an offer on a home, the broker can also point out ways to structure your deal to save money.

The real estate broker will explain the advantages and disadvantages of different types of mortgages (though better to leave that to a loan broker), guide you through the paperwork, and be there to answer last minute questions when you sign the final papers at closing. And the best part of using the services of a real estate broker is that they’re free! Brokers receive a commission which is paid by the home seller, not you, the buyer.

Steps to Choosing a Realtor

You’ll want to start searching for a broker as soon as you decide to buy a home. Talk to several, and find someone you think you’ll be comfortable working closely with.
Here are three proven ways to go about finding a broker that’s right for you:

1. Ask for referrals:

   Many of your friends and relatives have probably bought and sold their homes through brokers. Make some phone calls and get the names of the real estate professionals they’ve had good experiences with.

2. Search by area:

   You can find out which brokers specialize in the kind of home or the area you want by looking in the Yellow Pages or your local newspaper’s classified real estate ads. Or, drive though neighborhoods and note the brokers’ names on the “for sale” signs.

3. Comparison shop:

   Talk to several prospective brokers, ask questions about the areas and types of homes in which you’re interested. Do they seem knowledgeable? And, most importantly, is their personal style a “good fit” with your own?

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]]> https://www.kaipermcu.org/blog/prioritize-your-bills-the-secret-to-always-having-what-you-need/?utm_source=rss&utm_medium=rss&utm_campaign=prioritize-your-bills-the-secret-to-always-having-what-you-need Tue, 28 May 2024 19:41:41 +0000 https://www.kaipermcu.org/?p=5624 Many circumstances in life can derail even the best money-management plans, leaving us with less than we need to pay the bills. Increasing income and/or reducing expenses can help, but making changes often takes time. […]

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]]> Many circumstances in life can derail even the best money-management plans, leaving us with less than we need to pay the bills. Increasing income and/or reducing expenses can help, but making changes often takes time. However, with a little strategic planning, you can minimize damage until you are back on your feet.

Strategic planning involves both determining which bills are most important, and trying to set-up payment agreements for any other bills you are struggling to pay. Monthly obligations may include:

Mortgage or rent

Your mortgage or rent should be the first bill that you pay each month. You would not want to lose your house or be evicted because you were paying your credit cards! However, if making payments is impossible, let your lender or landlord know; they may be willing to work with you. Is your mortgage or rent affordable long-term? If not, you may want to look for a cheaper place to live. If you owe more on your mortgage than what you can sell your house for, your lender may be willing to accept a short sale. If you have a lease, your landlord may voluntarily release you from it if you explain your hardship or find a suitable replacement tenant.

Car loan

If you have a car loan, making your payments on time is critical. In many states, a car can be repossessed after only one missed payment. Repossessed cars are typically sold at auctions for low amounts, and the lender may come after you for the remaining loan balance (the deficiency balance). If you cannot make your payments, call your lender. They may be willing to let you to skip a few payments or accept a repayment plan for delinquent payments. If an agreement cannot be worked out and you cannot resume payments, you may want to sell the car, especially if you have a spare one or can take public transportation.

Utilities

Delinquent utility payments can cause your service to be suspended or terminated, but some utilities are more important than others. You may not be able to, or want to, live without electricity or water. However, you could probably live without cable television. If a service is not needed and cannot be paid, you may want to cancel it before it is shut off. If the service is needed, call the utility company and ask about payment arrangements; you may not have to pay the full amount owed right away. You can also see if the company has any assistance programs for people facing economic hardship.

Student loans

Borrowers experiencing financial difficulties can often get a temporary suspension of payments through a forbearance or, less frequently, a deferment. What if you can’t get one? The only immediate consequence of not paying a student loan is usually credit report damage, but if you make no payments for 180 days, you are considered in default, with possible consequences including tax refund interception and wage garnishment.

Credit cards and other unsecured debt

If you miss payments by 30-days or more, your credit score will likely drop. If you stop paying long enough, your accounts may be sold to collection agencies, and you could even be sued. Still, the consequences of not paying unsecured debt are less severe than not paying your mortgage or car loan, and most creditors do not take legal action right away. This does not mean that ignoring your creditors is a good idea, though. If making the required payments is difficult, contact your creditors about hardship programs (short-term arrangements that allow you to make smaller payments). When requesting a hardship program, explain why you are facing hardship, and let them know what changes you will make to be better able to afford payments in the future. If requesting a hardship program over the phone is not effective, try sending a letter.

When there is not enough money to pay for everything, it is easy to panic. Don’t. Instead, focus on what you can do. You may not be able to control everything that happens in your life, but you can choose what bills to pay first and how to deal with creditors.

The post Prioritize Your Bills: The Secret to Always Having What you Need appeared first on Kaiperm Credit Union.

]]> https://www.kaipermcu.org/blog/transportation-saving-accounts/?utm_source=rss&utm_medium=rss&utm_campaign=transportation-saving-accounts Tue, 28 May 2024 19:31:20 +0000 https://www.kaipermcu.org/?p=5617 If just getting back and forth from work is taking a bite out of your paycheck, find out if your employer provides transportation savings accounts as part of their benefits package. These accounts allow you […]

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]]> If just getting back and forth from work is taking a bite out of your paycheck, find out if your employer provides transportation savings accounts as part of their benefits package. These accounts allow you to direct a portion of your pre-tax income into a special account that you use for qualified work-related transportation expenses.

Since you make contributions with pre-tax dollars, you save on both income and Social Security taxes. For example, if you are a commuter who pays $240 in monthly parking and transit expenses, by using this benefit your tax savings would be between $750 and $900 per year, depending on your tax bracket.

There are three basic types of expenses that you may use your savings for: parking, mass transit, and vanpooling. Your employer may offer all, a couple, or one of the categories.

Parking

Parking can be a major expense for many people, particularly in urban areas where prime spaces can cost hundreds of dollars a month. Parking accounts allow you to set aside money for employment-related parking expenses. This includes the cost of parking at or near your place of work, and at commute site parking lots (such as train stations and bus stops). Parking at or near your home does not qualify, nor does the cost of parking when you are traveling for business.

Mass transit

Do you take the subway, train, ferry, or bus to work? Many employers offer mass transit accounts, which let you to save for the cost of tickets and fares at a tax advantage. Qualified mass transit expenses include the cost of tokens, fare cards, vouchers, and other items that enable you to commute without driving.

Vanpooling

If you take a commuter van to work, you may be able set aside cash in a transportation savings account for those vanpool costs. According to the IRS, a van qualifies as a commuter vehicle if:

• It seats at least six adults (excluding the driver)
• At least 80 percent of its mileage is for transporting employees to and from the workplace

To Enroll

To participate in any transportation savings account, you have to be an employee of a company or organization that offers it as part of their benefits package. Sole proprietors, partners, and independent contractors are typically ineligible for this benefit. As with many employee benefits, you can sign up for the transportation savings account during your annual open enrollment period. At that time you agree to set aside a certain amount of pre-tax salary to pay for your qualified transportation expenses.

If your employer does offer transportation savings accounts and you are going to spend the money on those expenses anyway, it makes sense to take advantage of the program. If you don’t you are losing out on tax savings!

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]]> https://www.kaipermcu.org/blog/fico-vs-vantagescore-whats-the-difference/?utm_source=rss&utm_medium=rss&utm_campaign=fico-vs-vantagescore-whats-the-difference Wed, 15 May 2024 09:37:24 +0000 https://www.kaipermcu.org/?p=5550 Does this sound familiar? You spend hours and hours learning the ins and outs of the FICO credit score to the point where you feel confident you know precisely how any change to your credit […]

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]]> Does this sound familiar? You spend hours and hours learning the ins and outs of the FICO credit score to the point where you feel confident you know precisely how any change to your credit file will impact your score. Then you hear there’s a totally different measure called a VantageScore. You throw your hands in the air and consider just giving up.

Without a doubt, it can quickly become bewildering trying to keep track of the myriad scores out there. But to simplify things, it helps to know that there are two main sources of scores for lending decisions, like a car note or taking out a mortgage or personal loan. Those sources are Fair Isaac Corporation, which makes the FICO score, and the three credit bureaus—Experian, Equifax, and TransUnion—who generate the VantageScore.

So what’s the difference between the scores?

When you get a score

With FICO scores, you must have at least six months of payment history before a score is generated. You also need some activity on your accounts in the last six months. However, when it comes to VantageScore, all you need is one month of payment history before a score will be calculated for you.

Components

The ingredients that go into a FICO score are as follows:

• Payment history (35%)
• Credit utilization (30%)
• Length of credit history (15%)
• New credit (10%)
• Types of credit used (10%)

For a VantageScore, it’s:

• Payment history (40%)
• Length and types of credit (21%)
• Credit utilization (20%)
• Credit balances (11%)
• Recent credit applications (5%)
• Available credit (3%)

Relative scoring for the same information

While both scores now use the same 300-850 range, various sources have found that VantageScores tend to be about 50 points higher for the same information, on average.

It’s important to compare apples to apples with any lender you’re discussing an application with. For example, they may want you to have a 760 score to qualify for the best interest rate on a loan, but if you’re looking at a VantageScore and they’re looking at FICO, you might not be getting the rate you thought you were.

Inquiry window

When you apply for a loan or credit, a hard inquiry is generated, and the lender accesses a copy of your credit report to consider your application. If you have too many inquiries, this can negatively impact your credit score in both models. To minimize this effect for people shopping for a car loan, mortgage, or student loan, in its more recent scoring models, FICO has counted all of these inquiries as a single inquiry if they happen during a 45-day window. VantageScore narrows that window to just 14 days.

Popularity

Current estimates are that around 90% of lenders use the FICO score. But keep in mind that number used to be higher. VantageScore is gaining market share.

It’s also important to understand that you have separate VantageScore and FICO scores from each of the three credit bureaus and that there are different versions of each score that emphasize specific components more than others. For example, when you apply for a car loan, the lender might look at a FICO score that puts a heavier emphasis on past auto payments.

Helpfully, the fundamental factors that give you a good score are essentially the same in all models. So as long as you make payments on time, keep your balances low on revolving accounts, keep older revolving accounts open, limit credit applications, and diversify your credit, you’ll be fine.

Now that you know the differences and similarities between the scores, how do you know which one to focus on? It’s pretty simple: ask your lender. Once you know the score they’re using, you know which one to track. If your financial institution or credit card provider doesn’t offer you a free score, you can access your scores at myfico.com and vantagescore.com.

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