In case you haven’t heard, compound interest is the best. You may remember it as an equation you had to memorize for math class, but it’s so much more than that. It’s the concept that powers all sorts of savings and investment products and, over time, allows you to turn your money into, well, more money!
Even though compound interest is easy to understand — compound interest = more money for you! — those who can potentially benefit most from it (those in their teens and 20s) don’t seem to be taking advantage of it. Savings contributions and retirement savings participation rates are falling among young adults. So if we understand that compound interest translates into free money down the road, what could possibly be standing in the way?
Budgets are like the New Year’s resolutions of personal finance. We all know we should have one and we all know it’s a fairly simple thing to follow—at least in theory. Like resolutions, we often map out personal budgets with the best of intentions, only to abandon them a couple of weeks later.
Has the steady employment you depend on suddenly come to an end? Many Alaskans are finding themselves in unsure waters these days as our job market changes and the economy adapts. If your own job is ending or at risk, there are steps you can take to prepare for the future! Act now before your bank account suffers – and remember that you always have a helping hand at Credit Union 1.
With the new year in full swing, we’re going to go out on a limb here. Do you have a bit of aging credit card debt you’d like to wipe off your slate? DON’T WORRY! It’s totally normal to want a fresh start. Plus, if you’ve chosen your existing credit cards wisely, you won’t pay an arm and a leg in interest as you work toward paying down your balance.
The question is how do you choose the right card?
Main priorities should be your interest rate, terms and any associated perks of the card (such as One for All Rewards). Take a look at a few different options below:
Saving money is a challenge. Not only do unexpected expenses pop up, but dividends on your savings account can sometimes accrue so slowly! Even though your savings balance may seem like it’s growing at a snail’s pace, a magical power called “compound interest” is on your side. Check it out! The more money you save, the faster your money will grow.
Can you feel the excitement in the air? PFD season is upon us, and Alaska is brimming with joy! This year, you’re going to make that PFD stretch further. Have more fun, reach more goals, and most of all avoid PFD hiccups that can cause a serious hassle. How exactly? Check out the following five mistakes that Alaskans commonly make with their PFDs, and learn how to avoid them. With our advice in your pocket, you’ll save time, energy and funds!
The new school year is upon us, and if there are kids in your home, you’ve likely been knee-deep in school shopping. New clothes, shoes, graphic calculators – the list goes on! Unfortunately, as that shopping list grows, your wallet is likely cringing with dread. Back-to-school can be pricey, but a sound strategy can make a HUGE difference. Check out a few things I've learned from my own school shopping exploits (as well as some wisdom my own momma shared, because that’s the best kind!).
Alaskans experience a unique phenomenon in the summer: we suddenly have energy to GO GO GO without sleep or sustenance! If you’ve ever caught yourself mowing the lawn or grocery shopping at 11pm on a sunny weeknight, you know what I mean. Although this energy can feel dangerously close to crazy-town at times, it’s also a great way to accomplish more than you normally would.
With summer winding down, it may be time to harness your amped up motivation and tackle those DIY projects you’ve postponed (for dipnetting, mountain climbing, summer concerts and all the other cool things you do!). Could your home use new windows or doors? Have you had a bathroom addition on your mind, or are you hoping to sell in the spring and need to make improvements beforehand? These projects have DIY written all over them (or hey, you could use a contractor too – no judgement).
Before you get started, there are a few important things to know. Not all home improvement projects are created equal – meaning that not only do some take more time or money, but some will give you more or less return on your home’s overall value. So don’t choose your project too hastily! It’s important to balance the fuzzy-good-feeling “value” that a project will give you (because a new deck would be AMAAAAZING!) versus the monetary value you’ll retain. Check out the cool info below to learn which projects pay off the best versus which can be total duds. And good luck getting your DIY on!
Alaskans love to celebrate. Whether it’s a traditional holiday or our unique attention to the summer solstice, we don’t miss a chance to throw a party! Birthdays are a fabulous thing, especially for Alaskans who do two (among many) things very well: