New Horizons Credit Union Blog

  Online and Mobile Banking have taken the banking world by storm. More and more people are accessing their banking information through their computers or smart phones! How convenient is it that you can check your account wherever and whenever you want? You can make check deposits by snapping a picture, transfer money easily between accounts, and receive your work check through direct deposit. Here are some advantages of  Online and Mobile Banking: (Opens in a new Window)   1. Enhanced security Access to your banking information is protected by multiple protection layers to keep your personal data private and prevent unauthorized access. You can set up face or fingerprint recognition for an added layer of protection. You can also turn on two or three step verification where you'll be asked for a security code and/or security question when you log in. Though it may seem annoying and redundant, it's best to have this to protect your account. 2. Instant access 24/7 & Convenien

  Being a homeowner comes with its many challenges. You have to protect your home against natural disasters, fires, water damage, mold, and more. If and when something does happen to your home, you have to be prepared in order to make sure your family and home is safe. Read the tips below to know what you should and shouldn’t do AFTER a home emergency.   Water Damage DO 1. Turn the water off  if a pipe broke or is leaking. Immediately call a plumber so they can repair the pipe. 2. Use caution.  If your home sustained extensive water damage and is flooded, turn off the electricity and watch out for loose electrical wires. Watch where you’re stepping and be careful not to slip and fall. 3. Remove water . If you can, remove as much water as possible from your home. If your furniture got wet, place it outside to dry in the sun or open up some windows to speed up the drying process. If it is safe to do so, turn on your A/C to cool to help dry. DO NOT 1. Do NOT use a vacuum  cleaner to pick

  You have that nice job that brings in enough income for yourself (or for your family) to live comfortably. You can splurge on whatever you want because you can, and you can pay your bills without looking because you know you have enough money to cover them. Living like this means you’ve become  financially complacent . You don’t really know how much money you’re spending because you really don’t need to know. Unfortunately, this causes you to lose money that could be put into a savings, retirement, or vacation account. Here are some signs you’ve become financially complacent:   1. YOU NEVER LOOK AT YOUR BILLS As mentioned above, you don’t look at your bills anymore. Sure, bills are stressful and who really wants to look at the money leaving our bank account anyways? Well, you need to look at your bills to know exactly how much you’re spending. You can cut back on the power bill if it’s too high, or you could even catch a mistake on your cable or phone bill. Not looking at your bills

More than 93% of U.S. workers were paid via direct deposit in 2019, according to a “Getting Paid In America” survey. Direct Deposit is offered in virtually all workplaces since it’s a safe and easy way for employers to pay their employees. For those who have yet to enroll, here are the benefits of direct deposit and why you should sign up for this free service!   What is Direct Deposit? A  direct deposit  is an Automated Clearing House (ACH) transaction, where your payment is electronically transferred to your chosen bank account. This payment could be your paycheck, pension, social security payment, or even travel reimbursement. Almost all employers now offer the ability to enroll in direct deposit in lieu of taking a paper check. There are several benefits to enrolling in direct deposit. 1. You don’t have to worry about losing a paper check before getting to the bank. Long gone are the days when your paycheck was misplaced or lost in a pile of paperwork. If you tend to misplace impor

  You’ve just been turned down for a loan . You don’t know what to do, your emotions are everywhere, and you feel hopeless. Now what? Well, first, you’re going to want to know why you were turned down. Second, you’re going to want to do something so that it doesn’t happen again. Here’s what you should do if you’ve been denied a loan:   Why were you turned down? There are many reasons why you might've been turned down. Either way, you need to know  the " why"  so you can fix the problems and apply again. Here are a couple of reasons you may have been denied:  You're late paying bills You have too much debt Your credit score is too low or too new You don’t make enough money There was a mistake on your credit application.   No matter what the  "why"  is, you can take some steps to better your situation and have a better chance to get approved later on. 1. Pay Your Bills on Time If you're always late paying your bills, you need to figure out why you're l

  Are you keeping too much money in your checking account? It’s suggested people keep at least two months’ worth of expenses in their checking account, anything else should go to your savings, retirement account, or emergency funds. Below are a couple of tips to help you make the most out of your money so you never have to worry!   1. Have a Savings Plan If you don’t have a savings plan, you’re making a mistake! If your job offers a 401K account where they match the money you save, you should definitely take advantage of that! Imagine, you save $20 from each paycheck when you start a full time job, and let's say your company matches 6% of that $20.That's $1.20 extra going into your 401K account. Now, that may not seem like much, but $21.20 adds up by the time you retire.  2. Your Emergency Fund is Full, Now What? This is great news! This means you have at least six months’ worth of money in this account in case of emergencies. However, now that it’s full, you need somewhere els

  More than 2/3 of college graduates have student loan debt with an average balance of $30,000, and an average student loan payment is around $400, which burdens Americans more than credit card debt. Crazy right? The ultimate goal for most people is owning a house, but can you have student loans and a mortgage at the same time? Yes, yes you can! Here’s how: 1. Tip number one to getting a mortgage is not falling behind on your student loan payments. Missing a payment will hurt your credit score and mortgage lenders will see this as a red flag, so stay on top of those payments! If you can, pay a little more than the monthly balance so lenders see that you're making an effort to pay off the loans faster.  2. Tip number two to getting a mortgage is to get someone to co-sign with you. Make sure this is a trusted person that will help with the payments, so it’s best to do this with your spouse. Combining income to get a mortgage and paying it off eases the stress from those monthly bills

  If we asked you to get your birth certificate, would you be able you find it? Maybe you’re prepared and can find them in less than two minutes, but if you’re on the other side of that road, you may want to take a day and organize your important documents. Why? If there's a natural disaster or a medical emergency, you need to be able to produce your important documents immediately. Read on to learn a few ways to get organized.   1. Categorize The first step to getting organized is to categorize. Gather all the loose documents in your home and put them in the following piles: Important Documents: Birth Certificates, Social Security Cards, your Will, home ownership documents, medication documents, passwords, family pictures, and anything else you deem highly important. Bills and Payments: Any bills you may have. Light, water, gas, medical, phone, etc. Financial Accounts: Stock certificates, bond certificates, tax records, credit card accounts, mortgage account statements, etc. Trash