New Horizons Credit Union Blog

If all of your kids have gone to college, living on their own, or started their own family, you are now considered an empty nester. Though a little bit sad, you can make the most of it! Downsizing is a big step for empty nesters, but it can save you a lot of money that you can use for other things like trips with your partner or family vacations every now and then. Read on for some downsizing tips for empty nesters. 1. Let go of items you don't need anymore. If you're moving to a smaller house, townhome, or apartment, you are going to need to downsize. Gather your kids, if you can, to help you sift through the items in your house and let them keep the things they want. If there is something of sentimental value you would like for them to keep, now is a great opportunity to do so. When you're going through your belongings, it's hard to want to get rid of things. Keep in mind this rule of t...

You may think this new year scammers will finally give it up and get a real job, right? Unfortunately, scammers will always be around. That's why we need to keep ourselves on alert and know what a scams look like to avoid getting scammed. Below are a few scams you need to watch out for in the New Year. Common Signs of a Scam:   1. A Sense of Urgency   2. Obvious Spelling Mistakes   3. Too Good to be True deals   4. Asking for Personal Information   5. Contact You Out of the Blue 1. Phishing Scams The Oxford Dictionary definition of Phishing is the fraudulent practice of sending emails or other messages purporting to be from reputable companies in order to induce individuals to reveal personal information, such as passwords and credit card numbers. For example, you receive an email claiming to be from Amazon. They tell you your account has been compromised and you need to enter your email and password through the link they provided so...

It's a new year, which means new goals to achieve before the year ends! Whether that be working out, picking up a new hobby, or working less, it's up to you to choose your new goal and stick with it. This year, be sure to include financial wellness in your to-do list. Being financially healthy is just as important as keeping your body healthy. Read on for a couple of money habits you should take into 2023 and stick with. 1. Spend Less Than You Earn This is a tale as old as time. If you earn about $5,000 each month, but spend up to $10,000 each month, you need to take a step back and reevaluate your financial choices. Are you splurging on expensive items each week? Are you maxing out your credit cards? If you are spending more than you earn, you will never build a savings or an emergency fund. Take a step back and assess where your money is going. Cut down on spending and focus on paying for the essentials first. Make sure your bills are paid and up to date, pay down cr...

As adults, how we handle finances sends a powerful message to children. That’s why it’s important to model the healthy money management behaviors that we want the kids in our lives to adopt. Noted below are seven ideas to help shape children’s attitudes and behaviors around finances. These everyday lessons provide opportunities to intentionally model good money management. 1. Share the story of money in everyday life: Even for younger children, aged 4 or so, everyday activities like shopping or family outings provide a chance to talk about using money. Demonstrate using different forms of money – coins, dollar bills, and credit or debit cards. Have them consider the things that cost money – toys, groceries, trips to the fast-food restaurant, or admission to the zoo or a water park. Be sure to point out things that have value may still be free. For instance, helping a neighbor, visiting a playground, or spending time playing with a friend is fun and doesn’t require money. 2. ...

America Saves Week is February 21-25, 2022 and America Saves has written articles to help you reach your financial goals. Below are tips to help you reduce your debt so you can pay it off for good. Debt is a great contributor to stress. If you're having a tough time financially, it can feel isolating, but the truth is 80% of Americans have consumer debt! The only way to relieve financial stress is to make a plan and work your way through it. But to make that plan, you'll need to understand the type of debt you have, your best-case scenario to pay down your debt, and how to leverage your knowledge so that you can maintain or increase your credit score. GET A CLEAR VIEW OF YOUR FINANCES When you know your exact income and expenses, you can better steward the discretionary income left over after your bills are paid. It will become easier for you to decide how much to spend, if you can put more toward debt, what goes into savings, and whether to begin making investments....

Retirement is one of those things in life that fall into the “someday” category. When you're a person in their 20s, 30s, and even 40s, retirement seems so far away. When those every day expenses come up, you hold back on saving for retirement because it's not a bill you get every month, so you forget about it. But, we all know — life comes at you fast. Saving enough for retirement continues to be a leading source of significant financial stress for all generations. While studies show that 71% of Americans are adequately prepared for retirement, much of that includes receiving Social Security benefits under the current law. However, Social Security payouts are only scheduled to be paid at the full benefit amount through 2035! Thus making Millennials and Gen Z approach retirement from a different perspective — one that is diverse and doesn’t rely on Social Security benefits. The good news is that starting early allows you to reach your retirement goals more easily. 1. ...

As the eagerly awaited holiday season gets underway, the end of the year is a great time to get a financial health checkup to make sure your finances are on track. With regular checkups, you can fix small problems before they become big issues. This year-end, keeping financially healthy is specially important due to many economic uncertainties related to inflation, inventory shortages,as well as the expiration of COVID relief programs put in place more than a year ago to help people manage through the pandemic. Your Financial Health Check Up Like a physical health checkup, a financial checkup examines your vital signs to be sure all is well when it comes to your financial health and wellness. Do you have an emergency savings account? How do your credit card balances look? Are you tracking monthly income and expenses? What does your credit score and history look like? These are a few of the vitals reviewed during an end-of-year financial checkup. From an overall budget revie...