For many people, getting out of debt can be quite difficult. But there are plenty of tips and tricks to help you get out of debt fast. At Telco Credit Union, we strive to help you make financial decisions that will benefit you longterm. Here are a few tips to get out of debt faster!
First, make a budget and stick to it. It's a good idea to evaluate your budget every now and then; try cutting out small expenses that may not seem like they add up. Trust us – they do add up. For example, skip eating out as often as you can; this will save you a lot of money. There are many online resources about budgeting, including some helpful budgeting templates you might find useful.
Next, keep only one credit card in your wallet for true emergencies. If you can, pay for everything else in cash. It's easy to hand over a credit card to swipe; it's more difficult to hand over cash. When you switch to paying for everything you can with cash, you'll notice that you will spend less money on impulse purchases. Whenever you go shopping, always go with a list. For example, make a list for groceries you need, and be strict with yourself about buying only what you need. Paying for groceries in cash may help with sticking to your list as well.
If possible, get a roommate... or multiple roommates. Your housing and utility costs will decrease significantly. It's possible you would also spend less money on food and transportation depending on your situation as well. On this note, think critically about what you're paying for in your home that you might not need. For example, do you watch enough cable to justify spending $100 or more a month on cable? Can you downgrade your cable package, or switch to only paying for streaming services? Do you go to the gym enough to justify the membership fees? Once you've paid off your credit card debt, then you can consider upgrading packages or repurchasing memberships.
If these tips don't help, or aren't helping fast enough, it's always wise to find a financial counselor. Search for a nonprofit credit counseling agency online; many offer free credit counseling sessions that may be helpful. Working with a professional may make it easier to make a budget for yourself and stick with it. There are also many free online resources that you should take advantage of when it comes to getting out of credit card debt.
At Telco Credit Union, we want you to feel like your money is safe and that you're making investments to help you in the future. Telco is a full service not-for-profit financial institution serving over 10,000 members. Serving the Eastern North Carolina area, including Greenville, Tarboro, and Rocky Mount, you can trust Telco with all your financial needs. Contact us today!
At Telco Credit Union, we know how important it is to save money. One such way is to invest in a money market fund. Telco serves the Eastern North Carolina area, including Greenville, Tarboro, and Rocky Mount. You can trust Telco with all your financial needs, whether you're looking to open a checking or savings account, take out a loan, finance your mortgage, or become a Telco member/owner.
So, what exactly are money market funds? This type of mutual fund is an option for investors to buy a pool of securities that provides higher returns than normal bank accounts. There are different types of money market funds. Some invest in government securities, municipal securities, or bank debt and corporate securities. Typically, these types of funds cater to different types of investors. For example, some money market funds are meant for investors in retail, while others are meant for institutional investors. The regulations ruling money market funds are dependent on the type of fund.
One type of money market fund is a prime fund, which mostly invests in taxable short-term corporate and bank debt securities. Another is a government money market fund, which invests 99.5% or more of their total assets in liquid investments like cash and other types of investments. Retail money market funds are another type of mutual fund.
Typically, money market funds invest in things like certificates of deposit (CDs), commercial paper, U. S. Treasuries, Bankers' Acceptances, and Repurchase agreements. Like other mutual funds, money market funds release shares to their investors, and they must follow the guidelines set by the SEC. All characteristics of a mutual fund also apply to a money market fund, with only one exception (which relates to its net asset value).
At Telco, we offer money market funds as one of our many services. If you invest in this type of mutual fund with us, there is no monthly fee and funds are not tied to maturity restrictions. Your dividends will be compounded quarterly and they begin to accrue on the day you open your account. Another benefit of investing in a money market fund through Telco is that there is no service charge. The requirements for opening this type of account with us include a $2,500 minimum deposit and a $2,500 minimum required in the account at all times. If you have questions about money market funds, or are ready to open an account with Telco, contact us today!
At Telco Credit Union, we offer Individual Retirement Arrangements (IRA) and certificate accounts. IRAs permit you to make tax-deferred contributions so that you are financially stable when you retire. Before opening an IRA account, it's important to evaluate your financial needs. Consider what your Social Security benefits will be, and then calculate how much money you'll need when you retire. You'll want to look ahead and set yourself up for financial security.
What's the difference between a Traditional and a Roth IRA? Knowing the difference between these two types of retirement accounts is important so that you can save as much money as possible for your retirement.
Who can contribute to these accounts? For a Traditional IRA, you can contribute if you have taxable compensation, but not after you are 70.5 years of age or older. For a Roth IRA account, you can contribute at any age if you have taxable compensation, or if your modified adjusted gross income is below a certain amount. Traditional IRA accounts are deductible if you qualify, whereas Roth accounts are not deductible.
The amount you can contribute to either of these types of accounts depends on the limits set by the IRS, but they are the same for both accounts. Similarly, the deadline to make contributions for both types of accounts is simply the deadline for your tax return filing. You can also withdraw money from both Traditional and Roth IRA accounts at any time. For Traditional IRA accounts, there are minimum distributions. This means you must start taking distributions by April 1 after the year you turn 70.5 years old and by December 31 in years after. For Roth IRA accounts, minimum distributions are not required if you're the original owner of the account.
Are withdrawals and distributions taxable? For Traditional IRAs, any deductible contributions and earnings are taxable. For Roth IRAs, no withdrawals and distributions are taxable if it is a qualified distribution. If it is not a qualified distribution, then part of the withdrawal or distribution may be taxable. For both of these types of IRAs, there may be an additional tax for early withdrawals if you are under the age 59.5 years old (unless you qualify for an exception).
At Telco Credit Union, we offer both Traditional and Roth IRA accounts with no monthly fees. By using these types of IRA accounts, your earnings will grow tax-deferred until they are withdrawn, and your contributions are fully deductible. If your account has been open for five years with qualified reason on a Roth Account, earnings are tax free as well. Another benefit of opening an IRA account at Telco is that contributions can be withdrawn at any time, tax and penalty free. Roth accounts do not require distributions after you are 70.5 years old.
The requirements of opening an IRA account with Telco Credit Union include: being a Telco member, earning income from compensation, and depositing a minimum of $1,000. It's that simple! Contact us at Telco to get started. Serving Eastern North Carolina, Telco Credit Union is a trustworthy and reliable way to save and earn money.
At Telco Credit Union, we offer many financial services to members around Greenville, NC, Tarboro, NC, Rocky Mount, NC, and Eastern North Carolina. One such service we offer is certificates of deposit (CDs). What are CDs?
CDs are typically considered to be one of the safest ways to save your money. A certificate of deposit is a savings account that holds an established amount of money for a certain amount of time. For example, common fixed periods of time for CDs are six months, twelve months, eighteen months, and so on. In exchange for saving your money in this type of account, the issuing bank or credit union will pay interest on your account. Therefore, when you redeem your CD, you will receive your original investment plus interest.
Are there risks when you save your money in a CD? Of course; there are risks associated with all investments. Be sure to read your disclosure statement closely when you are considering saving your money in a CD. The statement should include the interest rate and state whether the rate is variable or fixed. The statement should also include information about when the bank or credit union will pay interest on the CD. For example, some banks and credit unions pay interest monthly or semi-annually. The statement should also include how the interest payment will be made, such as by check or a transfer of funds electronically. Pay close attention to the maturity date as well, which should be clearly stated on your disclosure statement. Finally, the biggest risk with investing your money in a CD is that inflation will grow faster than your money, which would decrease your real returns over a span of time.
Most customers purchase CDs directly from banks or credit unions, but there are firms and independent sellers that offer CDs. If you decide to look into purchasing a CD through a firm or an independent seller, known as "deposit brokers," make sure they are associated with investment professionals. Anyone can claim to be a deposit broker, so you'll want to ensure that the CD is from a trustworthy institution. It is wise to check the history of such deposit brokers at the SEC and FINRA's online databases.
At Telco, we offer CDs with several key benefits. There is no fee, unless you withdrawal before the maturity date. We also offer a five day grace period for withdrawal, and interest is earned monthly. The requirements to purchase a CD through Telco include being a member of our Credit Union, completing a CD application, and depositing a minimum of $1,000. It's that simple!
For all of your financial needs, contact Telco Credit Union. Whether you need more information or help with a problem concerning your accounts, service, or a product, you'll find Telco Credit Union is always accessible to its members.
What's the difference between a credit union and a bank? Telco Credit Union is a full service not-for-profit financial institution serving over 10,000 members. Serving Tarboro, NC, Rocky Mount, NC, Greenville, NC, and Eastern North Carolina, Telco can help with all your financial needs.
Credit unions are different from banks in that they are not-for-profit organizations that exist solely to be of service to their members. Credit unions are member-owned, which means they are owned and controlled by the members who use their services. Typically, a board of directors made of volunteers manages a credit union. This means that your vote matters! These financial institutions work to ensure the well-being of their members.
Credit unions can provide secure and reliable places to save and borrow money at more reasonable rates. However, like banks, credit unions also provide many financial services and accept deposits as well. The profits made by these organizations are returned back to their members. Members can expect lower loan rates, reduced fees, and higher savings rates as part of their membership in a credit union.
There are many benefits in becoming a member of a credit union; often, members share interests and enjoy being part of an organization that helps other people with those interests. Other benefits of joining a credit union include help with small business needs, in-school credit union branches, outreach to consumers, and financial education. Because of the collaborative design of credit unions, members appreciate working towards a common goal of financial well-being.
Membership in credit unions can be determined by the field of membership, or the legal definition of who is permitted to join the institution. These parameters differ in some credit unions. You may be able to join a credit union based on several categories: your employer, your family, your geographic location, and membership in a group or groups. Your employer may sponsor their own credit union, allowing you to join. Most credit unions permit existing members' families to join. Many credit unions allow people to become members that live, work, worship, or attend school in a particular geographic region. Finally, already being a member of a group, like a place of worship, labor union, homeowners' association, or school may allow you to join a credit union.
At Telco Credit Union, it is easy to become a member/owner. You can complete a single membership application and make one deposit of $5.00 into a savings account. All you have to do is keep a $5.00 minimum in your savings account. Our motto is "once a member always a member" – it's as simple as that. Membership at Telco is available to active or retired Selected Employee Group (SEG) employees and their immediate family: this includes a member's wife, husband, daughter, son, mother, father, brother, sister, grandmother, grandfather, and/or grandchildren. Contact us at Telco for help with your financial needs!