News and Insights
Welcome to Mutual Security Credit Union's news and insights page where you'll find updates, tips, and tricks for your banking, borrowing, and financial planning needs.
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Financial Wellness | Holidays | Technology and Finance
Q: What are the best personal finance apps to help me stick to my money resolutions this year? A: As you know, there’s always an app for that; whatever “that” is! Here’s our review of four of the most popular personal finance apps. Mint A quick look at this app: Function: Full money management Cost: None Free trial: N/A Basic features: The wildly popular money management app lets you track bills, categorize and review your spending and monitor your credit health, all at no cost. Mint excels at providing a complete financial picture in one spot. You can link your credit and debit cards to the app, and Mint will read your transactions, categorize them and show you how you’re spending your money. Access your credit score, get a breakdown of how your score is determined and create a budget on the app, too. The big downside to Mint is the ads, which many users find annoying. Personal Capital A quick look at this app: Function: Budgeting and investment tools Cost: Budgeting tool is free. Wealth management costs 0.89% of the balance. Free trial: No Basic features: Allows you to manage your assets and investments along with your everyday spending. Personal Capital shines at investment management. Track your portfolio by account, asset class or individual security and identify new opportunities for diversification and risk management. The disadvantages of Personal Capital include the high cost for wealth management and complicated budgeting features. You Need a Budget A quick look at this app: Function: Budgeting and tracking expenses Cost: $98.99/year or $14.99/month Free trial: Yes Basic features: Import transactions from your checking account and apply them to each budget category to get a full picture of your spending habits. Adjust budgeting categories as necessary and review detailed reports of spending throughout the month. You Need a Budget (YNAB) is an app built around YNAB’s famed four rules for improved overall financial health: Give every dollar a job Embrace your true expenses Roll with the punches Age your money The cons of YNAB include a premium subscription price and multiple features that confuse newer users. Prism A quick look at this app: Function: Bill payment and tracking Cost: Free Free trial: N/A Basic features: Track and pay your monthly bills with ease. Prism takes the stress out of paying bills. Sync the app with thousands of billers nationwide, add your bills and Prism will automatically track them for you. You’ll get friendly reminders when a bill is nearly due, and you can even use the app to schedule payments several days in advance. Outside of bill payment, Prism is limited in its money management functions. Use this guide to find the perfect apps to help you reach your financial goals. Your Turn: Which apps are you using to help you keep your financial New Year’s resolutions? Share them with us in the comments.
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Budgeting | Finances | Financial Wellness | Holidays
The holidays are in the rearview, but if you’ve gone over budget with your spending, it’s time to deal with the aftermath, which is coming head-on. Here’s how you can get your budget back on track for the new year. Review your holiday spending How much debt did this season’s spending set you back? Spend some time crunching the numbers so you have a better idea of what kind of recovery steps you need to take. Choose your recovery process If you’ve got multiple credit card balances to pay off, you may want to consolidate your debt by taking out a personal/unsecured loan and then using the funds to pay off your credit card debt. You’ll have just a single, low interest payment to make each month. Another option is to pay off one credit card bill at a time, maximizing payments on the bill that has the highest balance, or the one with the highest interest rate, until it’s completely paid off. Once you’ve crossed one debt off your list, move on to the next until you’re debt-free. Trim your budget It’s time to cut that budget down to size! Consider underused subscriptions you can drop, inflated grocery bills you can trim and auto insurance policies that can be swapped for a cheaper plan. The more you trim, the more money you’ll free up for paying down debt. Put your holiday resources to work Along with a pile of debt, the holiday season may have left you with some extra cash through work bonuses, tax returns and gift money. Put these resources to work by using a portion of this money, or even all of it, toward paying down your holiday debt. Go on a shopping detox Take a break from the mall this month and resolve to swipe the plastic only for essentials. At the very least, keep impulse purchases to a minimum until your budget recovers. Make a plan for next year’s holiday season When you open a Holiday Club Account at Mutual Security Credit Union, you can set up an automatic monthly transfer from your payroll or checking account to feed your holiday savings all year long. If you blew your budget this holiday season, take steps to help your finances recover. Use the tips outlined here to get started. Your Turn: How are you helping your budget recover from the holidays? Share your best tips with us in the comments.
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Finances | Financial Wellness | Holidays | Savings
Holiday hosting can be super-stressful — and expensive. This year, with prices soaring, breaking that budget on hosting can seem like a sure thing. Lucky for you, it’s not. Here are six ways you can host a stress-free and awesome holiday meal without draining your wallet.
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With the holidays coming up, and online shopping reaching its annual peak, scammers are out to get at your money and your stuff. There are loads of scams to watch for this time of year, from online “retailers” phishing for information as you shop to thieves swiping delivered packages from doorsteps and so many more. The non-delivery scam can be particularly difficult to spot, and recovery is nearly impossible. Here’s what you need to know about this scam.
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Financial Wellness | Holidays | Savings
The holidays are nipping at your heels and there’s still a lot to do! It probably seems like your stress levels keep rising while the money in your wallet keeps dwindling. It doesn’t have to be this way. With a bit of planning, you can enjoy a stress-free and affordable holiday season. Not buying what we’re selling? Well, continue reading to find out how:
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Finances | Financial Wellness | Holidays | Savings
Whether you’re finishing up your holiday shopping or looking for year-end bargains in any category this month, we’ve got you covered! Here’s what to buy and what to skip in December.
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Community Giving | Company News | Holidays
Apostolic Worship Center (AWC) is a multicultural and multi-ethnic church, ministering to people of diverse social, economic, and racial background. As part of their vision, AWC aims to establish “Ministry Centers” to accommodate areas of both physical and spiritual needs within the communities, such as providing groceries and household items to local families in need.
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Cyber Security | Fraud Protection | Holidays | ID Theft Protection | Safety
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Finances | Fraud Protection | Holidays | Safety
Federal Trade Commission Warning – Protect your home from scammers this winter!
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