FoxEd Newsletter January - March 2022 Cold, calculated savings: Items to buy in winter Most of the items on this list are also high on holiday wish lists, meaning this time of year they are being sold at a premium. If you can resist temptation for a few days, or even weeks, you could get a much better deal. Pro tip: if you are buying a gift for someone, give them a gift card for the item’s inflated holiday price, and tell them to wait to purchase it. When the price goes down, they will be able to afford accessories for it or another item they’ve had their eye on. • Jewelry Sales drop dramatically for jewelers between the holiday season and Valentine’s Day. If you plan ahead and buy in January, you could have a very nice surprise for your sweetheart for much less than you might have paid in February.
• Two-wheeled vehicles Here in Wisconsin, dealers have a much harder time moving bicycles and motorcycles after Christmas. Take full advantage of this and you’ll get a new ride for the summer for a steal! • Video games Retailers know that games and consoles are on every family’s must-have gift list, and they price them accordingly. After the holidays, the prices come back down to their normal levels and they’re usually much easier to find.
• Cameras In January and February, the big electronics companies unveil the new camera models at their annual trade shows. Once these shows are over, retailers will be trying to move last year’s “old” models quickly to make room for the latest and greatest. If you can, you might want to hold out for those deals!
• Winter items Holiday decor, winter clothes, and winter sports gear will all go on sale after the holiday. This is a terrific time to stock up for next year at huge savings. Just make sure you have a place for all of it — paying for a storage unit will totally negate all those savings you’re working so hard for!
Nine must-know credit card tips 1. Read the fine print Look closely at annual and late fees, and any other costs associated with having the card. 2. Shop around Credit card companies are always competing with each other. Find the card with benefits that are most helpful to you. Pro tip: You can’t go wrong choosing the card with the lowest Annual Percentage Rate (APR). 3. Pay it off Pay your balance in full each month to avoid paying interest. 4. Build your credit Make your payments on time and keep the card active. You will show credit agencies that you are responsible and will have an easier time when you want to buy a car, rent an apartment, or even apply for a job. 5. Treat it like cash If you don’t have the money to pay the purchase in full (or you won’t soon), don’t buy it! That’s how some people start accumulating debt. 6. Consider being an authorized user If you aren’t quite ready for your own card, see if your parents will let you be a signer on their card. You’ll be able to make purchases without having to open your own card. 7. Look for a card with rewards (but don’t sacrifice rate) Find a card that will give you something back, like gas discounts or cash back, but make sure that you don’t settle for a ridiculous rate for it. 8. Don’t share it with anyone Your credit history follows you for a very long time. Don’t offer to let anyone use your card, no matter how close you are to them or how much they may need your help. If you don’t have the cash, you can’t afford to help.
Delaying fun purchases is rarely the fun thing to do, but if you want to put less on your credit card this year, or you just want to pick up something fun for yourself after you’re done buying for everyone else, then hopefully these tips can help you do that at a savings! Financial education tips are provided by BALANCE. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. For more information visit https://foxcu.org/balance.
9. Always look over your statement Credit card fraud is unfortunately common. Make sure to look for any transactions you don’t recognize and report any you find to your credit card provider. Financial education tips are provided by BALANCE. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. For more information visit https://foxcu.org /balance. Fox Communities Credit Union deposit products are Federally Insured by NCUA.
Should you pay to file your taxes? As tax season draws near, you may be asking yourself if that tax preparer is really worth the money — or whether your time is worth more and you should finally fork over the cash and save yourself some grief! Hopefully, we can help you narrow down your options. Truthfully, it depends on your financial circumstances and your comfort level with preparing taxes. • DIY (free) If you love the feeling of accomplishment and you know you have an uncomplicated tax situation, this may be the option for you. You can file for free on the IRS website, but they offer very little guidance. For those who love all things vintage, you usually still pick up the paper forms from your local library. Recommended for people with few deductions who are confident completing tax forms without help. • Online services Online tax prep services are very popular — and for good reason. These types of services guide you through your return, with clear instructions and advice along the way. It’s also much more affordable than hiring someone to do your taxes for you. You can also pause and resume this process, so you’re able to complete it at your own pace. Recommended for people with a relatively simple tax situation, who are comfortable navigating online software. • A tax preparer or accountant This option is the most expensive by a considerable amount, but that tends to be the case when you hire someone to take what might be a complicated or unpleasant task off your hands. The average tax preparer charges $273 per return for itemized deductions (take about $100 off of that if you take the standard deduction). While costly, this option could be worth it if your return is complex. You may benefit from saving yourself a ton of time and aggravation. It might even be worth the extra peace of mind to know your taxes are filed correctly. Recommended for people who are short on time, struggle with software, or have a more complex tax situation. We all have to pay taxes, but we don’t all have to do it the same way. Find the way you and your budget are most comfortable with and get your returns filed! If you find you don’t care for that method, don’t worry, you can try something else next year. Financial education tips are provided by BALANCE. Services offered through BALANCE are separate and distinct from any business conducted with Fox Communities Credit Union and are not guaranteed by or obligations of the Credit Union. For more information visit https://foxcu.org/balance
Free financial education resources for our members
Whether you’re interested in creating a workable spending and savings plan, getting out of debt, or taking a look at your credit report, BALANCE can help. • Pick up free money management information at any of our locations. • View the BALANCE website by going to foxcu.org/balance-finanacial-fitness and tapping Visit Balance Website. • Receive free budget/debt counseling by calling BALANCE at 888-456-2227 Monday-Thursday 9:30am-8:00pm Friday 9:30am-7:00pm Saturday 11:00am-4:00pm
You’re just a click away from a powerful resource for getting a handle on your debt. With SavvyMoney Checkup, you will learn how to pay down debt, create a personalized budget, monitor your spending, and more. You’ll even get all the resources you need to track your spending and live within your budget — visit foxcu.org/savvymoney.
Free financial education webinars and radio shows The goal of our webinars and radio shows is to help you build a stronger financial future for you and your family. You’ll find a variety of topics each month.
M3 Money Club features information and resources for youth ages 4-12. Train to be financially knowledgeable with games, podcasts, comics, and more.
Please visit foxcu.org/calendar for a full listing of upcoming sessions. Registration is required for webinars.
Elements of Money helps teens make smart financial decisions on things like saving for college and more.
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Presentation is brought to you by Fox Communities Credit Union and is intended for educational purposes only and does not replace independent professional advice. Statements and opinions are those of the presenter individually. Fox Communities Credit Union deposit products are Federally Insured by NCUA. Equal Housing Lender.
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