In observance of the Memorial Day holiday, Parsons Federal Credit Union will be closed on Monday, May 30, 2022. Online and Mobile Banking platforms will remain accessible during the holiday.

When gas prices spike as they have been recently, drivers love to swap gas-saving tips. The crazier the tip, the faster it seems to spread.

The problem is, some such “tips” are more urban legend than fact. Others might have been true back in the day, but improved automotive technology has erased any real benefit.

Keep in mind that, over time, fuel economy and average horsepower have both climbed steadily. So your job is to use the machine efficiently — by changing your driving habits — and avoid the urban legends.

Here then, are our favorite non-gas-saving tips — and a few suggestions that really do help.

1. Using gasoline additives

Auto shops have racks of fluids that promise to send your fuel economy through the roof. And some internet “experts” have suggested that adding a small amount of acetone to a tank of gas helps it burn more efficiently. While some chemicals can nudge fuel efficiency, those concoctions cost more than gas itself. Also, as Popular Mechanics points out in its Gas-Saving-Gadgets Hall of Shame, acetone can dissolve seals in your engine.

What does work: Add fuel injector cleaner once a year to keep your car running efficiently.

2. Turning off the air conditioner

It takes extra energy to run the air conditioner, so it makes the engine work harder and burns more gas. The problem is, if you turn off the air conditioner, you will probably want to open the windows, which could eliminate any potential gain by creating aerodynamic drag.
The road test editors at Edmunds.com tested this tip on two occasions — and found no savings in one case and only a small difference when driving a large pickup truck. Their conclusion was that modern air conditioners are so efficient they don’t cause a substantial drain on engine efficiency. But, as the saying goes, your mileage may vary, so test this one for yourself.

What does work: A vehicle’s aerodynamic qualities become more important the faster you drive. So avoid roof racks and high speeds on long road trips.

3. Buying gas early in the morning

Liquids become denser at colder temperatures. So buying gas early in the morning, when it’s cool, means you would get more for your money, right?

Fun fact: Airlines measure fuel by weight rather than volume, which seems to support this tip. However, a jet that takes off at 70 degrees will enter extremely low temperatures when reaching cruising altitude. You, on the other hand, buy gas that is stored in underground tanks where the temperature variation is only a few degrees, according to tests by Consumer Reports.

What does work: Buying gas early in the morning boosts fuel economy because you’ll hit less traffic and won’t sit there idling as you wait for an open pump.

4. Buying fuel-saving gadgets

The creativity of these gizmos — or at least their marketing — is truly impressive. Like weeds, they crop up when gas prices climb. Popular Mechanics discovered that one device, which spins the air entering the engine, actually decreased fuel economy.

What does work: Change your air filter if it is clogged and looks dirty. Your mileage will improve, but probably not enough to easily measure.

5. Over-inflating the tires

Less rolling resistance equals less energy consumed. That’s certainly true. And it’s also true that properly inflating your tires is important. But over-inflation is too much of a good thing.

Even 10 psi (pounds per square inch) over the manufacturer’s recommended levels creates a more narrow “contact patch” — the part of the tire that is touching the road. Not only does that reduce your traction and increase braking distance, it also means your tires wear out faster. Replacing your tires is far more expensive than anything you could save on gas.

What does work: Buy a digital tire gauge and inflate your tires properly. “Under-inflated tires can lower gas mileage by about 0.2% for every 1 psi drop in the average pressure of all tires,” according to FuelEconomy.gov.

The article These 5 Gas-Saving ‘Tips’ Don’t Work originally appeared on NerdWallet.

Picture cruising your car deep into 2021 and never glancing in the rearview mirror. Vaccines, travel and a hope of normalcy are finally on the horizon.

With so much to look forward to in the future, it’s understandable to not want to look back.

But returning to typical day-to-day life will be a transition. And from a financial standpoint, you’ll want to assess your past budgeting behavior to prepare for more normal days ahead.

Review past and current spending

Last year’s spending didn’t look like 2019. And 2021 won’t look like either 2020 or 2019. But you’ll need this historical insight to inform your future spending, especially as you start reintroducing expenses that used to be ordinary, like concert tickets, plane tickets and so forth.

Some people’s spending decreased dramatically last year (either from necessity or choice). But others faced comparable expenses. Remember that jungle gym for the kids to play on in the backyard? Or the Xbox for long nights of playing video games? They may have been great ways to keep you occupied and comfortable at home, but now you’ll need to find a way to balance these newer expenses with your past spending on the activities you hope to return to.

Since many of us are already taking a close look at our finances right now as we file taxes, use this opportunity to review year-end financial summaries from your credit cards and bank accounts. Our Spending tool in Online Banking can help by categorizing your purchases and laying out your spending over the past year in a variety of handy visual graphs.

Size up each category. How much did you spend? Was it worth that amount? Would you want to continue spending that much?

Play favorites

Ever since COVID-19 became part of our vocabulary, there’s been talk that life would never return to normal. Laughter anticipates your future spending will be a “new normal.” Sure, you may introduce dinners out — and possibly even a trip — to the mix, but expect to continue paying for quarantine life staples like deliveries and at-home activities.

There is going to be a paradigm shift with respect to how budgeting in the future will be compared to how it was pre-COVID. This new balance means you’ll need to play favorites with your finances. After all, you can’t keep up the amount you’ve been dropping on at-home entertainment and food deliveries while also upping the amount you spend on indoor dining and live shows. It just won’t all fit in the budget. Select the expenses you benefit from most.

To make the necessary adjustments, look at the big picture. Don’t get too caught up in specific line items. (For example, if you’re spending 25% less on grocery orders, you don’t have to redirect that exact amount to dinners out.)

Instead, once your needs and savings are accounted for, set a dollar figure you can afford each month for discretionary expenses, then spend it on whatever you want. You may never add back in some things you used to spend money on.

We’ve all figured out new ways to spend less money and still have fun. Dropping thousands of dollars on concert tickets may not feel worth it anymore when you compare it with watching a (much cheaper) livestream at home.

Plan for future goals

Life hasn’t returned to normal by any means. But for many Americans, the prospect of getting a vaccine is mere weeks or months away. Use the time between now and then to prepare for what’s to come.

Begin setting aside a certain amount monthly to accomplish a goal when it’s all said and done. For example, if you want to travel again by a certain date, use the next few months to funnel funds into a designated savings account. If your student loan payment is on hold, make a plan for how you’ll strategically spend those extra funds in the meantime. And prepare for that added bill when it’s reintroduced.

Whatever financial decisions you make, remember, whether we’re in a pandemic or not, the fundamentals of finances don’t go away. Spread your money between things you need, things you want and savings. Our Budgets tool, also available in Online Banking, can help you set a budget that you can follow with spending across categories such as food, travel, and essential expenses.

Your allocations may change, but the name of the game is the same as it was before — budgeting, budgeting, budgeting.

Here’s to better days and better budgets ahead.

This article was written by NerdWallet and was originally published by The Associated Press.

Reducing spending in three common budget categories may significantly boost your ability to save money. And a small mental trick could help you stick to an ongoing savings plan.

Those are the findings of two studies investigating the spending habits of better savers and the psychology of saving.

Here’s how to apply these habits to your own budget.

Moving from a ‘low’ saver to a ‘middle’ saver

Research conducted by the Employee Benefit Research Institute and J.P. Morgan Asset Management, published in June 2020, aimed to determine why some American adults save more than others, even when they have equivalent salaries.

For long-term employees, across age groups, the study showed that high savers save around 3% more than middle savers. And middle savers save about 3% more than low savers. Here’s how the researchers defined low, middle and high savers:

• Low savers save about 2%-3% of their salary.
• Middle savers save about 5%-6% of their salary.
• High savers save about 9% of their salary, and more as they get older.

The difference is not a matter of income

It’s often believed that low savers save less because they simply don’t earn enough. However, in this study, middle savers and low savers have “very similar, if not the same salaries,” says Katherine Roy, chief retirement strategist for J.P. Morgan Funds and one of six authors of the study.

“So they’re earning the same, but it seems like the middle savers somehow are able to save 3% more than the low savers,” Roy adds.

And that 3% boost in savings “is huge,” she says. It could explain why the retirement plan balances of employees who are middle savers are almost twice as large as those of employees who are low savers.

Better savers spend less money in 3 categories

Where did low savers spend more of their money than middle savers? Three categories of expenditures, as a percentage of salary, rose to the top:

• Housing, including a mortgage or rent, taxes, utilities, and home services and furnishings.
• Food and beverage, including eating out and groceries.
• Transportation, including the purchase of vehicles, gasoline, train tickets and so forth.
• A high cost of living, such as having a home in New York or San Francisco, did not seem to be a factor in why low savers were spending more in these categories than middle savers, Roy says.

Travel was the only category where middle savers spent slightly more than low savers.

In every other category, the two groups spent very similarly. “That would include entertainment, apparel, education, charitable contributions, gifts — those types of things,” she adds.

How to gain a savings advantage

Considering your spending over a lifetime in just these three categories can impact your ability to save, Roy says.

In housing expenses, look for so-called subscription creep, where you’ve added several recurring autopay services that are drafted from your checking account each month. Streaming services are a frequent culprit here and can add up.

It’s likely you saved quite a bit in 2020 on expenses related to dining out and travel due to COVID-19 restrictions. Roy says spending in these areas that was typical pre-pandemic but has been on hiatus could offer continuing savings long after.

Use a mental trick to form a new savings habit

Once you’ve adjusted your spending and can dedicate more to savings, you might want to use a mental trick to form a new savings habit.

Hal Hershfield, associate professor at the UCLA Anderson School of Management, was one of three researchers in a study published in the journal Marketing Science in November 2020. The findings may help you set up a recurring savings plan, where money is automatically moved to a savings or investment account on a regular basis.

“We asked some people if they wanted to save $150 a month,” Hershfield says. “We asked another group of people if they wanted to save $35 a week. And we asked a third group if they wanted to save $5 a day.”

The result: Four times more people were likely to save money when the dollar amounts were presented as daily goals, rather than monthly.

“People think about the types of sacrifices they can afford to give up,” Hershfield says, and “five bucks a day feels a little easier.”

When a savings plan was framed as $150 a month, higher-income people were three times more likely than lower-income savers to participate. But when presented as $5 a day, there was no difference in participation between the two income groups.

The simple psychological shift seemed to close the savings gap between high-income and low-income savers.

This article was written by NerdWallet and was originally published by The Associated Press.

After the train wreck that was 2020, you may well question whether it’s worth trying to plan anything.

But knocking off a few financial tasks early in the year can better prepare you for whatever 2021 has in store.

File your tax return ASAP

Filing your tax return early typically means getting your refund sooner. Not only that, it could thwart refund-stealing identity thieves. Also, If you were owed a stimulus check in 2020 but didn’t get one, or should have gotten more, you can claim the missing money on your return.

If you owe the IRS, it’s better to know sooner rather than later. You’ll have more time to find the money or arrange a payment plan.

Also, unemployment checks are generally taxable. Many people who received last year’s extended jobless benefits may face a larger-than-expected tax bill this year, tax experts say.

Check your withholding

Once your 2020 tax return is prepared, you can use that and your first pay stub from 2021 to see if you’re on track with tax withholding. A good tax withholding calculator can help you determine how to adjust the amounts taken from each paycheck. Then, contact your employer if you need to make changes.

If you’re self-employed, you may need to make estimated quarterly payments. You could consult a tax professional to find out how much those should be.

Adjust your retirement savings

Consider increasing and diversifying your retirement contributions. After you take full advantage of any available company match in a 401(k) or 403(b), look into funding a Roth IRA. Financial planners often recommend having at least some money in a Roth so you can better control your tax bill in retirement. If your income is too high to make a direct Roth contribution — the ability to contribute ends at modified adjusted gross income of $140,000 for singles and $208,000 for married filing jointly — you could consider converting a portion of an existing traditional IRA.

If you want some guidance on the next steps for your retirement, our CUSO Financial Services* Advisor Tiffany Yee can help you figure out how much you want to be putting into your retirement to meet your financial goals.

Check your spending

Our Money Management tool in Online Banking can help you see where your money went in 2020 and help you make a plan for 2021. You can also look back over bank or credit card statements. But even if you can’t get the full year’s worth of transactions, reviewing just a few months can show you some patterns and help you identify spending you want to change.

Set up your savings ‘buckets’

Preparing for irregular but predictable expenses can help you feel less panicked when those bills arrive. These expenses can include insurance premiums, property taxes, car and home repairs, vacations, back-to-school shopping and holidays. Check your spending in each of these areas for the past few years to ballpark how much to save this year.

Once you have your savings goals for each category, consider setting up separate savings accounts at an online bank that doesn’t charge monthly fees. You can divide the amounts by the number of paychecks you’ll get before the money is needed, and set up automatic transfers from your checking account to the appropriate savings account after each payday. You can use the Goals feature in Money Management to allocate your account into the things you want.

Put charitable contributions on automatic

Most charities prefer getting regular contributions throughout the year, since the steady income helps them plan. You may discover you can give more if you’re not trying to squeeze your contributions in with other year-end spending. You can use your bank’s bill pay system to send monthly checks or arrange with the charity to charge a credit card.

Spend your medical FSA

Flexible spending accounts are employer-provided benefits that allow you to put aside tax-free money for medical or child care expenses.

If you signed up for your employer’s medical FSA, try to spend that money as early in the year as possible. You don’t have to wait until the money is taken from your paycheck to use it for eligible health care expenses. (That’s different from child care FSAs, which don’t allow you to spend money before you contribute it.)

Spending early has a few advantages. You don’t risk leaving money in the account and potentially losing it. (Many employers extend the deadline for using the money past Dec. 31, but at some point unspent money is forfeited.)

Incurring medical expenses early in the year can help you meet insurance deductibles, too, so the rest of your health care can cost less. Also, if you leave your job during the year, you don’t have to finish making FSA contributions. In other words, you can spend the full amount you had planned to contribute, up to $2,750, without actually having to contribute the full amount.

Some credit mistakes are a lot worse than others. Little ones, like paying a credit card bill a day late, may cost you a penalty fee, but that’s a relatively minor irritation — it’s not going to stand between you and a mortgage. Other seemingly small slip-ups can lead to full-fledged disasters.

What makes a credit mistake haunt you?

Some things can be reversed quickly. Running up credit card bills can tank your credit score, for instance, because the portion of your credit limits you’re using is weighed heavily in credit scoring. But when you pay down the debt, the damage disappears as lower balances get reported to the three major credit bureaus, Equifax, Experian and TransUnion.

Mistakes that have long-running ripple effects hurt the most, says credit expert John Ulzheimer. A late payment, for example, can get sent to a collection agency, then perhaps grow into a repossession or bankruptcy. Those batter your credit and stay on your credit record for years. Likewise, co-signing a loan for someone who is later unable to pay can hamstring your finances for a long time.

Common mistakes that can hurt your finances

Missing a payment: A payment that’s a little late might cost you a penalty fee, but your credit score won’t suffer because creditors can’t report your account as delinquent until it’s 30 days past due. If you have a high score, going 30 days late can knock as much as 100 points off your score — and it stays on your credit report for seven years. The damage gets worse if you let the account slide to 60 days past due, 90 days past due or more. Your score can recover, but it will take time. Catching up on that account, and keeping all other payments up to date and balances low, can help. Adding bills to Bill Pay on our Online Banking platform will help you remember to make payments, as you will receive e-mail reminders when your payment is due.

Raiding retirement funds to pay debt: Most people don’t want to file for bankruptcy. Almost half of Americans say they would not file no matter how much credit card debt they had, according to a recent study commissioned by NerdWallet. Bankruptcy attorney Roderick H. Martin of Marietta, Georgia, says some of his clients have tapped — or even emptied — retirement savings in a desperate attempt to stay afloat. That often just delays the inevitable — “then they turn around and file for bankruptcy,” he says. Retirement savings are typically protected in bankruptcy, but money already withdrawn cannot be recovered.

Co-signing a loan: Aaron Smith, a financial planner in Glen Allen, Virginia, says co-signing so a friend or relative can get credit is often a mistake. “My personal and professional opinion is if they can’t get it on their own, there must be a problem,” he says. If the primary borrower doesn’t pay as agreed, it can leave both your relationship and your credit in tatters. Even if the borrower repays as agreed, remaining on the loan can limit your borrowing capacity. Before you co-sign, ask if you can be taken off the loan at some point.

Sometimes doing nothing is the mistake

We may think we’re too busy to trouble ourselves with fine print or financial chores. Either can come back to bite us.

Not checking your credit: “I think checking your credit is like going to your dentist for a cleaning,” says Elaine King, a certified financial planner and founder of the Family and Money Matters Institute. “You need to make a habit of doing it. If you wait too long, there can be some rotten stuff there.”

A credit report isn’t exciting reading; it’s a summary of your past handling of credit. But “boring” is what you want — anything you didn’t expect to see is worth investigating in case it’s an error or a sign of fraud. Through April 2021, you can get a free credit report weekly from the three major credit bureaus by using AnnualCreditReport.com. Plan to check at least annually, and more often is better.

Ignoring the details: Not knowing your credit cards’ interest rates or when a 0% interest rate ends can cost you.

Knowing interest rates can tell you which card to use when you’re paying for a new transmission and need to carry that balance for a while, for instance. Knowing when a teaser rate ends can help you ensure you’ve paid off the balance by then. It’s important to read the fine print. Some cards — primarily store cards — charge deferred interest if there is still a balance at the end of the introductory period. That means the “savings” from the teaser rate are added to your balance, wiping out any benefit.

This article was written by NerdWallet and was originally published by The Associated Press.

The rules for protecting credit during the holidays usually don’t vary much from year to year, but in 2020, COVID-19 has changed where and how we shop.

And money’s tight for a lot of people. About 40% of Americans said they plan to spend less on holidays this year due to the pandemic, according to a recent NerdWallet survey.

On the other hand, some may be tempted to overspend if mortgage forbearance, loan deferrals or credit card concessions have helped them build savings. But if holiday purchases leave shoppers unable to cover even minimum payments when those other bills resume, their credit will be badly damaged, says Jeff Richardson, senior vice president for marketing and communications at VantageScore, a credit scoring company.

Whether you’re being more generous or watching every penny, chances are you’re shopping online. Tom Quinn, vice president of FICO Scores, a credit scoring and data company, warns that consumers may be at higher risk of identity theft this year. It’s all too easy to go for deals we hope are real or fall victim to increasingly sophisticated phishing messages.

Here’s how experts recommend guarding your credit.

Check your credit score

Many credit cards and personal finance websites offer free credit scores, Quinn says. Choose one that offers a clear explainer of why your score is what it is. Understanding the factors that hold you back — for example, too many cards with high balances — can help you make spending decisions.

How to do it: Pick a source you like and stick with it. Free scores vary in the credit bureau data and scoring model used.

And look ahead, Richardson suggests. If you’re planning to shop for a car or home loan next year, start thinking about your credit health now, he says.

Track how much of your credit limits you use

One of the things that matter most to your score is how much of your credit limits you’re using. That’s called “credit utilization,” and it’s best to stay under 30%. If you can, aiming even lower is better.

How to do it: Many credit cards offer account alerts to help you keep track. Sign up for those, and use your free credit score source to track credit utilization as well.

When you make a list, set a spending limit

According to NerdWallet’s holiday shopping survey, about a third of those who used credit cards to buy gifts were still paying for the 2019 holidays when surveyed in September 2020. Adding to existing balances means higher credit utilization, which can hurt credit scores. Richardson cautions against taking out a loan to “make room” on cards for holiday spending.

How to do it: Find gift ideas that will bring joy without costing much — purchases made using credit card points, framed original art from your child, sharing skills you have. The internet is full of good suggestions. And if money’s tight all around; a suggestion to skip exchanging gifts this year could be welcome.

Think twice about applying for retailer-specific credit

Retailers may offer a discount if you open a credit card with them at checkout. But applying for new credit can ding your score in a few ways. You could lose a few points when the application triggers a credit check called a “hard inquiry.” If you’re approved, a new account will lower the average age of your credit. And cards tied to a specific retailer can hurt your credit utilization because they often have low limits. So make sure it’s worth it.

Quinn says a credit card tied to a specific retailer can be a good idea if it offers a meaningful discount on a big purchase. “That can be enticing,” he says. Beverly Anderson, president of Global Consumer Solutions at the credit bureau Equifax, says a card at a retailer where you frequently shop may also get you early access to sales.

How to do it: Plan ahead; don’t decide at checkout. That gives you time to investigate your odds of being approved. You don’t want to potentially lose credit score points for applying only to be denied. If you’re approved, make a plan to avoid carrying a balance because paying interest will cut into your savings.

Be skeptical, and freeze your credit

Being suspicious can keep you from becoming a victim of identity theft or fraud. Consumers may get phone calls, texts or emails requesting personal data from scammers pretending to be card issuers or retailers. Quinn says when he got a recent email with a subject line “re: your recent Amazon purchase,” his first instinct was to try to recall what he had bought. Then, he looked closer and noticed the sender’s email address wasn’t the official address for the company.

How to do it: Be leery of any communication that asks for sensitive data, such as a card or account number. Don’t click on attachments. If you think a message may be legit, independently verify contact information and initiate a call or email yourself.

Check statements carefully for purchases you didn’t make and report them to your card issuer promptly.

Freeze your credit. It’s free and you can do it by phone or online at the three major credit bureaus: Equifax, Experian and TransUnion. You can still use your credit cards, but criminals should be unable to use your personal data to open an account. Unfreezing is easy when you want to apply for credit.

Don’t let up after the holidays

When holiday bills start to arrive, pay at least the minimum on time. A payment that’s 30 days or more past due can devastate your credit score and linger on your credit report for seven years.

Consider setting up autopay to cover at least the minimum payment, Anderson says. That ensures you don’t overlook a bill, and you can always make an additional payment to wipe out more than the minimum.

The article How to Protect Your Credit When Shopping for the Holidays originally appeared on NerdWallet.

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Moving is stressful enough without throwing a pandemic into the mix. Many Americans may be forced to consider moving as federal foreclosure and eviction moratoriums expire. Others may relocate to save money, be closer to loved ones or simply leave a densely populated area. If you’re considering moving, here’s what to know from a financial standpoint, as well as tips to make moving day safer.

Budget for extras

Aside from the usual expenses like buying boxes, renting a van or hiring movers, plan for extra costs because of the pandemic.

You may need to buy heavy-duty supplies to deep-clean your old place, for example, or to sanitize your new accommodations. If you are moving out of a rental unit, some landlords may ask you to pay for professional cleaners or take the cost out of your security deposit.

Moving across county or state lines? Check what the quarantine requirements are in your new location, says Jean Wilczynski, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors in Old Lyme, Connecticut. You may have to pay for quarantine accommodations like a hotel or Airbnb if your new apartment or home is not move-in ready, she says.

If you are receiving unemployment benefits, check the rules on how your benefits carry forward in your new location and what the taxes are if it is a new state, Wilczynski says. You can typically find this information on your state’s Department of Labor website, she says.

If you are unemployed or your income has dropped as a result of the pandemic, you can also check whether you qualify for moving assistance by calling 211.

You might not be able to really get to know your new place until you’re living there, so prepare yourself (and your wallet) for surprises like leaky faucets or broken appliances. Landlords and real estate agents may offer only virtual tours. And if you can see the new accommodations in person, you may be required to sign a waiver, wear a mask and avoid touching anything while in the house.

Stay safe during the move

How to move safely depends on whether you are doing it yourself or using movers. Current guidance from the Centers for Disease Control and Prevention suggests that the main way the coronavirus spreads is through respiratory droplets, says Lindsay Slowiczek, pharmacist and drug content integrity manager at Healthline.com. That’s why wearing a mask and staying away from people is important to slow the spread of the virus, she says. Sanitizing surfaces is also an extra precaution worth taking.

Moving yourself

If you’re renting a moving truck, companies like U-Haul offer contactless pickup and drop-off options. Slowiczek suggests sanitizing the door handles, steering wheel, radio and the metal tongue on the seatbelt in the rental van.

Using movers

Before picking a moving company, check its website or call and ask about its safety practices in response to the pandemic, Slowiczek says. Ask whether the movers wear masks and gloves during the move.

On moving day, she suggests being prepared with a plan to limit interaction with movers and maintain social distancing. This includes packing as many things as you can yourself, or consider using a self-pack moving container as Slowiczek did for her own recent move.

If the movers will pack the truck, create a schedule for the movers. For example, ask them to start with a particular room as you stay in another. This is also particularly useful if you live with family members who are vulnerable or immunocompromised, she says. Try to limit their involvement with the move as much as possible.

“Plan out the way [the movers] are going to move through the house,” says Slowiczek. “If possible, move all of [your boxes] to one area in your home so they don’t have to come throughout your house as much.”

Keep hand sanitizer or soap handy during the move so that you and the movers can use it periodically, she says. (Check on the FDA website that your brand of hand sanitizer is methanol-free, Slowiczek adds). After the move, use disinfectants registered with the Environmental Protection Agency to clean surfaces or furniture.

“Just using the product as-is is not enough — read the instructions on how long it should be wet on the surface,” Slowiczek says.

This article was written by NerdWallet and was originally published by The Associated Press.

Probably the last thing you want to think about during a crisis is working on healthy financial habits like saving money.

But if you’re able to save, you can make your eventual recovery easier.

“Every time you put some [money] away, you’re looking out for your future self,” says Saundra Davis, founder and executive director at Sage Financial Solutions, a San Francisco Bay Area-based nonprofit that offers financial coach training and services to people across the wealth spectrum.

Whether or not your financial situation has changed since the start of 2020, you may benefit from these saving strategies now or down the road.

Do: Reduce costs, including bills if needed

Common advice to save money is to cut unnecessary costs. During an ongoing crisis such as a pandemic, you might need to redefine what is “unnecessary.” 

Start with the cost of bare essentials to operate your household — rent or mortgage, utilities, food — and when you factor bills in, don’t treat them all the same. For example, paying your credit card bill in full every month is normally the best tactic, but in hard times, it’s OK not to follow this rule and just pay the minimum. For loan payments, see if your creditor can offer relief.

“Don’t have your lender deciding what you can pay,” Davis says. “Sketch out your own budget.” This might mean working with your lender to reduce payments or suspend them temporarily.

Do: Adjust your savings goals

Having a dollar amount to save up to is generally helpful. An emergency fund, for example, is a standard goal that involves building up three to six months’ worth of living expenses. But during an emergency, consider resetting expectations. 

“If your income changes, you aren’t beholden to saving a fixed amount,” says LaKhaun McKinley, certified financial planner and owner of the firm MNM Vested in Katy, Texas.

The way you save might need to be tweaked, too. If you use automatic transfers from checking to savings accounts, see if that amount is still doable for you. If not, reduce the amount. Or, as a last resort, cancel the transfers for the time being and make one-off transfers when possible.

When saving money, “the habit is more important than the amount,” Davis says.

Using the Goals tool in Online Banking, members can set goals and use the automated system to make savings contributions towards their goals, adjusting as needed.

Do: Find a high savings rate

Opening a high-yield savings account at an online bank is a good strategy, regardless of the economic environment. The national average rate is 0.06%, but some online savings accounts are currently offering over 0.60% annual percentage yield. The account-opening process can take a few minutes.

Opening a high-yield account “can be such a simple way to earn more,” says Kelley Long. She’s a Chicago-based certified public accountant, financial planner and member of the American Institute of CPAs’ Consumer Financial Education Advocates.

Do: Get help from your community to save costs

If you’re experiencing financial hardship, call 2-1-1 or visit the website 211.org. This is a free way to learn about resources in your community, including food banks, meal services for seniors and students, shelters, mental health services and more. If you’ve never asked for help like this before, it may feel uncomfortable. But accepting meals or other support can be an important lifeline as well as help you save money.

“We want to stay aware of what’s available in our community and give ourselves the emotional room to do things we’ve never done before,” Davis says.

Some relief is nationwide, including postponed federal student loan payments and coronavirus-specific unemployment programs, but your local community might have additional resources.

Don’t: Dip into savings without a plan

If you have an emergency fund and you need it now, use it. But estimate the amount you need before withdrawing, and keep tabs on how you spend it.

You’ll eventually need to save up again, and you want to make that process manageable. It might help to settle on a minimum amount you need to keep in a savings account to feel OK.

“Everyone has a different feeling [for] what would give them that security,” Long says. For some people, for example, “seeing a comma in your account can have a formative effect on your feeling of financial security.”

Don’t: Withdraw from savings too often

Keep an eye on the frequency with which you turn to your savings account. Banks can charge an excessive savings withdrawal fee if you go over six per month. During COVID-19, the Federal Reserve has paused this rule, but it’s up to each bank to choose whether to charge the fee. Watch out for other fees, too, such as for overdrawing if you dip past your checking account balance.

If you’re running into trouble with fees, examine why you needed more savings than expected.

“We might be overaggressive in savings goals. That’s usually due to failing to account for certain expenses in our spending plan,” Long says.

“In a crisis,” she adds, “we need to remember that there are times that we can’t be long-term in our thinking.”

The article 6 Do’s and Don’ts When Saving Money During a Crisis originally appeared on NerdWallet.

Congratulations to Ray Crouse, CEO and President of Parsons Federal Credit Union, who has been elected Chairman of the Board for the National Association of Credit Union Service Organizations (NACUSO). NACUSO is the nation's leading Association to facilitate collaboration and innovation in the credit union industry.

Learn more about NACUSO by clicking here .

We appreciate you following the safety and continuity measures we have put into effect to keep our members and employees safe and healthy.

We understand the public health concern surrounding Coronavirus (COVID-19) and are committed to providing our valued members with updates as they become necessary and available.

Here are the latest updates effective Monday, June 8, 2020:

• Lobby service at our Pasadena branch has resumed and appointments will no longer be required.
• Members are still required to wear a face covering in order to visit the branch. For identification and security purposes only, you may be asked to briefly lower your face mask. 
• We are still practicing social distancing and can only allow a certain number of people inside at one time, including staff. You may be asked to wait outside.
• Please follow the 6 ft. distance markers on the ground.
• Plexiglass shields have been installed at the teller counter where we will be serving members face-to-face.
• We are incorporating one-way branch entry and exit. Please be mindful of directional signage posted near the doorways. You can use the front door of our branch lobby to enter and exit through the Parsons building (near the security desk). 
• We continue our stringent cleaning and sanitation practices to support the health and well-being of both our members and employees. 

We encourage you to take advantage of the convenience of our online banking and mobile banking services to manage all of your financial needs from the comfort of your own home. Your safest financial transactions can be conducted digitally through online banking, mobile banking, and ATMs. You can also call us during normal business hours for any account assistance. 

If you are having financial difficulties, please reach out and talk to us. We have enacted several measures to alleviate hardship among our members:

• An Emergency Loan program - Borrow up to $15,000 at a low, fixed rate ¹
• Waiving all non-sufficient funds (NSF) fees
• Skip-payment ²  for loans
• Changes to Kasasa requirement  - Lowered swipes requirement to 2 instead of 12 from March 31 to June 30.
  

Protecting our members and their well-being is our priority. We are a safe and stable financial institution with over 44 years of experience.

• 5-Star rating from BauerFinancial
• 77% more reserves than what is required by federal regulators; we are well-equipped to support you throughout this epidemic
• Insuring members' deposits up to $500,000, which is double what major banks offer to their customers

For your convenience, banking transactions can be conducted over the phone or electronically through Online and Mobile Banking. If you would like assistance navigating your accounts online, please call us so that we can guide you.

Quick Links and Information

Access  online banking  for your banking needs.

Don’t have the mobile app?  Download it now

Apply for loans  instantly online.

Need to make a cash deposit or withdrawal? Use any of our 30,000 free CO-OP ATMs. Select “ATMs,” and  find a location  near you.

Call Member Services at:
1-800-765-4527 or email  mbrserv@parsonsfcu.com

Please do not include any sensitive information in your email.

Chat with us  in online banking.

Call Center hours are: Monday – Friday
7:30am – 4:30pm PST

¹ All loans are subject to approval.

² By electing Skip-a-Payment, you understand that finances charges will continue to accrue at the agreed rate stated in your loan agreement. The unpaid balance of the loan and payoff term on the loan agreement may be extended until the loan is paid in full. The first payment made after the skipped payment(s) will include interest that has accrued from last payment made for the loan.

A few months ago, you may not have thought much about strategies for managing credit balances or how much of an emergency fund you really need. But with finances strained by the coronavirus pandemic, making smart money decisions is crucial.

To better handle current conditions, ask yourself these three questions.

How much of an emergency fund is necessary?

The answer:

Even a few hundred dollars can protect you. Don’t be daunted if you have no emergency cushion or it feels very slim.

“Families with a savings cushion of $250 to $749 are less likely to be evicted, receive public benefits and miss a bill after a job loss,” says Signe-Mary McKernan, a vice president at the Urban Institute. Based on research done by the Washington, D.C., think tank found that less than $1,000 is enough to help families weather a financial crisis.

“Even small amounts of savings can make a difference, and we find that low-income families with savings are more resilient than middle-income families with no savings,” McKernan says.

What you can do:

With more uncertainty ahead, dig into your budget and make cuts so you can shore up savings.

McKernan suggests setting up automatic savings from your paycheck — even as little as 2% will add up over time — and saving any windfalls like a tax refund or bonus.

Our free and easy-to-use Goals tool in Online Banking makes it easy to figure out how much you have to save each month to reach your emergency fund goals. To access the Goals tool, activate Money Management within your Online Banking dashboard.

How does carrying a credit card balance affect my credit?

The answer:

Relying on credit cards can work as a financial bridge when money is tight, but paying at least the minimums on time is critical to protecting your credit standing.

“Your credit score is like your report card,” says Lauren Anastasio, a certified financial planner at SoFi, an online financial services company. “Every month that goes by is an opportunity for you to have a positive data point.”

What you can do:

Because late payments hurt your score the most, pay at least the minimum by the due date.

If possible, pay more than minimums so you can bring balances down over time. The second-biggest influence on your score is how much of your credit limits you’re using, so rising balances may ding your score. But that damage quickly fades as you pay them down again.

Do pay off cards completely if you can, because carrying a balance isn’t necessary for good credit. “It blows me away the number of people who say they don’t pay off their credit card because they believe it will help their credit,” says Anastasio.

If you’re looking for a card with a lower rate to transfer your balances to, try our VISA Gold Lite. There’s no balance transfer fee and offers a competitive non-variable rate of 9.90% APR ¹ . Click here to learn more!

Should you take money from your 401(k)?

The answer:

The CARES Act enacted in late March provided $2.2 trillion in relief and made accessing funds from 401(k) accounts easier. But you likely have better options for cash in a crunch.

To start, here are the recent changes:

• Those affected by the coronavirus can now withdraw up to $100,000 from their 401(k) accounts or IRAs without penalty and avoid taxes if the money is repaid within three years.
• For 401(k) loans, savers can now borrow up to 100% of their vested balance, up to $100,000. While these loans are typically due over five years, the CARES Act allows borrowers to delay payments owed in 2020 for up to a year.

But taking money from your 401(k) will stunt your retirement savings because that money is no longer earning compounded returns.

“Any loan you take from a 401(k), those are funds that are going to be uninvested while you’re paying yourself back,” Anastasio says. “Even though you’re borrowing against assets you’ve accumulated, these are funds that are designed to be appreciated over time, so there is that opportunity cost.”

And if you can’t pay back a 401(k) loan on time, taxes and penalties kick in if you’re under age 59 1/2.

What you can do:

You may have some options that won’t interfere with your future retirement plans:

• Personal loans: Unsecured personal loans are a good option for those with good to excellent credit scores and generally range from $1,000 to $50,000.
• Credit cards with a 0% period: Also typically for those with good to excellent credit, cards with 0% APR periods, which usually last between 12 and 15 months, give you access to credit without paying interest.

If you want to consult an expert on whether taking money out of your 401K would make sense for your financial situation, schedule a consultation with our CUSO ² Financial Services Advisor, Tiffany Yee, today. Email her at tiffany.cfsinvest@parsonsfcu.com or call (800) 835-3078.

¹ APR = Annual Percentage Rate

² Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

The article Strengthen Your Financial Resilience With These 3 Insights originally appeared on NerdWallet.

The City of Pasadena Public Health Officer, Dr. Ying-Ying Goh, has issued a revised order for control of COVID-19 requiring face coverings for essential workers effective April 15, 2020.

 Additionally, all customers and visitors of essential businesses must wear face coverings over their noses and mouths. As per the order, an essential business owner may deny service to anyone not wearing a face covering.

The economic impact of the coronavirus outbreak may have you thinking about — and let’s be real, losing sleep over — your finances now more than ever. With bills, investments and mortgage payments to consider, as well as looming fears about a recession, you may need an expert opinion to cut through the noise and calm your anxieties.

At a recent NerdWallet companywide discussion, four of our experts weighed in on what consumers can do during this time. Holden Lewis, Sara Rathner, Arielle O’Shea and Kimberly Palmer — NerdWallet writers and spokespeople across mortgages, credit cards and travel, investing, and personal finance, respectively — shared tips on the financial topics that are currently on everyone’s minds.

We’re sharing their responses to 10 of the biggest financial questions being asked right now. The answers have been lightly edited for clarity and length.

What should I do as a long-term investor?

Arielle O’Shea: The stock market is inciting a lot of fear right now. If you are a long-term investor — you’re not investing for a goal that is less than five years away, like a down payment for a house you want to buy in a few years — ride it out. The best reaction to these market moves is no reaction at all. People say that the stock market is the only market where people flee the store when things go on sale, but it’s important not to flee the store right now.

Takeaway: When it comes to the stock market, playing the long game is the smartest money move. The best reaction is no reaction at all.

What should I do if I’m close to retirement?

O’Shea: If you’re near retirement, it’s a bit of a different story, but not totally. You don’t stop investing on the day you retire. You need your money to last 20, maybe 30 years, so you should still think of yourself as a long-term investor. Many financial planners recommend having a pot of “safe money,” or cash available in savings or safer investments [such as bonds or target-date funds] that can cover you for at least the first few years of retirement. Take less risk as you approach retirement.

Takeaway: You still have a long time to invest, even if you’re close to retirement, but have some “safe” money in cash or other investments — enough to last a few years — and rebalance your portfolio so that you’re minimizing risk.

How can I take control during a time of market volatility?

O’Shea: Control what you can control. See if you can lock in a high-interest rate with a certificate of deposit before rates fall further, shop around to find a high-yield savings account, increase your 401(k) contributions, max out an IRA or consider investing more in a 529 plan.

Takeaway: Don’t feel stuck. You can still open a CD, explore a high-yield savings account and max out your IRA, among other things.

How should I budget during these times?

Kimberly Palmer: Make sure you have an emergency fund. In general, we recommend saving three to six months’ worth of expenses. It’s also important to apply the 50/30/20 budget — 50% of your take-home pay goes toward needs, like groceries and mortgage or rent, 30% to wants and 20% to debt payments and savings.

It’s the 30% wants that we have the ability to cut back on quickly if we need to. A lot of that cutting back is happening because we don’t have a choice — commuting expenses and restaurant spending are going down naturally. Of course, other expenses are possibly going up as people are spending more on at-home activities for children and online exercise.

Takeaway: In addition to setting up an emergency fund, try the 50/30/20 budget as a way to manage your spending during this time.

How should I prioritize different expenses in an emergency?

Palmer: We recommend paying your most important bills, like mortgage or rent, on time to protect your credit score. Some companies are being more flexible, so if you just can’t make a certain payment, the first call can be to that company. Some credit card issuers and banks have announced leniency programs and are waiving payments and interest.

Takeaway: Don’t let your most important bills fall through the cracks — and ask your credit card issuers and banks for help or extensions on other bills if you need to.

What does this mean for me as a homeowner?

Holden Lewis: Know that this recession has a different cause than the last one, which had a direct link to the housing market. Fannie Mae, Freddie Mac, FHA and the VA are already directing servicers to offer relief to borrowers who suffer cuts and interruptions in income. Using a HELOC — a home equity line of credit — should be a last resort. You could lose your home if you don’t make the payments. If you want to have a HELOC to have that pool of money available, apply for it while you still have income.

We’re in a refinancing boom, but don’t rush into one just because everyone is doing it. Know your goal — to get the lowest possible monthly payment, get rid of FHA mortgage insurance or shorten your term — and you’ll get a better deal.

Takeaway: Look into mortgage relief options, and make a HELOC your last resort. And while refinancing could be a good step to take, make sure you’ve thought about your goal for doing so.

What do I do if I’m planning to buy a home this year?

Lewis: Know what you can comfortably afford and stay in that range. Save two to six months’ worth of mortgage payments and have them stashed away the minute you close on a loan — that way you can afford an emergency repair or emergency income, and your lender may even require you to have that saved.

Takeaway: It’s more important than ever to have enough savings and a realistic price range for a home if you plan to buy one in the near future.

What if I have credit card debt?

Sara Rathner: Credit card interest rates have dropped a little, but it’s still a higher interest rate than other forms of loans. To free up cash flow, one option is a balance transfer card. These often require good or excellent credit in order to qualify and many charge a 3%-5% fee of the transferred balance, so that’s something to budget for. If you have any debt remaining on your card once the promotional period is over, you’ll have interest on that remaining debt, so time payments accordingly.

Personal loans are another option for debt repayment. These consolidate multiple debts into one payment that typically have a lower interest rate than what credit cards charge.

Finally, there are various debt repayment methods, including the debt avalanche method, where you list debts in order from the highest to lowest interest rate and make minimum payments on every single one. This helps avoid late fees and credit score dings. Regardless, it’s always better to do something rather than nothing.

Takeaway: There are multiple strategies to consider if you have credit card debt, including a balance transfer card, personal loan and debt repayment methods.

What if I have travel booked for the near future?

Rathner: You might not have to do anything — the airline may cancel your flight and work with you to rebook or refund the unused value of your ticket. If you do need to rebook, try doing it online to save time. If that’s not working for you, wait about 72 hours before your flight. Airlines have such high call volume right now.

Takeaway: If your airline hasn’t already canceled your upcoming flight, wait about 72 hours before your flight to contact it.

Can I book travel right now?

Rathner: If you need to book travel, wait as long as you possibly can. Everything is changing so quickly. If you must book, have a credit card that offers travel protections and use that card to make the booking. For expensive trips, consider travel insurance. “Cancel for any reason” coverage exists; it’s an expensive add-on to an existing policy, but if you’re already spending thousands or tens of thousands on a trip, it might be worth it.

Takeaway: Wait as long as possible to book any travel. If you must book, use a credit card with travel protections.

If you need direct assistance with your finances, Parsons FCU has over 44 years of financial expertise, navigating the ups and downs of the economy. Contact any of our financial experts below.

Investment & Retirement Planning :

Tiffany Yee, CUSO Financial Services* Advisor

Email: tiffany.cfsinvest@parsonsfcu.com

Phone: (626) 389-3078

Borrowing & Lending

Email: loandept@parsonsfcu.com

Phone: (800) 765-4527

Savings

Email: mbrserv@parsonsfcu.com

Phone: (800) 765-4527

The article NerdWallet Experts’ Tips on Handling Finances During Coronavirus originally appeared on NerdWallet.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

CFS representatives do not provide tax or legal guidance. For such guidance please consult with a qualified professional. Information shown is for general illustration purposes and does not predict or depict the performance of any investment or strategy. Past performance does not guarantee future results.

Financial Advisors are registered to conduct securities business and licensed to conduct insurance business in limited states. Response to, or contact with, residents of other states will be made only upon compliance with applicable licensing and registration requirements. The information in this website is for U.S. residents only and does not constitute an offer to sell, or a solicitation of an offer to purchase brokerage services to persons outside of the United States.

To Our Members:

Thank you for trusting us with your business during this unprecedented time for our nation.  Many of you may be grappling with feelings of uncertainty about the health of your finances. For nearly 45 years, the credit union has withstood numerous ups and downs and our commitment to serving our members remains steadfast.

In light of everything that is happening in the economy right now, I want to reassure you that Parsons FCU is a sound and stable financial institution. With a 5-Star rating from BauerFinancial and 77% more reserves than what is required by federal regulators, we are well-equipped to support you throughout this epidemic. In addition, we insure our members’ deposits up to $500,000, which is double what major banks offer to their customers. Protecting our members and their well-being is our priority.

I also appreciate many of you who are limiting your visits to our physical location and utilizing our robust online banking services and capabilities. The enhanced technology we introduced last year has been instrumental in allowing you to manage your finances, uninterrupted, from the comfort and safety of your own home. We encourage you to take advantage of our online chat function, which helps alleviate call center traffic and yield shorter wait-times for everyone.

Taking guidance from our local authorities such as the Centers for Disease Control (CDC) and Public Health Department, we are implementing a work from home program for our staff beginning Monday, March 23, 2020.  Practicing social distancing is important in controlling the spread of coronavirus and minimizing the risk of exposure for our employees. Each week, half of our staff will be working remotely, with the other half working from our central location. We do not anticipate any impact to member services following this decision.

We are here to partner with you to weather this situation and make your life’s journey easier. We understand that there may be instances where members find themselves facing financial difficulties. Our people are here to help and we encourage members who may be impacted to reach out to discuss how we might be of assistance.

As this situation continues to evolve, we will update you with any additional changes. In the meantime, stay healthy, and stay safe.

K. Ray Crouse

President/CEO

Millennials grew up online. From making their first screen names with America Online in the ’90s and poking around chatrooms, to using HTML to customize their Myspace pages in high school, and now curating their Instagram feeds, navigating the internet is second nature to these digital natives.

But this ever-online generation may be uniquely positioned as targets of internet scams.

Millennials are 25% more likely to report losing money to fraud than those over 40, according to an October 2019 report by the Federal Trade Commission. The report also found this age group:

• Was twice as likely to report falling victim to shopping fraud.
• Reported getting bested by business and debt relief scams in greater numbers.
• Was 77% more likely than older consumers to report losing money to a scam that started over email.

While millennials are more likely to report this kind of fraud, the tools to prevent and recover from such scams apply to consumers of any age.

Social media shopping

It’s become a meme of its own: “What it looks like online versus what you get when it arrives.” That dress or pair of sneakers may look good online, but when it arrives, you find that the dress looks like a dishrag and the sneakers are held together with hot glue.

Millennials are twice as likely to report losing money to items that are different from what they expected or that never show up, compared to those over 40. This all-too-common occurrence might seem like the cost of doing business online, but it’s actually a form of online shopping fraud.

Misleading ads in social media feeds and for online-only stores may be to blame for more frequent reports of shopping fraud, says Charity Lacey, vice president of communications at Identity Theft Resource Center, a nonprofit organization that helps consumers recover from identity theft.

Lacey warns consumers to exercise caution before purchasing items from any unfamiliar company they encounter online, especially if it seems like they’re selling only one or a handful of products, since that can be a warning sign of a scam company. “I would liken this to the guy with the trench coat selling watches and gold chains,” says Lacey.

What you can do: Vet any company before you buy from it online. Proceed with caution if the company doesn’t have an address listed online, has no clear return policy and sells only the one item you saw advertised.

Use a credit card when shopping online, advises Lisa Schifferle, staff attorney at the FTC. That way, if you encounter fraud, you can take advantage of protections under the Fair Credit Billing Act, which can help you get reimbursed. If you suspect your card has been compromised, you can easily turn your card off using our Online Banking’s Card Management tool.

Report the fraud to your credit card company and file a complaint with the FTC as soon as you think there’s a problem, Schifferle says. Gather information about the transaction, including purchase amount, vendor name and transaction date, before contacting your card issuer. This information should be on your billing statement. You may also want to request a new credit card number to protect yourself.

Debt relief offers

Millennials are notoriously debt-saddled, so it might not be surprising that this generation also reports more instances of falling victim to debt relief scams. In fact, millennials were 86% more likely to report losing money to debt relief scams compared to those over 40.

Some scams work by having you pay an upfront fee for their services — and then never deliver on their promise. Know that it’s illegal for a company to charge upfront fees in this way.

Be wary of companies that offer debt help that seems too good to be true. “If [the company] promises to get rid of all your debt, or if they tell you don’t talk to your creditors, those are red flags,” says Schifferle.

What you can do: Report any incidents of debt relief fraud to your state’s attorney general.

Talk with a nonprofit credit counseling agency for debt help. These organizations offer free financial advice and can help you find legitimate ways to make your debt more manageable. One way is to use the Goals tool on Money Management in Online Banking; you can set a timeline for when you want to pay your debt off and the app will help you calculate and set up a recurring monthly payment. To access Money Management, just log in to Online Banking on your desktop and click on the Money Management tab.

This article “You’re an Online Fraud Target — Fight Back” was written by NerdWallet and was originally published by The Associated Press.

Another new year, another chance for well-intentioned resolutions to start with a bang and fizzle out. But unlike failing to drop those last five pounds, falling short on financial goals you’re banking on in 2018 could cost you for years to come.

Generally, attainable goals follow the S.M.A.R.T. approach: They’re Specific, Measurable, Achievable, Realistic and Time-based. But that doesn’t mean attainable goals are all easy. A recent study indicates certain money goals that fit these criteria can remain challenging for some who are striving toward them.

Setting big goals is admirable, but if they are too big a leap from your current financial progress, you could be setting yourself up for disappointment. You can make them more achievable by breaking bigger goals into smaller ones.

Achieving any one of these three following money goals can bring you closer to personal financial security. But as with any resolution, the devil is in the details. Merely saying you’re going to do something isn’t enough; you need to create a road map and form lasting habits that will propel you toward a desired outcome. Similarly, if your goal is stick to a budget, outline the smaller steps it will take to get you to do that.

Stick to a monthly budget

Following a budget should be on everyone’s to-do list, particularly if you have bigger financial goals in sight. Building your budget is the easy part, but sticking with it is about creating and maintaining good habits.

• Start: Create your budget with personal priorities and long-term goals in mind. Aiming to set aside 50% of your income for needs, 30% for wants and 20% for debt and savings is a good place to start.
• Create good habits: Commit to tracking your spending daily, and create a standing weekly check-in with yourself to ensure you’re on target. Our Money Management tool in Online Banking can help you keep track of your spending with visual aids and customizable budgets that you set.
• Make it last: Every month, sit down and review your progress. Make adjustments as needed. As an added incentive, budget a small reward every few months for sticking to your plan — an extra meal out or movie tickets, for example.

Save for an emergency fund

Ideally, you’ll one day have three to six months of living expenses set aside in case of an emergency, but if you’re starting with nothing, every little bit counts.

• Start: If you have nothing set aside, start small; target $500 as your first mini-goal. Once you’re there, up it to $1,000, and continue in this manner until you have a month’s living expenses set aside.
• Create good habits: Automate your emergency fund by having a portion of your paycheck direct deposited into a separate savings account. Remember, you want this money easily accessible in case of emergency, so a traditional or online high-dividends savings account is a wise choice. Our Kasasa^TM Cash checking account gives you high dividends on your balance every month by meeting a few easy criteria.
• Make it last: Your emergency fund goal should be a moving target, and six months of living expenses is ambitious. Once you’ve got a single month’s worth, focus on paying off any high-interest debt or getting closer to your retirement goals before focusing back on saving the next month’s worth of expenses.

Save for a down payment

A home down payment can take years to amass, so set realistic expectations and use your long-term vision on this goal.

• Start: Determine a realistic goal down payment amount, considering both your anticipated budget and the type of home loan you’ll use. A home affordability calculator can help you do the math.
• Create good habits: As with any savings goal, automating this one will make it easier to stick with it, so have a portion of your paycheck set aside automatically and be flexible enough to adjust this amount as your income or expenses change. With the Goals function in Money Management, you can set a portion of your savings to go towards a goal and the app will help you calculate how much time it will take to reach your goal as well.
• Make it last: Knowing your total savings goal and how much you plan to set aside each month, figure out how many months it should take. Mark off each successful month of saving on a calendar. This small action can provide a sense of accomplishment and give you a nudge to keep going.

The article 3 Money Resolutions That Are Worth Getting Right originally appeared on NerdWallet.

Big sales, must-have items and a list that just seems to get longer: Holiday shopping can drain your wallet and your sanity.

Don’t let the stress erode your guard against identity theft, though. All that holiday shopping can leave you more vulnerable to scams.

Save yourself from falling victim by recognizing these sources of scams.

1. Unsecure networks and devices

Shopping over public Wi-Fi, such as an airport network, or leaving your devices without passcodes can make it easier for scammers to access your information, including your bank account and login credentials.

Tip: Secure your devices with passcodes and don’t enter sensitive information, such as your credit card number or Social Security number, onto websites while using public Wi-Fi.

2. Gift card scams

Rather than going after your credit or debit card information, some scammers want your gift cards. One red flag to watch out for: When you’re making a purchase on a website or over the phone and the seller takes gift cards from other retailers — like an iTunes or Google Play gift card — for payment, that’s a sign of trouble.

Paying with a gift card can leave you vulnerable because there’s little protection if a vendor doesn’t hold up its end of the deal. “People should use their credit cards for purchases, because they have the most protections,” says Lisa Weintraub Schifferle, staff attorney at the Federal Trade Commission.

Tip: Avoid retailers that require payment via gift cards from another company.

3. Phishing websites and emails

You get an email from a relative with a dancing Santa, or enter your information on a website that promises the lowest price on big-ticket electronics — if you create an account. But when you click on that festive image to get that coupon, your info could be in the hands of scammers.

Exposing your information to a sketchy website can leave you vulnerable to identity theft down the road. If you use the same login credentials for multiple accounts, for example, a scammer could use that information to get into your email or bank account.

Tip: Don’t click any link or image in an e-mail you don’t recognize, and use different login credentials for different websites. If the e-mail contains an image linked to a website, you can hover your mouse over the image to see a preview of the link. If you do not recognize the website, do not click the link.

This article originally appeared on NerdWallet.

Businesses sell shares of stock to investors as a way to raise money to finance expansion, pay off debt, and provide operating capital. Each share of stock represents a proportional share of ownership in the company. As a stockholder, you share in a portion of any profits and growth of the company. Dividends from earnings are paid to shareholders, and growth is realized by the increase in value of the stock.

Why invest in stocks?

The main reason that investors buy stock is to seek capital appreciation and growth. Although past performance is no guarantee of future results, stocks have historically provided a higher average annual rate of return over long periods of time than other investments, including bonds and cash alternatives. Correspondingly, though, stocks are generally considered to have more volatility than bonds or cash alternatives.

Investment Risks

There are no assurances that a stock will increase in value. Several factors can affect the value of your stocks:

• Actions of investors: If a large number of investors believe that the nation is entering a recession, their actions can affect the direction of the stock market
• Business conditions: A new patent, an increase in profits, a pending merger, or litigation could affect investor interest and stock prices
• Economic conditions: Employment, inflation, inventory, and consumer spending influence the potential profit of a company and its stock price
• Government actions: Decisions on interest rates, taxes, trade policy, antitrust litigation, and the budget impact stock prices
• Global economy: Changes in foreign exchange rates, tariffs, or diplomatic relations can cause stocks to go up or down

All investing involves risks, and there can be no assurance that any investing strategy will be successful. However, understanding these factors can help you make sound investment decisions and keep losses to a minimum.

It is usually best to diversify among the different classifications and not own stock in just one or two companies or industries (though diversification alone cannot guarantee a profit or ensure against a loss).

Buying & Selling Stocks

During an initial public offering (IPO), new issues of stock are sold on the basis of a prospectus (a document that gives details about a company's operation) that is distributed to interested parties. Investment bankers or brokerage houses buy large quantities of the stock from the company and sell them to investors. After the IPO, the stock may trade on a stock exchange or over the counter.

Normally, stock is purchased through a brokerage account. The buy order you place will be directed to the appropriate stock exchange. When someone who owns the stock is willing to sell at the price you are willing to pay, the sale takes place. A commission or fee is charged on your transaction.

Stock certificates may be transferred from one owner to another since they are negotiable instruments. The certificates are issued in the buyer's name or, more typically, held by the brokerage house in street name (i.e., the brokerage firm's name) on behalf of the investor. The advantage of a street-name registration is that if you decide to sell, you do not have to sign and deliver the stock certificates before the sale can be completed. And you don't have to worry about losing the stock certificates.

Read the account agreement

Never sign a document without reading and fully understanding it. Early precautions can prevent later misunderstandings. Keep good records of:

• Documents you sign
• Documents outlining the details of an account or investment
• Periodic account statements
• Transaction confirmations
• Documents verifying an account error was corrected
• Correspondence with your broker or agent

Review these as soon as you receive them. Discuss any discrepancies you find with your broker or agent at once, and follow up on any actions taken until you are satisfied. Never allow your broker or agent to mail statements and transaction confirmations to someone other than you. It's important that you check the accuracy of your own accounts.

Be patient

Some stock investors have made money quickly. But they are the exception rather than the rule. Investing in stocks requires a long-term outlook. Read books, attend seminars, and take advantage of professional advice. Education, good judgment, common sense, and above all, patience increase your chances of achieving your goals.

This article was originally published by Broadridge Investor Communication Solutions, Inc. Copyright 2019.

Are you interested in learning more about investments and financial planning?

We have a series of financial planning webinars lead by Tiffany Yee, CFS* Financial Advisor at Parsons FCU. You can explore a variety of investment topics and access these webinars by going to our website under Planning & Insurance, and clicking on Investment Services. You can also schedule a complimentary financial portfolio review with Tiffany by calling (626) 389-3097 or emailing tiffany.cfsinvest@parsonsfcu.com .

This article originally appeared on Broadridge. Copyright 2019.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor.  Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.

Consumers affected by the 2017 Equifax data breach (that’s most U.S. adults who have credit) can get their names on the list to get free credit monitoring and/or monetary compensation.

You can see if you’re included by visiting  the settlement website .

But the compensation you apply for may not be what you end up with. Watch for qualifiers like “up to,” and know the limitations of the settlement.

Free monitoring or $125: What to know

All affected consumers can get free credit monitoring. Or, if they already have credit monitoring, they can apply for alternative compensation of up to $125.

You are choosing between a guaranteed minimum amount of free credit monitoring or compensation that could be well less than $125, depending on how many people apply.

What value do you get from free monitoring?

The free  credit monitoring  gives you four years of free monitoring from Experian that covers the three major credit bureaus, Equifax, Experian and TransUnion. The lowest price Experian advertises on its website for that coverage is $19.99 a month. After the three-bureau monitoring expires, you can opt to have up to six years of one-bureau monitoring from Equifax.

What if I want cash instead?

If you already have credit monitoring and plan to keep it for at least six months, you can choose the cash option. You can get either a prepaid card or a check for your reimbursement.

What is the likely value if I get cash?

Settlement terms say that alternative reimbursement claims will be paid from a $31 million “bucket.” If there are enough claims to empty that bucket, the amount each person gets will drop as the pool of money is distributed proportionally.

What are the odds of getting the maximum $125?

There would need to be no more than 248,000 approved claims out of the 147 million consumers affected — or less than one-fifth of one percent — for approved applicants to get the full $125.

What about the time I spent protecting myself after the breach?

You can get “up to” (there are those words again) $25 an hour you spent on:

• Dealing with fraud that was “fairly traceable” to the breach, up to 20 hours, and you’ll need documentation.
• Freezing and/or unfreezing your credit, comparing and/or purchasing identity theft protection services, up to 10 hours, and you must certify that you are being truthful.

There is another $31 million bucket of money to cover claims for time spent. If it is exhausted, payouts will be reduced proportionally.

What about out-of-pocket costs?

The limit is $20,000 per person, and you’ll have to provide documentation. Those expenses can include credit monitoring after the breach, legal expenses, postage, notaries and more.

Those claims will be paid from the $380.5 million fund Equifax has set up to pay for monitoring services and to compensate consumers. If that payment is not enough to pay initial claims, there is an additional $125 million available. The money is split into various buckets for different kinds of claims, in much the same way that a budget might work with the envelope system.

The settlement administrator will decide if your claim for out-of-pocket losses is valid.

Is there a filing deadline?

Yes, you have until Jan. 22, 2020, to file for any of these remedies. You can apply online, print out an application form and mail it, or request that a form be mailed to you.

When will I get my benefits?

Not right away. If you choose monitoring, you’ll get information on how to activate it once the court finalizes the settlement. A final approval hearing is scheduled for Dec. 19.

Checks or prepaid cards for alternative reimbursement, time spent or out-of-pocket losses could take “several months or more,” according to the breach settlement website.

What if I have breach-related losses later?

If there is any money left to compensate consumers after the initial rounds of claims, there will be an extended claims period for losses that occur after the first deadline.

Consumers will be able to seek reimbursement for new out-of-pocket losses or time spent, but not for time and money spent protecting their credit such as by purchasing credit monitoring. You’ll have to certify that you have not already received reimbursement for the claimed loss. Claims must be made by Jan. 22, 2024, and will be paid on a first-come, first-served basis.

How can I protect myself now?

You can  freeze your credit . Freezing credit can keep identity thieves from opening credit accounts in your name. It’s free and doesn’t hurt your score. As long as you are not actively seeking credit, there’s little reason not to freeze it.

If you need to unfreeze briefly, that process is also free.

In contrast, credit and identity theft monitoring are more useful for telling you when access has already happened.0

The article "How to Navigate the Equifax Data Breach Settlement Offer" was published by the Associated Press and originally appeared on NerdWallet.

THE IRS AGENT CALLING you on the phone isn't really from the government, and the person collecting disaster relief funds may actually be lining his own pockets. Phone scams are common, and they often prey on people's generosity or fear.

Nearly 1 in 6 Americans have lost money to a phone scam in the last 12 months, according to the 2019 U.S. Spam and Scam Report from the phone app Truecaller.

"They are really, really good at it," says Patrick Simasko, an elder law attorney and wealth preservationist with legal firm Simasko Law in Mount Clemens, Michigan. Scam artists have perfected their pitch and use spoofed numbers to make calls look legitimate on caller ID. However, you'll know it's a scam if the person on the other end of the phone demands payments via gift cards or wire transfers. Requests for sensitive information such as Social Security numbers, birthdates and passwords should also be red flags.

While crooks use many scenarios, here are 10 common phone scams currently making the rounds.

1. Threatening calls from the IRS.
2. Technical support calls.
3. Fake charity appeals.
4. Lottery scams.
5. Family members in peril.
6. Bank fraud calls.
7. Insurance, health care and debt scams.
8. Website password requests.
9. Fake customer requests.
10. Other urgent requests.

Trevor Buxton, security communications manager for PNC Bank, recommends people avoid engaging with scammers. "Your best defense against these types of calls is just to ignore them," he says. While some people like to waste a scammer's time by stringing along the conversation, Buxton says that may not be wise. Some scams use voice-recording software, and the more you talk, the more likely you'll say something that the crooks can use to make unauthorized transactions in your name. It's best to hang up immediately.

While anyone can be susceptible to falling for a scam, seniors could be more trusting on the phone. "Everyone should have a conversation with an older loved one," says Kevin Witt, chief technology officer for investment firm Kestra Financial in Austin, Texas. Before you sit down with them, though, familiarize yourself with these common phone scams.

Threatening Calls From the IRS

Especially popular during tax season, IRS phone scams involve crooks impersonating federal agents. They sound official and may even provide a badge number. If immediate payment isn't made, they threaten lawsuits or may say the police are on the way to make an arrest.

"First of all, the IRS will not call you by phone," Buxton says. "That's a pretty sure sign it's a scam." What's more, they typically ask for payment in the form of gift cards, something the IRS would never do. The IRS almost always makes its first contact via the mail, and it will never demand payment over the phone. Fraudsters like gift cards because they are untraceable, but they are a dead giveaway that a call is not legitimate.

Technical Support Calls

In this scam, the caller typically says they are from a well-known company like Microsoft or Apple and have detected an error on a person's computer. They will then talk the victim through a series of steps to "fix" the problem. In reality, a person is unwittingly downloading software that will hijack their system or give the caller remote access. Scammers use it to gather sensitive data or install ransomware, which requires a payment to unlock a computer's files.

"It's ripe for elder abuse because they lack the technical sophistication," Witt says. Younger people might recognize something fishy about Microsoft calling them, but seniors could be more trusting. As with the IRS scenario, these calls are always fake. Microsoft and other tech companies do not make unsolicited technical support calls.

Fake Charity Appeals

Charity scams are common after a natural disaster or other tragedy. "The crooks count on the goodwill of people who want to help," Buxton says. To avoid giving money to a criminal, don't make any donations to unsolicited callers. Instead, do your own research using sites like Charity Navigator or Guidestar to select a reputable charitable organization.

Lottery Scams

If you get a call saying you have been randomly selected to win a foreign lottery, don't believe it. These calls are fake, and the tipoff is that the caller will say you need to pay taxes or other government fees in order to collect the winnings. "Why am I paying for something I have won?" Buxton says. "That should be a red flag right away."

Family Members in Peril

These scams often target seniors, Simasko says. Someone calls to tell grandma they are in trouble. Maybe they are in jail and need bail money or their car has broken down. "Of course, she can't quite hear right," Simasko says, so she assumes it is, in fact, one of her grandchildren and is quick to provide payment over the phone.

If you get a call that is supposedly a family member in a crisis, hang up and call that person's number directly. If you are unable to reach them, call another friend or family member who may be able to validate their whereabouts. Try the courthouse or police department if a person is allegedly in legal trouble. Most importantly, impress upon senior family members that they should be skeptical of unusual calls from family members asking for money.

Bank Fraud Calls

Sometimes crooks will pretend to be the good guys. They may call and say they are alerting a customer to potential fraud in their bank account. As the call progresses, they request bank account numbers, passwords or other sensitive data. Don't provide these details to anyone calling you. Hang up instead.

Then, contact your institution directly to confirm whether the call was legitimate. Don't use a number provided over the phone or in a voicemail from an unknown person either. Use the number for your local branch. "I call my bank back on a number I know is legitimate," Buxton says.

Insurance, Health Care and Debt Scams

A number of very similar phone scams involve fraudsters trying to sell auto warranties, offer debt consolidation loans or confirm health insurance information. It's best not to buying anything over the phone unless you have initiated the call. Also, be aware that debt consolidation offers and people posing as health insurance representatives may be fishing for information that can be used for identity theft.

As with the IRS, "Medicare isn't going to call you," Simasko says. If someone claims to be calling about your health coverage, the safest course of action is to hang up and call back the number on your insurance card.

Website Password Requests

Scammers may be after access to your online accounts. They call under a number of pretenses, such as providing technical support or to follow up on suspected fraud, and then ask for your password to verify your identity. "You never should be asked to disclose a website password over the phone," Witt says. "There is no legitimate reason for that."

Fake Customer Requests

It isn't just individuals who receive scam phone calls. This can be a problem for small businesses too. Every company should educate its employees on potential scams and proper safeguards. "They should think of their jobs as standing on a watchtower," Witt says.

At his firm, Witt says scammers will call posing as customers. They typically have some sort of emergency that needs to be addressed immediately. "The bottom line is that they need money wired somewhere," he says. Employees need to be trained to confirm a person's identity in these situations. Ideally, that will involve connecting with customers through two channels, such as phone and email, to verify they did, in fact, call the office.

Other Urgent Requests

Phone scams are constantly evolving, but they have a common thread. "Almost all the scenarios that have crossed my desk have a sense of urgency," Witt says. Scammers are insistent that whatever they are calling about needs to be addressed immediately or the opportunity will be lost. If anyone is pushing you to make a quick payment or decision over the phone, step back and re-evaluate whether what they are saying makes sense.

Should you find yourself the victim of a phone scam, it can be difficult to recover money. However, you should still file a police report and contact your bank. What's more, if your Social Security number has been compromised, contact the three credit-reporting bureaus of Experian, Equifax and TransUnion to request fraud protections be placed on your credit reports.

This article was written by Maryalene LaPonsie and was originally published on U.S. News & World Report.

One of the best new tools to fight fraud is mobile banking alerts. These alerts are set up by users so that they can receive notifications about suspicious transactions on their accounts and help prevent fraudulent activity.

Users can choose from a variety of alerts to set up, but there are a few that are crucial in identifying fraudulent activity. Log in to Parsons FCU’s app and set up alerts to go off in these five situations:

1. Large purchases

Set an alert whenever a single purchase is made that exceeds an amount you decide. If a fraudster tries to make a purchase over that amount, you will be notified, and you can cancel the card ASAP if you do not recognize the transaction.

2. When your profile or password changes

When your personal information on the website or app changes, you will receive a notification. If this change does not correspond with your activity on the app, call our Member Service [ZS1]   [KC2]   Representatives to let them know , and they can help you reset the information.

3. When an ATM withdrawal exceeds a certain amount

If you only use ATMs to get a few twenties at a time, set up this alert , so you’ll know of any big withdrawals you didn’t authorize.

4. When your account drops below a specific amount

While this alert is standard to keep accounts healthy and avoid fees, it is also helpful in preventing fraud. If a fraudulent purchase causes the account to drop below the amount you set, you will be notified and you can check on your transactions to see if any of them were fraudulent.

5. When any debit or credit card purchase occurs

While frequent shoppers may be annoyed at first by this notification, this will let users know whenever a purchase happens, so members can identify fraudulent activity as quickly as possible.

These notifications will help users track fraudulent activity for many types of transactions. While it is important to check your online banking as much as possible, these alerts can help you identify fraud as it happens. If any alerts lead you to believe that you are a victim of identity theft, please contact Member Services immediately. The sooner you report fraud, the faster Parsons FCU can help resolve these unauthorized transactions.

The article 5 Simple Alerts That Will Help You Bank Smarter and Safer originally appeared in our Quarterly Newsletter published in January 2019.

Recessions are like natural disasters: They’re inevitable, but smart preparation may reduce the impact on you.

The U.S. economy has grown steadily since emerging from the “Great Recession” in June 2009, but expansions can’t continue forever, and this one is already the second-longest on record. Only the expansion from March 1991 to March 2001 lasted longer.

Recessions occur when growth stops and the economy starts to shrink. They vary in severity and length, but often jobs disappear, incomes decline and lenders make it harder to qualify for credit.

Knowing what may be coming can help you fortify your finances to withstand a possible slowdown. Here are some steps to consider.

Reduce your ‘must haves’

The 50/30/20 budget suggests limiting your must-have expenses to 50 percent of your after-tax income, with 30 percent allocated to wants and 20 percent to debt payment and savings. Must-haves include shelter, transportation, food, utilities, insurance and minimum loan payments.

Limiting essential expenses ensures you have room to pay off the past, save for the future and have a little fun. Capping them also helps during bad economic times, when you may need to sharply reduce your spending because of job loss or reduced hours.

Protect your credit scores

Lenders often get pickier during recessions. They may freeze lines of credit, close credit card accounts and make new loans harder to get.

People with good credit scores tend to fare better when lenders get choosy. Lenders need to stay in business, after all, so when delinquencies and defaults rise they want to cultivate customers who are most likely to pay them back.

Because high scores suggest you’ll pay as agreed, protecting your scores is essential. That means paying all your bills on time, using only a small amount of your credit limits, keeping old credit card accounts open and being selective about opening new accounts.

Increase your financial flexibility

Ideally, everyone would have an emergency fund equal to at least three months’ worth of expenses. But most people don’t have nearly that much saved, and building up such a stash can take years.

In the meantime, it’s smart to set up access to additional credit that you can tap if you lose your job or face other financial setbacks. If you own your home, you may be able to set up a home equity line of credit or replace your current line with one that has a higher limit. Having a few credit cards can help as well.

The key to the strategy is to keep these lines open and unused. (You’ll need to make a few small charges to keep the credit cards active, but you should pay the balances in full each month.) If you have credit card debt, focus on paying that down since you’ll free up available credit and save money on interest.

But don’t rush to pay off student loans or mortgages, especially if you have higher-rate debt or a paltry emergency fund. Your extra principal payments typically won’t reduce your required monthly payment, and you can’t get that money back if you need cash in an emergency. Although being debt-free is a good goal, in a recession it can be more important to have financial flexibility.

Update your investments

If your stock market investments include money you’ll need in the next five years, now is the time to move it to a lower-risk investment such as a short-term bond fund or cash.

You should be able to leave any stock market investments alone for at least five years and preferably 10, so your portfolio has time to recover from downturns.

Now is also a good time to rebalance your portfolio to your target mix of stocks, bonds and cash. The long bull market means that you may have too much money in stocks, which leaves you more vulnerable to drops. If you’re not in the habit of rebalancing at least once a year, consider using a target-date retirement fund, a lifestyle fund or a robo-advisor, which all take care of that chore automatically.

There won’t be tax consequences for these moves if you’re investing inside a tax-deferred account, such as an IRA or 401(k). Before making moves in a taxable account, consult a tax pro.

All of these steps make sense regardless of what happens with the economy. Taking them now can help you better handle whatever comes next.

This article was written by NerdWallet under the title "There’s Always a Next Recession, so Be Prepared" and was originally published by The Associated Press.

With our online banking conversion coming up soon, there are a few key pieces of information all of our members need to know about.

Important Dates to Know

In preparation for the upgrade, our Online Banking and Bill Pay will be temporarily unavailable . In addition, our current Mobile App will be deactivated . Here are the dates you need to know:

• January 25: Please avoid scheduling any peer-to-peer payments or transfers starting on this day.
• January 28: Online Banking and Bill Pay will be unavailable starting on this day. The current Mobile App will also deactivate on this day.
• January 30: Online Banking and Bill Pay will be live again. Please see the instructions below on how to log in to our new Online Banking for the first time below. Our new Mobile App will also be available to download today from the App Store and Google Play.

How to Log In For the First Time

On January 30, 2019, here are the steps you need to know to access your new online banking platform for the first time.

1. Log in directly from our website,  www.parsonsfcu.org . For your initial, first time sign-on, you will be using your  existing username  and the  last 6 of your SSN + full year of birth as your temporary password . (e.g., XXXXXX2018) You do not have to register if you are already an Online Banking user.

   If you are  not an existing Online Banking user  and are attempting to log in to the new platform for the first time, you will need to hit "Register" in the login box instead. Please have your member number ready and your PIN (last 4 digits of your SSN).

   You can also log in for the first time from the new mobile app but a phone number must be on file for you to receive your authentication code; otherwise, you will be prompted to contact the credit union.
   

2. Review and agree to Terms and Conditions when prompted.
3. Create your new custom username and password.
4. Enter your contact information, which can be your phone number or email, so your access can be verified through a one-time verification passcode.
5. After entering your one-time verification passcode you will have the option to register your computer and browser, allowing you to skip the one-time verification on that device in the future.

This time of year, consumers are inundated with Black Friday and Cyber Monday promotions and enticing deals. While the holiday selling season means a spike in online and in-store traffic and sales, it also brings more fraud. Unfortunately, fraudsters don’t take time off during the holiday season. Common fraud types include account takeovers, discount and coupon abuse, return abuse, payments fraud, and scams. Educate your members, so they don’t fall victim to fraud during what should be a cheerful season.

Details

Fraud attacks increased by 13% last year during the holidays, according to the 2018 Fraud Attack Index from Forter . With holiday shopping just around the corner, increased online and in-store fraud is anticipated.

Unfortunately, many of these risks are outside of credit union control. Your members are vulnerable to common card fraud and other holiday scams at this time of the year.

• When shopping online don’t be fooled by a fake, look-alike, or spoofed website, as it may contain malware to capture sensitive member information.
• With significant online orders, fraudsters can use shipping confirmation messages as their hook – again, beware; it may contain a link with malware.
• Scammers recognize the holidays as a popular giving season, so watch for fake emails, social media sites, or text messages promoting phony charities looking for donations.
• Be sure to apply in-person or go to a business’ website to validate holiday jobs at delivery services and retailers. While it seems like they’re looking for extra help, it could be another way to capture personal information.
• Beware of people asking for payment in the form of prepaid cards, gift cards, wire transfers, or going through a third party. These types of payments are typically not traceable.
• Remain aware of where you are at. Be on the lookout for ATM tampering or anything suspicious. Always survey your surroundings for safety.

Risk Mitigation

• Sign up for transaction alerts to monitor for unauthorized transactions.
• Pay attention to emails, links, and websites. Think before you click!
• Ensure home computers, laptops and mobile devices are protected with antivirus, anti-spyware, and a firewall.
• Close shopping websites or turn off computer, tablet, or mobile device.
• Be cautious when using ATMs or gas pumps for skimming or shimming devices. For gas pumps, try to use the pump closest to the entrance door as they are less likely to be a target for skimmers.
• Encourage your members to review their accounts daily and report any discrepancies immediately.

The article Fraudsters Don’t Take Time Off During the Holiday Season was published by the CUNA Mutual Group.

Toiling behind the ice cream counter or sweating on the lifeguard stand aren’t just rites of passage for college students. You might need summer job money to help cover the ever-rising cost of tuition, living expenses and textbooks, plus visits home.

Money earned from a summer gig may not seem like much, especially if you’re working only seasonally. According to the most recent data on median wages from the U.S. Bureau of Labor Statistics, women ages 16 to 24 earn $206 a week for part-time work and $511 for full-time work. Men in the same age group earn $215 a week for part-time work and $528 working full time.

But even with lean earnings from just a few months, here’s how you can set aside a portion of your pay and change your financial fortune.

Send money directly to savings

Your employer may give you the choice between getting paid by direct deposit or by payroll card, which works like a prepaid debit card.

“Always use direct deposit if you’re given the option,” says Amelia O’Rourke-Owens, program manager for the nonprofit America Saves for Young Workers, an initiative of the Consumer Federation of America, a consumer research and advocacy organization.

When you’re paid by direct deposit, you’ll generally have the option to split your paycheck into separate checking and savings accounts. You’re more likely to save money you’ve earned if some of it never hits checking at all.

Consider sending 20% of your paycheck to savings to start. Make sure you have enough money in the checking account for regular expenses first; you can always save more.

Invest in your future

You won’t regret saving a portion of your summer income for the long term. You won’t be able to spend it right away, but it will last long past graduation day.

Say you open a retirement account like a  Roth IRA  with $50 when you’re 20 years old and put $50 in it every month. At 70, you would have over $175,000. Increase your contribution to $100 a month in two years, and you would end up with almost $330,000.

A Roth IRA in particular is a good idea because you can withdraw money you’ve put into it at any time without penalty. So it can function as a backup emergency fund.

Another way to plan for your future: Put down a deposit on a  secured credit card . Your deposit — say, $200 — will generally be equal to your credit line. That will help you safely  build credit , which could mean lower interest rates on a car loan and an easier time getting an apartment in the future.

Pick the right bank account

A checking account with lots of fees will needlessly eat into your earnings.

You might be tempted to choose the bank your parents use, but shop around. Make sure you understand minimum balance requirements and monthly maintenance, ATM and overdraft fees.

While some banks waive fees if your paycheck is deposited directly into an account each month, that won’t help college students who work only part of the year, O’Rourke-Owens says.

Several online banks and credit unions offer free or low-fee checking accounts. Prioritize one that will reimburse ATM charges or has a wide ATM network, and that has low overdraft fees. The Consumer Financial Protection Bureau’s website offers a guide to  managing your checking account .  Parsons FCU's Kasasa Checking requires no minimum opening balance, no monthly minimum requirement and no annual fees-- in fact, it even pays you dividends for using your debit card! Learn more here .

Done right, your summer job can lead to new friends, pizza money, a line on a resume — and a step toward long-term financial security.

This article was written by NerdWallet and was originally published by The Associated Press. 

High school may have prepared you for college academically, but you may be less ready to handle your money, especially if you need student loans.

More than two-thirds of college students at all levels said in a survey that they feel stressed about their personal finances, according to The Study on Collegiate Financial Wellness, a 2017 report by The Ohio State University.

Learning some financial best practices and turning them into habits now can help ease money worries. Here are six personal-finance lessons to take to campus.

Max out free financial aid

Get the most free aid possible before borrowing money. Every year, submit a  Free Application for Federal Student Aid , or FAFSA, to qualify for federal, state and institutional grants, scholarships and work-study.

Search for additional scholarships with tools like the  U.S. Department of Labor’s Scholarships Finder .

Track your loans

If you do borrow, maximize federal student loans before private options. Federal loans offer more repayment options and, in some cases, forgiveness.

Each year, write down the amount you borrow; doing this can make the debt feel more real, personal finance experts say. And having that information accessible will help organize repayment planning and your postgrad budget, says Vince Shorb, CEO of the National Financial Educators Council.

Shorb suggests creating a file that includes lender information, loan amounts, interest rates, dates when payments will begin and payment amounts. To estimate what you’ll pay each month, use a  student loan calculator .

Stick to a spending plan

Think of a college spending plan as a short-term strategy for your money. It’s more flexible than a traditional budget and factors in money available only after tuition, fees, room and board are funded.

Your spending plan could look like this: Say you have $1,000 for a 15-week semester and you know you’ll be making one trip home at Thanksgiving that costs $200. That leaves $800, or $53 per week for extras.

A spending plan shows how overspending one week will leave you with a cash shortage the next week. Even a $50 shortfall can feel stressful, says J. Michael Collins, faculty director for the Center for Financial Security at University of Wisconsin, Madison.

“You’re doing this plan to create ways to reduce the stress you have on yourself, so you’re not behind and trying to catch up,” Collins says.

Consider paying student loan interest now

Student loan payments typically begin when your grace period ends, six months after leaving school. But for all except subsidized federal loans, interest builds daily and is added to the total amount you owe when payment begins.

If your spending plan allows, you can lessen your total debt by making monthly interest payments while you’re in school. Or send a lump sum interest payment before the grace period ends.

Build credit for the future

Creditworthiness is key to getting approved when you rent an apartment or apply to get a credit card, auto loan or home loan. The sooner you start building credit, the longer your history will be.

There’s a risk with credit cards if you don’t repay the debt, but you shouldn’t be afraid to get one, says Bryan Hoynacke, assistant director of financial wellness in the student wellness center at Ohio State.

“If you don’t have a credit card, you don’t learn how to use it with lower financial stakes,” Hoynacke says. As long as you pay your bills on time, using a card will help your credit.

To get a credit card, you need to be 21 or have a co-signer or an income. Another option is to become an authorized user on someone else’s card, like a parent. But before you get any card, read the fine print, including specifics about its annual percentage rate.

“If there’s a big zero percent APR sign pulsing in front of you, you are going to want to figure out how long that zero percent lasts,” says Sean Stein Smith, CPA and an assistant professor at Lehman College in Bronx, New York. Find the interest rate that will be applied to any outstanding balance after the no-interest introductory period.

Steer clear of financial predators

Financial predators come in all shapes, so avoiding them often comes down to trusting your gut: If a transaction seems shady, don’t do it.

Some red flags are easy to spot, such as too-good-to-be-true deals or pressure to send money fast. Other scammers are harder to avoid, such as credit card thieves. Defend your money by automating fraud alerts from your bank and credit card company to let you know about unusual purchases.

In the excitement of exploring a new country, it’s all too easy to rack up extra expenses when paying in a foreign currency. Exchange rates fluctuate and it’s not always clear what commissions and fees you’re being charged.

But just a bit of advance prep can turn you into a savvy consumer overseas. To start, check the exchange rate and familiarize yourself with the price of common items as a benchmark. Then use this list of smart money moves for travelers.

Alert your financial institutions

Have your financial services providers set a travel notice on your accounts. That way they won’t take unusual spending — lunch in a Paris cafe — as a reason to deny your card or freeze your account. While you’re at it, make sure your online accounts are set up so you can easily transfer funds.

Order some foreign currency before you go

Carry some local cash for initial expenses so you’re not forced to change money at airport kiosks, train stations or tourist attractions, which tend to have the worst rates. Order your euros or pesos well ahead of time, shopping around for the best deal. Large institutions usually offer better exchange rates and you may incur only a small delivery fee — or none at all, if you’re already a customer.

Prepare your credit cards

It’s great to use credit cards whenever possible at your destination. They save you the trouble of exchanging money and offer special protections in case of loss or theft. However, make sure to use a no-fee card. Many major cards charge a 1% fee for foreign transactions and some issuers add a 1% to 3% currency-conversion fee. Bring a card that charges no fees and perhaps offers special travel perks like insurance or bonus reward points. Check with your issuer in advance to avoid surprises on your statement.

If you have a newer EMV chip card, you may need a PIN to use it abroad. In some countries you’ll be asked to provide a PIN rather than a signature when making purchases with a card. If you’ve forgotten your PIN or never set one up, get it in order before your trip to avoid any hassle.

While you’re traveling, make sure credit card purchases are rung up in the local currency. Some shopkeepers may offer a “service” of converting to U.S dollars before ringing up your purchase. Always decline that option; it may come with a less advantageous exchange rate.

Use an ATM card to get local money

Forget those old-time travelers checks, which are loaded with service fees. Pack an ATM card you can use at your destination and you’ll get much better rates than at tourist exchange bureaus. Ask your bank or credit union about any fees for withdrawals overseas. They may have partnerships with foreign institutions that give free ATM privileges, or they may waive fees for certain customers.

Check your health insurance

Protect your health to protect your money. Getting sick or hurt overseas can mean big bills, as well as difficulty getting care if you don’t have the proper insurance. The U.S. State Department advises travelers to find out what services their policy will cover. Medicare, for example, does not cover health care abroad. Insurers might cover certain medical care but not emergency evacuation back to the U.S., which can run $100,000 or more. Or they might not pay foreign hospitals directly, leaving you with a bill. If your policy falls short, consider buying a travel medical insurance policy.

By learning to cleverly deploy cash or cards as the situation demands, you can prevent your trip from turning into a financial nightmare and increase your chances of returning home happy and satisfied.

In observance of Memorial Day, we will be closed on Monday, May 28.
We apologize for any inconvenience caused. Online banking is still available 24/7. 

Now that spring has blossomed into full-on allergy mode, the time we spend outside is even more appreciated — especially with the help of a good antihistamine. The next time you venture out, take a moment to do a walk-around inspection of the old homestead. See some room for improvements? Maintaining, repairing and upgrading a home can range in cost from a minor trickle to a major cash drain.

  Paying for minor repairs

If you see the need for only modest repairs, you might be able to tackle them within the bounds of your cash flow. But remember, your emergency fund is best left intact for unexpected cash needs, not for replacing a gutter or downspout.

If you have a bit of a cash cushion in your checking account or in a contingency savings account, small home projects can be covered with your close-at-hand liquidity, even if it means a temporary trim to discretionary spending, such as a couple of “family nights out” spent at home.

  If the need exceeds the cash

If your home-repair needs are more costly, you might consider turning to your secondary tier of financial resources: a credit card. While average credit card interest rates are in the double digits, you can do a lot better, particularly with a credit union who may offer a fixed, low rate credit card product with no balance transfer fees. When it comes to minor improvements or repairs, having that extra spending power available will allow you to fix what’s needed now, while budgeting the repayment over a period of time. It’s best to keep that payback schedule from extending longer than three to six months.

If you need to spread the payments out beyond that, you might protect your credit score — and pay less interest — by considering our next funding alternative.

  Raising the roof on expenses

Larger home upgrades or repairs are going to require bigger investments. A new roof, exterior painting, foundation repairs or other projects will protect your home’s value — and can end up costing more the longer you delay. Under these circumstances, a loan often can get you more than your credit card limit will allow, as well as save you money.

A secured loan will offer a better rate than an unsecured loan, while both likely will offer much better long-term interest rates than a credit card. Longer repayment terms will be favorable for these larger projects, too.

  Covering the cost of major upgrades

Your strolling inspection — in, around and outside your home — might have revealed a need for a major upgrade. Perhaps the furnace has heaved its last gasp, or the air conditioning is already struggling with the warmer spring weather. Or it might be time to do a bit of renovation to a bath or kitchen that is well past its “best by” date.

 In that case, it might be well worth tapping a home equity  line of credit, or HELOC. Accessing the value of your home  will allow you even greater financial flexibility. Once approved for an open-ended revolving credit line, you can draw from it at any time, as needed. And you’ll pay interest only on the balance you’ve withdrawn.Not only are the variable rates very favorable on HELOCs, but the interest paid  may be tax-deductible .

 From a small repair to a major improvement, there are prudent ways to fund whatever spring home project you decide to undertake.

When you take out a second mortgage, a name for a home equity line of credit, you’re offering your house as collateral to secure another loan. The upside: You can gain access to up to 85% of your home’s value, minus your current mortgage balance and adjusted based on your creditworthiness.

The downside? If you can’t make your payments, you could lose where you live.

Because the stakes are high, you want to make sure you use a HELOC for the right reasons. Here are a few.

Making home improvements

Most people who take out a HELOC do so to make home improvements. Experts say you should only do this if the improvements you’re considering will increase your home’s value. This way, the money you’re borrowing will be returned when you sell your house at a higher price.

The National Association of Realtors’ 2015 Remodeling Impact Report lists these six changes as the ones with the best return on investment:

• Installing a new front door.
• Installing new siding.
• Upgrading your kitchen.
• Adding on to your deck and patio.
• Making an attic into a bedroom.
• Installing a new garage door.

These improvements can range from a few hundred to tens of thousands of dollars, but they don’t change the footprint of your home and tend to be what future buyers look for.

Supplementing an emergency fund

Everyone should have an emergency fund to cover events such as unexpected car repairs and appliance breakdowns. Most people keep these in savings accounts, but you might consider a home equity line of credit as another source of cash. You only pay interest on the amount you borrow, and you could pay the loan off quickly to save money. Still, it makes more sense to have an emergency fund that’s earning a little interest rather than one that charges you interest.

Paying off high-interest debt

Because the average interest rate on a HELOC is much lower than the average credit card interest rate, many people think about using a HELOC to pay off their credit cards. This is a great strategy if you’re committed to never carrying a balance again. Otherwise, you’re just adding another debt at a lower rate.

Regardless of how you use a HELOC, remember that the interest rate is variable and may change each time you tap it. And you’ll have to repay the entire loan by the end of the payment period set by the lender. On the upside, the interest you pay on a HELOC is tax deductible, like your mortgage interest. If you use a HELOC for the right reason, that’s just one more benefit

Over the past few years, the average  federal tax refund  has come to about $3,000. That’s not exactly chump change. With the filing deadline approaching, it’s not too early to begin thinking about how you’ll use a refund this year. Here are five pointers to keep in mind.

1. Pay down debt

It’s not as much fun as booking a trip to the Caribbean, but cutting down the amount of debt you owe is one of the best money moves you can make. Outstanding loan and credit card balances can hurt your credit score, making it more difficult to get the best rates on new borrowing. If you’re saddled with credit card debt, consider paying off the balance with the highest interest rate first.

2. Save for retirement

Whether it’s a  401(k) plan or an individual retirement account , you’ll do yourself a huge favor by starting to save for retirement or ramping up your savings rate. Although putting away 10% of your pre-tax income is a good starting point, you’ll eventually want to approach 20%.  Compound interest  and investment returns help the money in these accounts grow, so you’ll thank yourself once you retire.

3. Home improvement

If you’re a homeowner, taking care of repairs around the house can be a great long-term investment. Just remember to be strategic when it comes to deciding what to fix. Replacing a garage door or installing a new steel entry door can be among the least expensive improvements, at less than $2,000 each on average. But they can provide some of the best returns on the dollar in terms of the market value they add to your home, according to Remodeling Magazine.

4. Save for emergencies

Because it’s best to leave money in retirement accounts alone so it can grow over the years, it’s important to build a rainy day fund. This should consist of three to six months of living expenses, and the money should be readily accessible. You might be forced to use these funds when you least expect it, to handle medical emergencies or a broken down car that needs immediate repairs. A tax refund probably won’t cover half a year’s living expenses, so continuing to add to your emergency fund will help you hit your savings goal.

5. Focus on needs

As tempting as it may be to splurge on a new television, you’ll probably end up regretting using your refund for anything that lacks long-term value. That includes vacations, shopping sprees and decadent nights out on the town.

If you consistently receive substantial refunds but never put them to good use, consider asking your employer to adjust what’s withheld from your pay. That way, you’ll avoid giving the government too much money and can use it to cover more pressing needs.

Another new year, another chance for well-intentioned resolutions to start with a bang and fizzle out. But unlike failing to drop those last five pounds, falling short on financial goals you’re banking on in 2018 could cost you for years to come.

Generally, attainable goals follow the SMART approach: They’re specific, measurable, achievable, realistic and time-based. But that doesn’t mean attainable goals are all easy. A recent study indicates certain money goals that fit these criteria can remain challenging for some who are striving toward them.

Here are some 2017 financial resolutions that proved hardest to hit, with reported achievement rates, according to the  2018 New Year Money Report.

• Americans who intended to stick to a monthly budget:  52% achieved
• Those who planned to save for an emergency fund:  42% achieved
• Those who planned to save for a home down payment:  28% achieved

“Setting big goals is admirable, but if they are too big a leap from your current financial status, you could be setting yourself up for disappointment,” says Kimberly Palmer, personal finance expert for NerdWallet. “You can make them more achievable by breaking bigger goals into smaller ones.”

Setting yourself up for success

Achieving any one of these three money goals can bring you closer to personal financial security. But as with any resolution, the devil is in the details. Merely saying you’re going to do something isn’t enough; you need to create a road map and form lasting habits that will propel you toward a desired outcome.

“If you want to save for a down payment next year but you don’t currently have a savings account, then your goal could be to open a savings account and put 3% of your take-home pay into it each month,” Palmer says. Similarly, she adds, if your goal is stick to a budget, outline the smaller steps it will take to get you to do that.

Stick to a monthly budget

Following a budget should be on everyone’s to-do list, particularly if you have bigger financial goals in sight.  Building your budget  is the easy part, but sticking with it is about creating and maintaining good habits.

Start:  Create your budget with personal priorities and long-term goals in mind. Aiming to set aside 50% of your income for needs, 30% for wants and 20% for debt and savings is a good place to start.

Create good habits:  Commit to tracking your spending daily, and create a standing weekly check-in with yourself to ensure you’re on target.

Make it last:  Every month, sit down and review your progress. Make adjustments as needed. As an added incentive, budget a small reward every few months for sticking to your plan — an extra meal out or movie tickets, for example.

Save for an emergency fund

Ideally, you’ll one day have three to six months of living expenses set aside in case of an emergency, but if you’re starting with nothing, every little bit counts.

Start:  If you have nothing set aside, start small; target $500 as your first mini-goal. Once you’re there, up it to $1,000, and continue in this manner until you have a month’s living expenses set aside.

Create good habits:  Automate your emergency fund by having a portion of your paycheck direct deposited into a separate savings account. Remember, you want this money easily accessible in case of emergency, so a traditional or online high-interest savings account is a wise choice.

Make it last:  Your  emergency fund goal  should be a moving target, and six months of living expenses is ambitious. Once you’ve got a single month’s worth, focus on paying off any high-interest debt or getting closer to your retirement goals before focusing back on saving the next month’s worth of expenses.

Save for a down payment

A home down payment can take years to amass, so set realistic expectations and use your long-term vision on this goal.

Start:  Determine a realistic goal down payment amount, considering both your anticipated budget and the type of home loan you’ll use. A  home affordability calculator  can help you do the math.

Create good habits:  As with any savings goal, automating this one will make it easier to stick with it, so have a portion of your paycheck set aside automatically and be flexible enough to adjust this amount as your income or expenses change.

Make it last:  Knowing your total savings goal and how much you plan to set aside each month, figure out how many months it should take. Mark off each successful month of saving on a calendar. This small action can provide a sense of accomplishment and give you a nudge to keep going.

Getting a deal during the holidays is a great American shopping tradition. So when a sales clerk cheerfully asks, “Would you like to save 20% on your purchases today by opening a card with us?” it fits right in.

But the reality sounds a lot less cheery: “Would you be interested in a low-limit card that could damage your credit standing?”

Credit expert John Ulzheimer warns that opening a new store card could hurt your credit score by:

• Having an outsize impact on your credit usage, which is a big factor in credit scores
• Causing an inquiry on your credit
• Reducing the average age of your credit accounts

Lower limit, higher credit usage

The credit limits on retail cards that you use only at one store or chain are typically about 10% of those on comparable general-use credit cards, Ulzheimer says.

Let’s say you open a store card to get 20% off a $250 purchase. After the discount, your balance is $200. A few days later, you spend $150 more. You’re still well below the card’s $1,000 limit — but your balance is 35% of your credit limit.

How much of your credit limit you use  has a major influence on your credit scores. The only thing that matters more is paying on time. Credit experts advise staying below 30% of the limit on any card. Consumers with the very best scores typically use  less than 10% .

To keep your credit utilization low, credit card expert and author Beverly Harzog suggests paying your bill before the issuer reports the balance to the credit bureaus. Call the customer service number on the card to find out when that is. Or get in the habit of making online payments as soon as you purchase something. That way, your charges never stack up.

Inquiries and lower account age

A retail card doesn’t just affect your scores by spiking your credit usage.

“When you apply for a new card, the card issuer is going to want to pull one of your credit reports,” Ulzheimer says. That helps the issuer assess whether to approve your application, and it can cause a small, temporary dip in your score. “That’s problematic — I wouldn’t call it catastrophic,” he says.

The bigger problem comes if you’re approved. That new account causes the average age of your credit cards to decrease. Credit age is a minor factor in scores, but every point counts.

The worst decision of all might be to apply for card after card as you shop to snare multiple discounts. Each application can  ding your score  and each new approval drops your overall age of accounts.

Limited usability, limited services

On top of potentially hurting your credit scores, retail cards have usability issues. They’re good only at one store or retail chain, usually have high interest rates and typically have less robust security alerts than traditional cards.

You might be better off using an existing credit card, especially if you have a rewards card that offers cash back on every purchase, not just the initial one.

“In the grand scheme of things, 20% off your purchases, one day ever, isn’t that big of a deal. Even if you spent $1,000 — which I doubt most people will do — that’s a $200 discount,” Ulzheimer says. “Really, you didn’t save $200, you spent $800.” And if you carry a balance instead of paying in full, interest will eat into that discount.

Avoid snap decisions

If you shop at a particular place often enough, it might be worth opening a store card to access ongoing discounts, presales and insider benefits. But resist deciding that in the checkout line.

“Unless you’ve already researched this card and feel comfortable with the terms, just take a pass on it,” Harzog says. “The APRs are usually quite high, and it’s super easy to slide into debt with one of these cards.”

And if you already have a store card? Don’t close it — that also would hurt your average age of accounts. Better to use it lightly and pay on time. Both actions have a positive effect on your credit scores. And make the most of any exclusive deals the card offers.

Forty percent of U.S. consumers fall victim to online  phishing attack , despite 91% being aware of the existence of spoofed websites or emails of trusted brands, according to a new report.

Seattle-based domain name and DNS-based cyber threat intelligence firm DomainTools, revealed in its 2017 Cyber Monday Phishing Survey, 92% of all consumers shop online and about half are planning to shop online on Cyber Monday, exposing an opportunity for malicious hackers to strike.

"Cyber Monday has grown in popularity year over year, and unfortunately, so has phishing and online counterfeiting,” Tim Chen, CEO of DomainTools said. He added, a range of techniques trick shoppers into visiting a fake website or clicking on a malicious link. This can result in a shopper unintentionally sharing financial and personal information with these criminals or even downloading ransomware. "As shoppers search for Cyber Monday deals, it's important that they remember to look closely at links and email addresses before clicking. If something seems too good to be true, it may instead be very fake and very bad."

The Anti-Phishing Working Group reported the detection of nearly 119,000 unique phishing sites during November 2016, with over 300 individual brands targeted. The brands with the most spoofable websites this November likely correspond with the most popular online retailers, which include Amazon (82%), Walmart (36%), and Target (20%).

DomainTools suggested consumer education remains the number one way to prevent compromises via phishing. Online shoppers should heed these tactics to safely navigate links to Cyber Monday sales shared via email and social media:

1. Be paranoid.  Assume links are dangerous until decided otherwise.
2. Navigate directly to a company's website  instead of clicking on links in emails or social media.
3. Closely examine URLs and email senders for typos.  Examples could include: extra added letters in the domain, such as Yahooo[.]com, 'rn' disguised as an 'm', such as modem[.]com versus modern[.]com, 1's disguised as l's, such as wa1mart[.]com, and added affixes, such as starbucks[.]com-latte[.]us

Savings and checking account fees — sometimes tucked away in the depths of a website’s fine print — often crop up on our bank statements when we least expect them. But leave them unchecked and they can cost you several hundred dollars a year in extreme cases.

Knowing how and when banks or credit unions can charge fees is the first step to avoiding them. Here are five of the most common bank fees that can drain your funds:

1. Minimum balance or monthly fees

Many financial institutions charge for simply maintaining an open checking or savings account. The good news is that most accounts provide a way to avoid the charge if you meet specific criteria, such as linking direct deposits or maintaining a balance over a certain dollar amount.

But even that can be a challenge for many people. Kathryn Hauer, a financial planner in South Carolina, says monthly maintenance fees are among the most frequent fees her clients encounter. Switching to a different account, bank or credit union with fewer fees can save money in the long run.

2. Out-of-network ATM fees

Your bank could have up to tens of thousands of ATMs in its network. But if you have to use an ATM that isn’t, you’ll be hit with an out-of-network ATM fee. These fees typically hover in the $3 range in the U.S., but they can climb up to $5 for using ATMs abroad.

Most banks have mobile apps that let you locate in-network ATMs nearby. Keep these handy when you’re out and about. Or consider opening an account at a financial institution that reimburses out-of-network ATM fees.  Our Kasasa checking does just that.

3. Overdraft fees

Overdraft fees are charged by a bank when a customer has agreed, sometimes without fully knowing the costs, to get overdraft protection. That’s when a bank lets your debit card transaction go through, even if you don’t have enough money in your account to cover it. But you’ll be charged for this protection, a median of $35 at large banks, according to a 2016 report by the Pew Charitable Trusts. Americans overdraw their accounts an average of 2.07 times a year, according to a  NerdWallet analysis  of data from the Consumer Financial Protection Bureau.

Opting out of overdraft protection — which means your debit card transaction will be declined if you don’t have enough money in your account — will save you money. Signing up with the financial institution for low-balance alerts will let you know when the money in your checking account falls low.

If you get hit with an overdraft fee, there still are some measures you can take. Hauer recommends reaching out to your bank to ask if you can get overdraft fees canceled or reduced as soon as you see them. That’s more likely to happen if you don’t overdraw often, Hauer says.

4. Foreign transaction fees

Debit cards are convenient overseas. They’re your key to withdrawing foreign currency from ATMs and likely are accepted by thousands of merchants worldwide. But they can come with foreign transaction fees of 1% to 3% every time you use the card at an ATM or store. Add that to the out-of-network ATM fee you’re probably paying and the charges can quickly pile up.

5. Paper statement fees

If you get paper statements for your account, you could be paying for them. About 25% of banks that offer such statements charge a fee for them, according to analytics firm Novantas. Though the fees are no more than $3 typically, you can avoid that and save the money for a rainy day.

A simple fix is to opt for electronic statements, which you can download for free.

But sometimes, paying a smaller fee could help you avoid a larger one, depending on your habits and personal preferences.

Anna Sergunina, a financial planner in California, recalls a client who chose to receive paper statements and pay a fee. The client was racking up overdraft fees because she wasn’t keeping an eye on her account balance, and electronic statements emailed to her “were just going into a black box,” Sergunina says. “When [my client] gets a statement that comes in the mail, she’s compelled to open it because it’s there.”

The best way to keep fees at bay? Sergunina and Hauer both agree on this point: Check your account statement regularly.

“Look at your expenses. Pull your bank statement. See what are the charges that are recurring,” Sergunina says. “If you got hit once, twice, like an ATM fee or something, that’s probably OK. But if it’s something that happens constantly, then that’s when it becomes a waste of money.”

The article “Bank Fees Costing You Hundreds? Put a Stop to It” originally appeared on NerdWallet.

Due to a special event taking place in the area, members who visit our Pasadena branch on Friday, October 6th after 3PM will be charged $15 to park in our lot.  The credit union will reimburse members for that amount before they leave. 

We will be performing system updates on Saturday, September 23, 2017 between 8:00 PM PT – 2:00 AM PT.  You will not be able to use remote deposit capture and electronic deposit temporarily.  We appreciate your patience.  For questions, please contact Member Services, thank you.

The average American saves less than 5% of his or her disposable income. Many financial advisors say that isn’t enough to ensure a comfortable retirement.

The personal saving rate, calculated by the federal Bureau of Economic Analysis, has hovered around 5% for the past few years. By the end of June, the rate had dipped to 3.8%, the bureau reported.

Carrie Houchins-Witt, a certified financial planner in Coralville, Iowa, encourages her clients to save 10% to 15% of their disposable income, putting the money in different accounts set aside for emergencies, retirement and other needs.

“I have seen too many people in their golden years being forced to work because Social Security income does not cover their basic expenses,” Houchins-Witt says. “And while I think it’s a great idea for seniors to be active and possibly working to keep busy, I don’t want them to have to rely on that income.”

Decades ago, Americans’ personal saving rate was closer to what Houchins-Witt suggests. From 1950 to 2000, it averaged about 9.8%. It peaked in May 1975, hitting 17% before beginning to slide. At its lowest, in July 2005, it was 1.9%.

How to calculate your personal saving rate

Why your personal saving rate matters

If your personal saving rate is lower than what financial advisors recommend, that’s a sign you may not be doing as much as you should to prepare for retirement or unexpected expenses.

For many families, accumulating some wealth is critical for goals such as making a down payment on a home, paying for the kids’ college tuition and maintaining a decent lifestyle in retirement.

Tracking your personal saving rate and taking some basic steps to boost how much you’re setting aside can be important building blocks for a more comfortable future.

OK, what’s next?

Budgeting for College Students: Where to Start

College marks a significant transition period for many young adults — it’s a time of newfound freedom and the financial responsibilities that come with it.

Whether your funds come from family, student loans, scholarships or your own wallet, you’ll need to budget for expenses like textbooks, housing and, yes, a social life. Knowing who’s footing the bill, what costs to expect and which ones you can live without — ideally before school starts — can reduce stress and help you form healthy financial habits for the future.

Have the money talk

Before you build a budget , go over some important details with the people — parents, guardians or a partner — who will be involved in financing your education. Discussing your situation together will ensure everyone is in the loop and understands expectations.

“One of the biggest obstacles we have [with] teaching young people financial literacy and financial skills is not making money and expenses a taboo subject,” says Catie Hogan, founder of Hogan Financial Planning LLC. “Open lines of communication are far and away the most important tool, just so everyone’s on the same page as far as what things are going to cost and how everybody can keep some money in their pocket.”

Here are some topics to start with:

• Who is paying for college and how.  Have a conversation before the start of each school year to decide if your family will pay for costs out-of-pocket or if you’ll need to get a job, rely on financial aid, use funds from a 529 plan or combine these options.
• What expenses to expect.  In addition to tuition, you’ll have to budget for other college costs, like transportation and school supplies. Make a list of likely expenses, estimate the cost and agree who pays for what. (See more on expenses below.)
• FAFSA and taxes.  Whether a parent or guardian claims you as a dependent or you file taxes on your own determines whose information is required to fill out the Free Application for Federal Student Aid, or FAFSA, and who can claim tax credits and deductions. Discuss your financial status before each school year and address any changes, like a raise or job loss.
• Credit cards and bank accounts.  If you’re considering opening a credit card account for the first time, are younger than 21 and don’t work full time, you’ll need a co-signer: a parent or other adult. You’ll want to talk about ground rules, like only using a credit card for emergencies and defining what constitutes an emergency. Approach new financial products with caution and be careful not to take on debt. If you plan to directly deposit funds from a job or allowance, look for a checking account that offers low (or no) fees.

Anticipate your expenses

To determine what you’ll spend each term, keep these college-related expenses on your radar:

• Textbooks and school supplies.  Course materials could eat up a large chunk of your budget. The average estimated cost of books and supplies for in-state students living on campus at public four-year institutions in 2016-2017 was $1,250, according to the College Board. Also plan for purchases like notebooks, a laptop, a printer and a backpack, and read the do’s and don’ts of back-to-school shopping for money-saving tips.
• Room and board.  When it comes to food and living arrangements, weigh your options. Compare the cost of living on campus and getting a meal plan versus renting an apartment and shopping for groceries.
• Transportation . Will you take a bus, bike or walk to and from campus or work? If you absolutely need a car, be prepared to cover gas, maintenance and insurance.
• Clothing.  Budget for seasonal clothing and job-fair outfits.
• Discretionary spending.  You deserve a break from studying. Leave room in your budget for fun stuff like entertainment, travel and social activities.

Track your spending and cut back where you can

The basic principles of budgeting, like living below your means, still apply regardless of the source of your funds. Whether you’re working or receiving help from your parents or financial aid — or all of the above —  figure out how much money flows in and out.

You don’t have to go through a grueling process, like filling out a spreadsheet every day; you’ll have enough homework. Just set aside some time at least once a month to review your money situation. Budgeting apps and online banking can help make the process more manageable.

“Just knowing that you can log into your online banking and take inventory of what you have and the income coming in, I think that’s more than enough,” Hogan says.

Once you start to monitor spending, you can decide where to save money. Identify your needs and wants and reduce spending on things that aren’t essential.

Start with the common culprits: food and fun. “Looking at what is the least expensive meal plan you can get without going hungry is a big money-saving tip,” Hogan says. “And a lot of campus activities and groups and all that [are] really great, but they can weigh really heavy on your budget, so don’t overcommit.”

Keep your future self in mind

If you’ve managed to stay afloat as a student, you’re in good shape. Continue on a financially healthy path by thinking about life after graduation. If you’re working and able to build a cushion, set financial goals, like creating an emergency fund or saving for a trip — and don’t forget about any student loans you might have to pay off after graduation.

“You obviously don’t want to burden yourself so much that you have anxiety about it while you’re in college, but I think having a healthy grasp of reality … is helpful in terms of knowing what kind of lifestyle you can really afford to live in college,”  says Kyle Moore, a certified financial planner in St. Paul, Minnesota.

If you’re looking to earn the highest possible yield on your investments without sacrificing the safety  of government backed insurance,  certificates of deposit  are one way to go. By using a laddering approach with your CD purchases, you can take things up a notch, gaining even more from this already solid investment.

What is a CD ladder?

CDs typically offer higher interest rates than regular savings accounts in return for locking in your money for a set time period. The longer that maturity period is, the higher your earnings. However, if you put all your money in one long-term CD and interest rates rise before its maturity date arrives, you’ll miss out on the chance to take advantage of those higher rates. Also, if an emergency comes up, you won’t be able to access that cash without withdrawing the entire amount — and getting hit with penalties on your earnings.

Laddering is the perfect way to get around this dilemma. Rather than buying one large CD, this strategy involves purchasing multiple CDs with staggered maturity dates. That way, a portion of your cash is freed up each year for you to reinvest in another CD at current rates or use for other purposes.

A traditional CD laddering model

A classic CD ladder has five “rungs.” Each of these rungs represents a CD of equal value, and their terms are staggered so that one CD matures every year. For five years, for example, you could invest $5,000 this way:

• $1,000 in a 12-month CD.
• $1,000 in a 24-month CD.
• $1,000 in a 36-month CD.
• $1,000 in a 48-month CD.
• $1,000 in a 60-month CD.

When the 12-month CD matures, you can then use that cash to purchase a new 60-month CD that will mature in year six, and continue this way so you get both the high returns that the longest-term CDs offer and the flexibility of having one-fifth of your investment freed up each year.

Other laddering approaches

Laddering doesn’t have to be one size fits all. Those who can’t tie up money for a whole year might do well with a four-rung ladder consisting of a three-month, six-month, nine-month and 12-month CD so that cash is freed up every three months. Or if you may need cash more frequently, build your ladder so that one CD matures each month.

Another thing to consider is changing economic projections. When times are uncertain, a CD ladder with equal rungs is the safest overall plan. However, if interest rates are clearly rising, you might want to invest a larger portion of your ladder fund in short-term CDs to take advantage of better offers as they become available. When interest rates are falling, it pays to invest as much as possible in long-term CDs, since you may not have an opportunity to lock in such good rates again for a long time.

CD ladder benefits

Whichever approach you choose, CD laddering offers a number of advantages over purchasing a single CD:

• Higher income plus liquidity : Once your first CD matures, you’ll enjoy long-term CD rates without giving up frequent access to your cash.
• Flexibility : You’ll be able to adjust your ladder to changing economic conditions and your individual financial situation.
• Peace of mind : Whatever happens, you’ve got it covered. When rates drop, you’ve already locked in your return. And when rates rise, you’ll have available cash to invest regularly.

Most financial experts agree that interest rates should be on the rise fairly soon, so it might be wise to build a shorter-term CD ladder to keep your options open

Federal Reserve rate hikes, such as Wednesday’s 0.25 percentage point increase, can result in higher annual percentage yields on certificates of deposit, or CDs. Some online-only banks have already increased their rates after the Fed’s recent hikes.

If you own a CD — often called a share certificate by credit unions — here’s a look at what this year’s rate increases mean for your savings.

Seek out higher rates

CDs are a great tool for growing savings over a set time period. The longer a CD’s term, the higher the rate; most financial institutions offer terms of up to five years. But during the last few years, CDs at brick-and-mortar banks with five-year terms have had average APYs well below 1%.

Fed rate hikes don’t cause bank rates to skyrocket overnight, but they can encourage financial institutions to gradually increase their APYs. Why? Banks want to remain competitive and attract potential customers. If a few of your bank’s competitors start increasing rates, yours will likely feel pressure to do the same. This trend has started to play out among online banks. After the Fed’s recent rate hikes, some of these institutions increased their CD rates.

You’ll pay an early withdrawal fee if you close a current CD before the end of its term, also known as its maturity date, to move it to another institution with better rates. The penalties you’ll incur might nullify any gains. You could, however, open a new CD at another financial institution.

Ask for your bump up if rates go up

Many financial institutions offer bump-up CDs, which let you request a rate increase if your bank’s rates go up. In most cases, you can exercise this option only once during the term of your certificate. These types of CDs typically have lower interest rates than fixed-rate certificates, and many carry steeper minimum deposit requirements.

Another option: step-up certificates

If you want a savings product that functions much like a bump-up CD but with more predictable rate increases, consider a step-up CD. These have interest rates that automatically increase at specific intervals. With a 28-month step-up CD, for example, you might start with a low APY, but your rate will rise every seven months.

Again, initial interest rates on these products tend to be low, and some of these CDs and share certificates are “callable.” That means you might never see the rate boost because the issuer might redeem yours before it matures.

Watch CD rates

CDs can be a great way to set aside money for the future. And although the Fed rate hikes might not lead to dramatic changes, it’s still a good idea to monitor your bank or credit union’s response to the news and compare it with those of other banks and credit unions. For help on that front, check out NerdWallet’s best CD rates tool.

Your 20s may seem like an odd time to think of retirement, but it’s actually the perfect moment to start planning for your later years. That’s because the earlier you start saving, the more time your money has to grow.

Savers who begin setting aside 10% of their earnings at 25, for example, could amass significantly more by retirement age than those who wait just five years to start saving. You can use  online calculators  to see how much starting saving now can produce once you reach retirement.

Building a nest egg on a starter salary and a shoestring budget can seem daunting, though. Focusing on the incremental savings, rather than the goal, can help your savings objectives feel more manageable.

How much to save for retirement

For those earning around $25,000 a year, the median income for 20 to 24 year olds in 2015, saving the recommended sum of 10% amounts to a little more than $200 a month.

It may seem like a reach, but consider this: If you start saving $100 a month at age 25 and invest it to return 7.7% a year — the average total return of the Standard & Poor’s 500 Index of U.S. stocks over the past decade — you’ll have more than $378,000 available at retirement age. And it could be tax-free.

If you wait until you’re 30  to start and save the same monthly amount at the same rate of return, you’ll wind up with less than $253,000.

Several vehicles can help you build a retirement fund. A 401(k) contributory plan, typically offered by your employer, is often the most convenient and easily accessible of these. Contributions you make usually aren’t taxed, which helps reduce your income tax liability.

Pre-tax 401(k) accounts make up around 80% of retirement plans offered by employers, according to the American Benefits Council. Roth 401(k) accounts are another option, though these are less widely available, and money contributed to a Roth 401(k) account goes in after it’s taxed. Money withdrawn from this type of account — including earnings — is usually tax-free.

Companies that offer a 401(k) plan often match employee contributions, up to a certain percentage. This is essentially free money toward your retirement.

If your employer will match your contributions, try to take full advantage and commit a large enough percentage to get the full benefit.

Beyond a 401(k), individual retirement accounts, commonly referred to as IRAs, offer another solid option. There are two types: traditional and Roth.

Money put into a traditional account is tax-deferred, similar to funds put in a traditional 401(k) plan. That means those funds aren’t taxed until they’re taken out. But typically any earnings you make with the money are also subject to income taxes on withdrawal.

Money put into a Roth IRA has already been taxed when you earn it, so there’s no immediate tax benefit. When it’s time to withdraw the cash, however, you usually don’t pay taxes on it. And anything the money earns also can be taken out tax-free.

Contributions to both types of IRAs are  currently capped at $5,500 a year  for those under age 50, and $6,500 for older workers.

How much to save for emergencies

In addition to retirement, it’s also wise to save for a rainy day. Ideally, your emergency fund should be enough to cover three to six months of living expenses.

Some experts suggest setting aside even more for savings and investments: 20%. That’s roughly $415 a month on an annual income of $25,000.

That’s not always feasible, especially if a big chunk of your monthly income goes to student loan and credit card payments. Consider saving what you can, even if it’s just $10 a month.

Making a habit of saving now could serve you well down the road. And, as your income increases, the percentage you save can as well.

© Copyright 2016  NerdWallet , Inc. All Rights Reserved

Thank you again to everyone who came to our grand opening on May 3rd.  It was terrific to meet some of our members face to face and we are happy to be in our new space.  View the pictures here .

Thank you to all our guests who showed up yesterday at our grand opening event.  We are thrilled to call 100 W Walnut Street our new home and will be posting photos soon! Stay tuned.

Congratulations to our President and CEO, Ray Crouse, who was recently appointed Treasurer of the Board of Directors by the National Association of Credit Union Service Organizations (NACUSO).  Ray was selected for this key role based on his successful track record in implementing strategy and will be entrusted with carrying out NACUSO's vision:  To be the leader of innovation, collaboration and advocacy for CUSOs and the credit union industry.

The tax landscape can be difficult to navigate. Nevertheless, figuring out which tax write-offs you qualify for could prove lucrative. To put you on the right path, consider whether these little-known  tax deductions  and credits could save you thousands of dollars down the line.

JOB SEARCH EXPENSES

Certain job hunt-related expenses are tax-deductible, including travel costs, fees paid to employment agencies and the cost of printing and mailing your resume. These can be claimed as miscellaneous itemized deductions. You’ll qualify for this tax break as long as you were looking for a job within your line of work and if it wasn’t your first time looking for a job.

COST OF MOVING

If you relocated because of a new job, certain moving expenses can be deducted from your tax bill. Using  Form 3903 , you can deduct moving expenses if your new workplace is “at least 50 miles farther from your old home than your old job location was from your old home,” according to the IRS.

ENERGY-SAVING TAX CREDITS

If you made energy-saving additions to your home before Dec. 31, 2016, you might be able to deduct some of those costs. The overall credit is capped at $500, with more limits imposed on specific appliances, which can be found on  Form 5695 .

TAX PREPARATION FEES

If you received professional help to file your taxes, any associated fees can be deducted the following year as miscellaneous itemized deductions. That includes the cost of software programs offered by companies like TaxACT, TurboTax and H&R Block.

CHILD AND DEPENDENT CARE CREDIT

Using  Form 2441 , you might qualify for a child and dependent care credit if you paid for the care of a dependent under the age of 13, or if you were taking care of an aging parent. You’ll only qualify for the child care credit if you and your spouse filed a joint return, and if both of you were working or “actively looking for work,” as the IRS puts it.

EARNED-INCOME CREDIT

If your income was under a certain dollar amount in 2016, you may qualify for the  earned income tax credit . The cutoff point is determined by your tax filing status as well as by how many children you have. For example, if you are unmarried, have three or more children and earned less than $47,955, you’ll qualify for this tax break. But if you’re married and have three or more children, that earnings limit increases to $53,505.

HOME OFFICE DEDUCTION

If you spend the majority of your time working from home, you could qualify for a home office deduction. Deductions for a home office are typically based on the percentage of your house that’s used primarily for business reasons. To calculate your individual tax break, refer to  Form 8829 .

© Copyright 2017  NerdWallet , Inc. All Rights Reserved

Ah, spring! It’s the season of renewal, when we can count on longer and brighter days, the return of baseball and the urge to get the house in order.

That goes for many people’s financial houses as well. Spring is a good time to comb through your personal finances and ensure that you’re managing your budget, credit cards, investments and insurance in the best possible way. Here’s how to get started.

REASSESS YOUR HOUSEHOLD BUDGET

Take stock of  your budget , including any major changes in income or spending. Did you or a family member receive a raise, get laid off, take some unpaid leave or adopt a pet? These and other changes should determine how you allocate your money.

Similarly, if you know a major expense is coming down the pipeline — such as a child starting college, an operation or a vacation — you can cut spending now in order to boost your financial cushion.

GET A GRIP ON YOUR CREDIT

Financially speaking, there is perhaps nothing more important than your  credit score . It’s a measure of how trustworthy you are as a borrower, and it affects your ability to get approved for and receive low interest rates on credit cards and loans. Resolve to improve your credit habits and bolster your score: Pay your bills on time, don’t take on too much new debt, and create a plan for settling any outstanding balances.

Even if you have good credit, you should re-evaluate your credit situation. Review your interest payments and consider transferring your balance to a card with a lower rate. If you took out a mortgage or auto loan a while back, ask your lender if you could save by refinancing.

Everyone can monitor his or her credit easily — and for free. You’re entitled to a free copy of your credit report from each of the three major reporting bureaus (Equifax, Experian and TransUnion) once a year. These reports reflect your borrowing and payment history and help determine your credit score. Occasionally, they contain mistakes that could lower your score, so keep an eye out for errors, and ask the bureau to correct any you find.

REBALANCE YOUR INVESTMENT PORTFOLIO

When you set up your retirement accounts, such as a 401(k) or 403(b), you likely selected investments based how much growth you wanted to achieve — and how much risk you were willing to accept.

But as you near retirement, you may want to take on less risk — or you may find that your proportion of stocks and bonds has drifted from your target. That’s why it’s a good idea to revisit, and perhaps rebalance, your portfolio each year. This could entail moving gains from your “winning” holdings and reinvesting the profits elsewhere.

CHECK YOUR INSURANCE POLICIES

Home, life, auto — make sure you have the coverage you need and that your beneficiaries are correct.

It’s also worth asking your carrier if you’re eligible for any discounts. For example, if you’ve been accident- and ticket-free for several years, you might qualify for a good driver discount. And if you’ve been with the same company for a while, you may want to shop around for quotes for comparable coverage.

ORGANIZE YOUR IMPORTANT RECORDS

Spring cleaning usually means throwing things away, but you should retain copies of important financial statements. Don’t want to keep the paper version? It doesn’t take long to download and copy records to your computer, or store them in a secure cloud service.

Just as preparing the soil in spring helps produce a healthy crop, tending your financial fields can set you up for financial success. There’s no better time to begin.

© Copyright 2017  NerdWallet , Inc. All Rights Reserved

Rewarding careers don’t always come with a steady paycheck. For people who work in agriculture, construction, tax preparation, entertainment, landscaping or other types of freelance and seasonal businesses, income may vary wildly depending on the time of year. This uneven cash flow makes budgeting especially challenging, but it’s by no means impossible.

Here’s  how to budget for long-term financial stability when your income changes with the seasons.

DETERMINE YOUR AVERAGE MONTHLY INCOME

With most traditional budget plans, you start by determining your monthly income. But how can you complete this first step if your income keeps changing? The most effective strategy is to use your average monthly income. To calculate this, add up your post-tax income for the past three or more years and divide that sum by the total number of months. If economic conditions have — or are projected to — hit your industry or business hard, you may want to deduct 15% to 20% from this number to create a safety cushion.

CALCULATE YOUR AVERAGE MONTHLY EXPENSES

When work is seasonal, expenses often fluctuate, too. During busy times, you may have to spend more on gasoline, utilities, equipment maintenance and office supplies. If you spend more during your busy season, determine your average monthly costs by adding up your personal and work-related expenses for at least one year and dividing that figure by the total number of months.

FINE-TUNE YOUR BUDGET

Subtract your average monthly expenses from your average monthly income to get your baseline budget figure. If you find you’re cutting things close or dipping into the red, you’ll need to make some adjustments. Consider cutting unnecessary expenses or picking up extra income by expanding your existing business’s volume, taking temp work during slow times or offering complementary services that peak during your off-season.

BECOME A SAVER

Having a savings plan is an especially important safety net when income is irregular. When planning your budget, be sure to include a line for saving each month. It’s best if you can put away 10% or more of your income, but even small amounts deposited consistently add up significantly over time with compound interest. Aim to save at least three to six months’ worth of expenses to ensure you can live comfortably during lean times or emergencies.

ADDITIONAL SURVIVAL TIPS

To help even out cash flow and make the most of seasonal income:

• Make it easier for customers to pay you quickly by improving your invoicing procedure, offering options such as PayPal or Square to accept credit card payments, or setting up direct deposits to your account with customers.
• Negotiate with vendors and suppliers for discounts or extended payment terms.
• Take advantage of financial and budgeting software such as QuickBooks.
• Consider offering discounts and promotions during slow times to boost business.
• Track your cash flow regularly and adjust your budget as necessary.
• Even with your budget plan in place, keep spending to a minimum during slow seasons.
• Stick to your budget during your busy season to avoid spending the cash you’ll need during the down times.

Seasonal income doesn’t have to mean financial feast or famine. With proper budgeting, you’ll be able to live well no matter what the season.

© Copyright 2017  NerdWallet , Inc. All Rights Reserved

 When you take out a second mortgage, a name for a  home equity line of credit , you’re offering your house as collateral to secure another loan. The upside: You can gain access to up to 85% of your home’s value, minus your current mortgage balance and adjusted based on your creditworthiness.

The downside? If you can’t make your payments, you could lose where you live.

Because the stakes are high, you want to make sure you use a HELOC for the right reasons. Here are a few.

MAKING HOME IMPROVEMENTS

Most people who take out a HELOC do so to make home improvements. Experts say you should only do this if the improvements you’re considering will increase your home’s value. This way, the money you’re borrowing will be returned when you sell your house at a higher price.

The National Association of Realtors’ 2015 Remodeling Impact Report lists these six changes as the ones with the best return on investment:

• Installing a new front door.
• Installing new siding.
• Upgrading your kitchen.
• Adding on to your deck and patio.
• Making an attic into a bedroom.
• Installing a new garage door.

These improvements can range from a few hundred to tens of thousands of dollars, but they don’t change the footprint of your home and tend to be what future buyers look for.

SUPPLEMENTING AN EMERGENCY FUND

Everyone should have an emergency fund to cover events such as unexpected car repairs and appliance breakdowns. Most people keep these in  savings accounts , but you might consider a home equity line of credit as another source of cash. You only pay interest on the amount you borrow, and you could pay the loan off quickly to save money. Still, it makes more sense to have an emergency fund that’s earning a little interest rather than one that charges you interest.

PAYING OFF HIGH-INTEREST DEBT

Because the average interest rate on a HELOC is much lower than the average credit card interest rate, many people think about using a HELOC to pay off their credit cards. This is a great strategy if you’re committed to never carrying a balance again. Otherwise, you’re just adding another debt at a lower rate.

Regardless of how you use a HELOC, remember that the interest rate is variable and may change each time you tap it. And you’ll have to repay the entire loan by the end of the payment period set by the lender. On the upside, the interest you pay on a HELOC is tax deductible, like your mortgage interest. If you use a HELOC for the right reason, that’s just one more benefit.

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Although it comes around every spring, tax season tends to inflict the same headaches year after year. To reduce your stress — and maximize your refund — it’ll help to stay organized and be aware of recent changes to the tax code.

For additional motivation to get on track, keep in mind that the average refund has been about $3,000 in recent years. Even if you don’t expect to get that much back, there are plenty of ways to put a refund to good use. But first, you’ll have to file your returns properly, taking advantage of any deductions you might qualify for. Here’s a look at where to get started.

COMPILING THE NECESSARY INFORMATION

For starters, you’ll need your W-2 form listing earnings and tax withholdings, which employers typically send out in January or early February. Be sure to have your Social Security number or taxpayer identification number available, as well as those numbers for any dependents you’ll claim. You’ll also need documentation of any income they may have had.

AFFORDABLE CARE ACT PENALTY

The Affordable Care Act ushered in one of the most significant tax law changes in recent years. It stipulates that if you didn’t have health insurance for more than three months in 2016 and didn’t qualify for an  exemption , you may face a penalty.

For tax year 2016, taxpayers who lack adequate insurance may be penalized at either 2.5% of a portion of their income or $695 per adult and $347.50 per child, to a maximum of $2,085 per family — whichever is higher. To avoid those fees in the future, it may be a good idea to  get insured .

TAX DEDUCTIONS REDUCE TAXABLE INCOME

Deductions reduce the amount of your income that you have to pay taxes on. Sit down and figure out whether the standard deduction or itemized deductions will work best for you. The former is a set amount that reduces your taxable income depending on your filing status; the latter lets you list qualified expenses separately, such as mortgage interest and local property taxes. If your itemized deductions add up to more than your standard deduction amount, go with that.

So what kinds of expenses can you deduct? Contributions to eligible organizations and interest on education loans are among the more well-known deductions you can take. Others, such as medical and  home office expenses , aren’t as widely used for various reasons. Make sure to look into which of your expenses you can use to reduce your taxable income, which will probably increase your refund. Bear in mind that income limits and expense thresholds may limit these deductions or eliminate them entirely.

If you qualify to contribute to a traditional individual retirement account, or IRA, you may be able to invest in your future and shield up to $5,500 of income from taxes — plus $1,000 more if you’re 50 or over — by putting it in an IRA. You have until the April filing deadline to make deductible contributions for the previous year. Withdrawals are subject to income tax, however.

THE BOTTOM LINE

Completing your tax returns won’t be much fun, but it’s the first step in  claiming a refund . Once you’ve filed your returns, you should expect to get what you’re due within three weeks — or in less than half that time if you ask for the money to be directly deposited to a savings or checking account. Just remember to compile all the essential paperwork before getting started, keeping an eye out for tax credits and changes to the tax code.

© Copyright 2017  NerdWallet , Inc. All Rights Reserved

Even if saving has never been your thing and money is tight, the coming of a new year is an opportunity to change old financial habits. Here are some ways to become a more efficient saver.

1. BUDGET

Budgeting  helps you organize your finances so you have money left over to save each month. It may seem laborious, but budgeting doesn’t have to be hard. Mobile apps cut a lot of the work and can help you track spending throughout the month.

2. PAY YOURSELF FIRST

Firmly commit to making a savings deposit monthly, even if you can only afford a small amount. Do this before paying your other bills.

3. AUTOMATE

If you’re not confident your resolution will stick or you want to simplify the process, automate your savings deposits. That way, a portion of your paycheck will automatically go to your savings account, or an amount you choose will be transferred from your checking to savings account each month. You won’t miss money that was never in your hands in the first place.

4. MAKE YOUR MONEY WORK HARDER

Compound interest is the interest paid on the interest your money earns in an account, and it allows your principal balance to grow faster. To fully benefit from compound interest, consider opening a high-yield savings account or a certificate of deposit that offers higher rates than the average savings account.

5. PLUG UP CASH DRAINS

It’s not always the big expenses that sabotage saving efforts; small expenses can add up and be a huge cash drain. To rein in spending and increase your cash surplus:

• Shop around for the lowest possible rates on utilities, insurance, TV, internet and  mobile plans . Also, make sure you get discounts you may be entitled to.
• Check bank account statements for less obvious fees such as those for account maintenance, ATM use or having a low balance. If your accounts come with several fees, it may be time to find a financial institution that costs less.
• Monitor daily spending and cut back on extras like lunches out, donut runs or fancy coffee.
• Explore free and low-cost entertainment options, including parks, beaches and hiking trails, as well as local concerts, theater and sporting events.

6. BRING IN EXTRA BUCKS

When trimming expenses doesn’t do the trick, the only way to create enough free cash for saving is to increase what’s coming in. You can:

• Sell unwanted items online or at a yard sale.
• Cash in credit or debit card reward points.
• Ask for a raise or for extra hours at work.
• Take on an additional part-time job or turn your hobbies or skills into dollars through tutoring, yard maintenance, dog walking, writing, crafting, musical performance or handyman work.

The benefits of saving kick in very quickly and only get better with time. A solid cushion in the bank protects you during emergencies and provides the means to travel, buy a home, get an advanced degree, or pursue whatever other dreams you may have.

© Copyright 2017  NerdWallet , Inc. All Rights Reserved

A brand new year provides the perfect opportunity to make meaningful life changes, including improved financial wellness. These five financial resolutions can help get your year off to a promising start.

1. GET ON BUDGET

Take charge of your finances by  creating a budget. Start by calculating after-tax income and subtracting fixed monthly expenses. Then allocate portions of the remaining income for savings, important goals and a few things that just make you happy. If this sounds complicated, relax; today’s user-friendly budget apps can take a lot of the pain out of the process. To further simplify money matters, consider setting up automatic bill pay, an automatic savings plan and separate savings accounts for specific goals.

2. BUILD AN EMERGENCY FUND

Without a solid cushion, any unexpected job loss, medical challenge or serious property damage could lead to lasting financial hardship. An  emergency fund  with three to six months’ worth of expenses can protect your standard of living and offer peace of mind. Commit to making consistent deposits to this fund even if you can only spare a small amount each month. Because you may need to tap into emergency cash at a moment’s notice, choose a vehicle that gives you easy access, such as a savings or money-market account.

3. PREPARE FOR RETIREMENT

Retirement may not be on the immediate horizon, but when the time comes it may well last 20 years or more. You’ll probably need somewhere from 70 to 90% of your final-year income for each year of retirement, and it’s unlikely that Social Security will be sufficient. Saving such a sizeable sum takes decades, so  it pays to start early . Put as much as you can afford into tax-advantaged Roth or traditional IRAs, and if your job provides a 401(k) plan, contribute the maximum employer-matched amount.

4. IMPROVE YOUR CREDIT

You likely know that  credit scores affect financing approval and interest rates. But the influence of those three little numbers actually stretches much further. Prospective employers and landlords frequently check credit, so low scores may mean missing out on the best jobs and apartments. Credit scores also may affect insurance premiums, mobile phone offers, vacation costs, and even whether utility hookups require a cash deposit. For top scores:

• Pay all bills on time.
• Keep credit card balances at no more than 20% to 30% of the credit limit.
• Carry a mix of debt types such as credit cards, auto loans and personal loans.
• Monitor credit to catch and correct any errors or problems.

5. KNOCK DOWN DEBT

Even with a great job, high-interest debt can sabotage financial health. To dig out from under this burden, consider concentrating efforts on your highest interest debt first while continuing to make timely smaller payments on all other obligations. When the first balance is satisfied, focus on the most expensive remaining debt and continue this way until you’re debt-free.

If debt from multiple sources is unmanageable,  debt consolidation  may help you regain control. This approach streamlines debts into one payment, often with reduced interest and a lower monthly cost. Depending on your individual situation, home equity financing, personal loans or zero interest balance transfer credit cards may be effective debt consolidation choices.

Smart money resolutions boost financial stability not just immediately but over the long haul as well. The bonus takeaway is the confidence that all life’s remarkable milestones and challenges won’t break the bank.

© Copyright 2016  NerdWallet , Inc. All Rights Reserved

Thanksgiving is a time to gather with loved ones for a satisfying meal and kick off the holiday season. If you pay current prices for your menu items, though, you could blow a chunk of your holiday budget before you even get to the pumpkin pie.

Use these tips to keep your Thanksgiving festive and thrifty.

GET A FREE TURKEY

The turkey, which cost an average of about $23 in 2015, is easily the most expensive item on a traditional Thanksgiving table — but you can often get one for free. Many supermarkets offer them as loyalty rewards, and even allow shoppers to select the turkey.

If your local supermarket doesn’t participate in this type of rewards program, opt for a frozen bird. It can be significantly cheaper, and odds are your guests won’t know the difference.

CHOOSE REUSABLE DINNERWARE

Disposable cutlery, tablecloths and dinnerware simplify holiday cleanup, but the costs really add up, especially if you spring for higher end items. Save money, reduce waste and create a warm, elegant atmosphere by using cloth napkins and tablecloths as well as real flatware, glassware and dishes.

MAKE YOUR OWN SIDES WITH STORE BRANDS

Purchasing prepared gravy, stuffing, cranberry sauce and desserts is convenient, but it’s also an  unnecessary expense. Making your own sides, condiments and desserts is cheaper and often a lot tastier, too.

When cooking for a large Thanksgiving crowd, avoid brand name ingredients. You should be able to find substitutes that keep costs down without sacrificing flavor.

SIMPLIFY THE MENU

It’s tempting to get ambitious and create a Thanksgiving menu with more courses than your guests could possibly eat in a sitting. But to prevent spending your whole holiday budget on the Thanksgiving meal, skip the saffron, truffles and endless appetizers. Instead, plan a simple menu with a few hearty sides and stick with seasonal produce, such as apples, sweet potatoes, pumpkins and Brussels sprouts. These will be much more reasonably priced than imported fruits and vegetables.

MAKE SMART BLACK FRIDAY SHOPPING DECISIONS

Thanksgiving has also become a time to start shopping for the ensuing holidays. But Black Friday, Cyber Monday and other Thanksgiving weekend sales tend to inspire a shopping frenzy that doesn’t always result in the wisest choices. To keep your cool:

• Make a list — and a budget — to head off impulse buys.
• Compare prices online before making purchases.
• Avoid opening multiple store credit cards at once. This can lower your credit scores and make it easier to overspend.
• Hold off on buying toys, which tend to be cheaper during December’s first two weeks.

Making smarter Thanksgiving spending choices keeps dinner and shopping costs under control without putting a damper on family fun. And when the weekend is over, you’ll still have enough cash to make your winter holidays sparkle.

© Copyright 2016  NerdWallet , Inc. All Rights Reserved

Good news! A new feature has been implemented for members who are Parsons and Worley Parsons employees.  Early posting of direct deposit will enable members to receive their payroll early.  Upon receiving the direct deposit, funds will be released and made available immediately instead of waiting until the entry date provided. 

Parsons FCU does not control when the paying agency submits their files but past experience has shown that they are usually submitted at least one day before the actual "pay day."  For example, if you are usually paid on Friday the 13th, your funds will post Thursday, the 12th.

If you have any questions, please call Member Services at (800) 765-4527.

Sometimes it’s smarter to buy certain items according to the season, like sweaters near the end of  winter and swimsuits in late summer. But what’s the best season for buying a house?

The answer: the fall. As temperatures cool and trees shed their leaves, enough factors break in the buyer’s favor to make it the No. 1  season for homebuying . Here’s why.

Less competition

Many homebuyers are families who want to minimize a move’s effect on their kids’ schooling. They want them to start at a new school on the first day, not midyear. And so if their spring and summer searching didn’t work out, they might well wait for the next go-round. This means fewer buyers bidding on the same houses you’re interested in and more negotiating power when you do. (A chart in this article shows how home sales drop starting in the fall.)

Of course, this works both ways: Sellers might not want to uproot their families in the middle of the school year either. But while this brings housing inventory down, you might just find it easier to focus and pinpoint exactly what you really want in a home.

Sellers are more motivated

Spring and summer are the high seasons for homebuying: Days are longer, the weather’s nice, and open houses are well-attended. And that means sellers can sit back and be a bit choosier with offers.

But as Labor Day recedes in the rearview mirror, sellers start to wriggle in their seats. The prospect of trying to sell during the holiday season or, more likely, waiting until the next year, is dispiriting. And so these sellers can become, in a sense, settlers — willing to reduce their prices and conditions. There is some variation by region, but overall in the U.S., prices have peaked by the end of August.

Buyers can use this increased motivation to their advantage, offering less and asking for more during negotiations.

Taxes and discounts

Buying a home costs a lot of money but comes with good tax breaks as well. The IRS allows deductions for the interest you pay on your mortgage, on the premiums you might pay for mortgage insurance, on property taxes and more, including some of these that went into your closing costs. Buying a home in the fall means seeing those tax breaks sooner, the following April.

Also, much like those motivated sellers, many homebuilders discount their inventories during this time of year to help them meet year-end sales goals.

The decision to buy requires serious consideration of where you are in life, what your goals are and how much you can afford . But if you are indeed ready, buying during the fall can be a good call. Just try to find time in between football games.

© Copyright 2016 NerdWallet , Inc. All Rights Reserved

When you take out a second mortgage, a name for a home equity line of credit, you’re offering your house as collateral to secure another loan. The upside: You can gain access to up to 80% of your home’s value, minus your current mortgage balance and adjusted based on your creditworthiness.

The downside? If you can’t make your payments, you could lose where you live.

Because the stakes are high, you want to make sure you use a HELOC for the right reasons. Here are a few.

Making home improvements

Most people who take out a HELOC do so to make home improvements. Experts say you should only do this if the improvements you’re considering will increase your home’s value. This way, the money you’re borrowing will be returned when you sell your house at a higher price.

The National Association of Realtors’ 2015 Remodeling Impact Report lists these six changes as the ones with the best return on investment:

• Installing a new front door.
• Installing new siding.
• Upgrading your kitchen.
• Adding on to your deck and patio.
• Making an attic into a bedroom.
• Installing a new garage door.

These improvements can range from a few hundred to tens of thousands of dollars, but they don’t change the footprint of your home and tend to be what future buyers look for.

Supplementing an emergency fund

Everyone should have an emergency fund to cover events such as unexpected car repairs and appliance breakdowns. Most people keep these in savings accounts, but you might consider a home equity line of credit as another source of cash. You only pay interest on the amount you borrow, and you could pay the loan off quickly to save money. Still, it makes more sense to have an emergency fund that’s earning a little interest rather than one that charges you interest.

Paying off high-interest debt

Because the average interest rate on a HELOC is much lower than the average credit card interest rate, many people think about using a HELOC to pay off their credit cards. This is a great strategy if you’re committed to never carrying a balance again. Otherwise, you’re just adding another debt at a lower rate.

Regardless of how you use a HELOC, remember that the interest rate is variable and may change each time you tap it. And you’ll have to repay the entire loan by the end of the payment period set by the lender. On the upside, the interest you pay on a HELOC is tax deductible, like your mortgage interest. If you use a HELOC for the right reason, that’s just one more benefit.

Ellen Cannon, NerdWallet

© Copyright 2016 NerdWallet , Inc. All Rights Reserved

Effective Monday, July 11, 2016, users attempting to gain access to NetTeller with Internet Explorer versions 7 or 8 will be blocked from doing so.

Internet Solutions discontinued support of IE8 on June 26, 2014 due to Microsoft's discontinuation of support for the XP operating system.

An in-browser warning message during a NetTeller session will display beginning Monday, June 13th through Sunday, July 10th. Please be sure to upgrade your browser to a current version to ensure continued access to Online Banking. Online Banking supports the current version of the following browsers:

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Scheduled downtime to occur:  May 21-22, between 8PM PST Saturday, through 2AM PST Sunday.

Buying a home is a common undertaking for many Americans, but it's also one of the most complicated — not to mention costly — purchases adults will ever make. It's important to understand these 10 essential terms so you're ready to make smart decisions with your money.

Adjustable-rate mortgage (ARM): A mortgage with an interest rate that can change over time. It typically has a low, fixed initial interest rate and then may adjust regularly either up or down depending on market conditions. It can't exceed a set rate cap.

Closing costs: Fees from buying a house from both the lender and third parties like inspectors, attorneys, surveyors and title insurance companies. These typically add up to 3%-6% of the total home price, though some of these charges are negotiable.

Down payment : When you're buying a home and financing it with a mortgage, most lenders require you to put down a certain amount of cash upfront, usually 5% to 20% of the total price. Your mortgage covers the amount remaining after the down payment.

Escrow : A neutral, third-party account that protects the money of both buyers and sellers until real estate transactions are finalized. For example, if you choose to make a deposit with an offer on a home, it would go into an escrow account first rather than directly to the seller. Once you've bought a home, escrow accounts are also typically used to hold money for homeowners insurance and property taxes until payment is due.

FHA loan : A mortgage offered through the Federal Housing Administration that has less strict credit and down payment requirements compared with conventional loans. It's ideal for people with less-than-stellar credit who aren't able to qualify for conventional financing. The tradeoff: Along with paying monthly mortgage insurance fees, you'll also pay a hefty upfront premium.

Fixed-rate loan : A mortgage with an interest rate that won't change over the course of the loan. The rate may be higher than an ARM, but you'll never have to worry about it increasing.

Interest : Money your lender charges you for cash you borrow, indicated by an annual percentage rate, or APR (for example, 4%). Your interest rate will depend on your credit history and how much you can afford for a down payment.

Principal : The amount of money you borrow. Note that you end up paying significantly more than this amount because of interest.

Private mortgage insurance (PMI): If you don't put 20% of the home's price in a down payment, some lenders require this insurance to lessen their risk. It's typically paid with a  monthly fee added to mortgage payments. You can often cancel it once you have a certain amount of equity in the home.

VA loan : Mortgages for qualified current or former members of the U.S. military. These typically offer more favorable interest rates and require low to no down payment. They're offered by financial institutions but backed by the Department of Veterans Affairs.

Home buying can be confusing, but knowing this important lingo will make it easier to navigate the process.

© Copyright 2016 NerdWallet , Inc. All Rights Reserved

Although it might be hard to believe, the consequences of missing the April income tax filing deadline can be even more frustrating than completing the return in the first place.

You can get an automatic six-month extension of the time to file just by asking, but if you owe taxes, you have to send in the estimated amount by the original filing deadline – this year, that's Monday, April 18 – or you can expect to be hit with penalties . Here are some tips on how to minimize the impact on your wallet.

Late-filing and late-payment penalties

Once the IRS receives your late return, it will calculate your failure-to-file penalty. This penalty applies only if you still owe money. It usually amounts to 5% of your unpaid tax for every month your return was overdue, with a maximum penalty of 25%. You'll have to pay a second fine if your return is more than 60 days late, which will be “the lesser of $135 or 100 percent of the tax owed unless you had reasonable cause and acted in good faith,” according to the IRS.

If you don't pay everything you owe on time, you'll also face a somewhat less harsh late-payment penalty, usually 0.5% of the unpaid tax per month. But this can be waived for up to six months if you paid at least 90% of what you owed by April 18 and get an extension.

Since the late-filing penalty is typically the steeper of the two, try to file your return as soon as possible while paying as much as you can, even if that amount doesn't cover your entire tax bill. Adjust your budget accordingly to ensure that you can pay the remaining balance as rapidly as possible.

What if I'm owed a refund?

Here's some good news: If Uncle Sam owes you a refund and you missed the filing deadline, you have up to three years to claim that money. After those three years are up, your refund will be handed over to the U.S. Treasury.

Receiving a refund means you overpaid on taxes throughout the year and essentially gave the government an interest-free loan. Not filing your return by the deadline just prolongs the time it takes to receive your refund, and the government gets to continue to use your money interest-free.

Don't miss out on credits and deductions

It can be easy to overlook tax credits and deductions as you race to submit a return. These breaks can reduce your tax liability or increase your refund by hundreds or thousands of dollars and therefore shouldn't be ignored. Even if you file late, you can still claim these benefits, so don't miss out.

Getting an extension next time

To avoid penalties for missing the April 18 deadline, apply for an automatic extension as soon as you think you may need one by completing Form 4868 , which you can do by phone, online or through the mail. This will give you an additional six months to complete your tax return without getting penalized. You can ask for more time at any point after Jan. 1 up to the filing deadline, but not afterward. So don't delay if you need an extension.

The bottom line

Although failing to file your taxes on time isn't a tragedy, it can end up costing you quite a bit if you don't make amends quickly. Fork over whatever amount you can as soon after as possible to avoid racking up additional fees and interest. And don't forget to take potentially helpful tax credits and deductions, even if you're late getting to the table.

© Copyright 2016 NerdWallet , Inc. All Rights Reserved

1. Determine your budget

2. Narrow your list to a few cars

3. Decide if you're buying new or used, or leasing

4. Determine your overall ownership costs

5. Nail down financing before you visit the dealer

6. Automaker's promotion may not be the best interest rate

7. Know the invoice price

8. Find all possible discounts in advance

9. Don't rush the test drive

10. Use smart negotiating strategies

Read more here . If you are looking for the best auto financing option, talk to one of us at Parsons FCU and let us help!