This past week I keep getting asked the question, “what’s it like to market a financial institution during this crazy economic time?” and my answer is always the same – “I am marketing a credit union and we’re doing just fine! We don’t make risky investments and we don’t make bad loans so we’re going great!”
This is an important message that I am confident telling friends, family and members when I get asked, “how’s your credit union holding up in all this?” the answer is the same – we’re doing great.
We’ve also seen national media talking about credit unions – finally we’re getting the attention we deserve as the good guys!
At Hawthorne, we are the oasis in the eye of the hurricane.
Wednesday, October 1, 2008
Monday, July 21, 2008
Keep Identity Thieves out of your Bank Account
To provide extra protection for our members, Hawthorne has made stolen IDs and passwords all but unusable by adopting "multifactor authentication" technology. When members register their computer "machine ID" with the credit union thieves cannot use another computer to pretend to access the account. The member chooses a picture or question-and-answer set that would appear every time she logged in on the financial institution's site.
This makes online banking and bill paying slightly less convenient for our members since they can’t use just any old computer to log into their account. But, given the risks of using public or borrowed computers for online financial transactions, though, that's probably not something you should be doing anyway.
A friend of mine was recently the victim of identity theft so I am becoming familiar with the hassles this kind of theft can cause.
Like most targets, she isn't exactly sure how her account was compromised, but she suspects it happened the one time she used a debit card to buy something online. The thief used her account information to set up a PayPal account with himself as the payee.
The thief took a small amount to start -- just to "probe" the account and see if the theft would be noticed. My girlfriend spotted the unauthorized payment almost immediately, but still had a heck of a time trying to convince PayPal to shut down the bogus account.
Personally, I love the convenience of conducting my finances online and I know it decreases the likely hood that I will fall victim to identity theft. I also know that there are risk/reward tradeoffs to virtually every thing that we do, and that doing my banking online has increased my vulnerability in some ways but has decreased my risks in other ways.
There are plenty of ways for thieves to access your checking account offline. Here are just a few:
The rise in checking-account hijacks also corresponds with the rise in "phishing" -- e-mails that purport to be from a financial institution but that route the user to a bogus site that collects their account numbers and passwords.
A Gartner study in May found that 92% of the known phishing attacks had occurred in the previous 12 months, with 76% occurring since October 2003. About 5% of the victims Gartner surveyed admitted providing sensitive account information in response to a phishing e-mail, and Gartner believes the percentage of victims fooled by this scam was probably higher.
There's a lot we need to do to protect ourselves while we wait for better security solutions, such as:
This makes online banking and bill paying slightly less convenient for our members since they can’t use just any old computer to log into their account. But, given the risks of using public or borrowed computers for online financial transactions, though, that's probably not something you should be doing anyway.
A friend of mine was recently the victim of identity theft so I am becoming familiar with the hassles this kind of theft can cause.
Like most targets, she isn't exactly sure how her account was compromised, but she suspects it happened the one time she used a debit card to buy something online. The thief used her account information to set up a PayPal account with himself as the payee.
The thief took a small amount to start -- just to "probe" the account and see if the theft would be noticed. My girlfriend spotted the unauthorized payment almost immediately, but still had a heck of a time trying to convince PayPal to shut down the bogus account.
Personally, I love the convenience of conducting my finances online and I know it decreases the likely hood that I will fall victim to identity theft. I also know that there are risk/reward tradeoffs to virtually every thing that we do, and that doing my banking online has increased my vulnerability in some ways but has decreased my risks in other ways.
There are plenty of ways for thieves to access your checking account offline. Here are just a few:
- Thieves can swipe your mail, pull out a check you've written, soak off the ink with nail-polish remover and write themselves a fat payday.
- They can steal your wallet and use your ATM, particularly if you wrote the PIN on your card (a big no-no -- but people still do it).
- They can set up phony ATM machines, or devices that fit over legitimate ATMs, then record the information from the magnetic stripe along with your PIN.
The rise in checking-account hijacks also corresponds with the rise in "phishing" -- e-mails that purport to be from a financial institution but that route the user to a bogus site that collects their account numbers and passwords.
A Gartner study in May found that 92% of the known phishing attacks had occurred in the previous 12 months, with 76% occurring since October 2003. About 5% of the victims Gartner surveyed admitted providing sensitive account information in response to a phishing e-mail, and Gartner believes the percentage of victims fooled by this scam was probably higher.
There's a lot we need to do to protect ourselves while we wait for better security solutions, such as:
- Don't expose yourself. Never use a public computer or wireless "hot spot" for financial transactions.
- Beef up your security. If you use Internet Explorer, Microsoft recommends cranking the security setting on your Internet browser up to "high" (you'll find it under the Tools menu; click on Internet Options and look for the security tab, then select Internet Zone). This may keep some Web sites from working properly, but you can make exceptions for trusted sites. (You can find more details here.)
- Use a credit card for online purchases. Technically, debit cards with the Visa or MasterCard logo offer you the same no-liability coverage for fraud that credit cards give you, but you have to wait a few days for the bank to restore the money to your account. Better to have a middleman like a credit card company between a thief and your checking account.
- Don't click. You probably know by now not to open spam e-mails or download attachments from unknown sources. But e-mail links in instant messages, Web message boards and Internet relay chats (IRC) also can be malicious. If a financial institution sends you an e-mail relating to an "urgent problem" or other matter pertaining to your account, use the phone number printed on your statement to respond.
- Block pop-ups. Besides being incredibly annoying, pop-ups can be used to install hackers' software on your computer. Many Internet service providers now have pop-up software built in, or you can get blocking software from sites such as Panicware.com.
- Monitor, monitor, monitor. You need to take a careful look at your bank and bill-pay transactions. Don't assume that odd $40 electronic transfer or check is a payment you just forgot about; it could be a scammer probing to see if the fraud will go unnoticed. With bill payment systems, review your payment history as well as your payee list to make sure there aren't any unauthorized transactions. The sooner you report the theft the better; after 60 days, the bank may be under no legal obligation to provide a refund.
- Stay up to date. Run Windows Update to keep current on the latest security patches. If you use Internet Explorer and have increased your security to "high," you'll need to follow the instructions on this link for the update to work properly.
- Inject some variety. Don't use the same user ID and passwords at different financial institutions. If you're asked to create a security question and answer, don't use one that's relatively easy to discover, such as your mother's maiden name.
- Inoculate yourself. Keep your virus software up-to-date and run frequent scans to check for problems.
You can also reduce your offline risk somewhat by:
- Using gel pens to write checks. These inks can't be easily dissolved.
- Get a locking mailbox. Make theft of your checks more difficult by locking up your mail and delivering any outgoing checks directly to the post office (In other words, don't let them sit in your mailbox).
- Don't write down your password. Especially don't scribble the PIN on the ATM or debit card itself, or anywhere else in your wallet.
- Use your credit card for "out of sight" transactions. That waiter who disappears with your debit card could swipe it through a "skimmer," a handheld device that records the information on the magnetic stripe. They can do that with a credit card, too, but again, fixing a fraud problem is easier with a credit card than with a debit card.
Thursday, July 3, 2008
Declare your Independence from High Gas Prices
I love this stuff. This article from TheDailyGreen.com suggests ways to cut and maximize your use of gas so that your average cost per gallon drops to $1! Below is a summary of the ways to save, but read the entire article here.
How to Pay Less Than $1 For Gas
The average price of gasoline in the United States has topped $4 a gallon, and won't peak until it hits $4.15 in August, according to the latest government prediction. (The last prediction: Gas would peak at $3.73 in June, so take it with a grain of salt.)
We've seen 11 straight weeks of record price increase. Oil is threatening to rise to $150 a barrel, according to Goldman Sachs. That's 50% higher than the milestone of $100 a barrel that some analysts thought impossible just a few months ago.
Some areas of the country, like California, are already seeing gas prices rise toward $4.50 a gallon.
That has some speculating we're in the midst of a bubble bred by greedy speculators. Everyone else is just trying to save a few pennies on gas.
Here are five road-tested ways to save money on gas. Of course the more gas we save, the less pollution we create, and the less beholden we are to those who control the oil supply.
1) Take public transportation. Sure, it costs money to take the bus or subway. But consider this: The average U.S. commute is 16 miles, and at these prices the average U.S. passenger car will go just 11 miles on $2, a typical public transit fare.
2) Car pool. Share your trip to work with one other person and split the bill. That's like paying $2 for gas, instead of $4. Put a third person in the car, and the price per gallon drops to $1.33. With a full car of four people, the cost is just $1 a gallon.
3) Pay nothing: walk or bike. Every mile you pedal or stride saves you gas, saves you money and puts you in better shape.
4) Trade in for a fuel efficient vehicle. If you must drive, replace your gas guzzler with a fuel-efficient model.
5) Drive smarter. Start by checking your tire pressure and inflating your tires to the appropriate level. Visit your mechanic for a tune-up if you're due. Be sure to have your tires aligned, your air filter checked and your oil changed if needed.
How to Pay Less Than $1 For Gas
The average price of gasoline in the United States has topped $4 a gallon, and won't peak until it hits $4.15 in August, according to the latest government prediction. (The last prediction: Gas would peak at $3.73 in June, so take it with a grain of salt.)
We've seen 11 straight weeks of record price increase. Oil is threatening to rise to $150 a barrel, according to Goldman Sachs. That's 50% higher than the milestone of $100 a barrel that some analysts thought impossible just a few months ago.
Some areas of the country, like California, are already seeing gas prices rise toward $4.50 a gallon.
That has some speculating we're in the midst of a bubble bred by greedy speculators. Everyone else is just trying to save a few pennies on gas.
Here are five road-tested ways to save money on gas. Of course the more gas we save, the less pollution we create, and the less beholden we are to those who control the oil supply.
1) Take public transportation. Sure, it costs money to take the bus or subway. But consider this: The average U.S. commute is 16 miles, and at these prices the average U.S. passenger car will go just 11 miles on $2, a typical public transit fare.
2) Car pool. Share your trip to work with one other person and split the bill. That's like paying $2 for gas, instead of $4. Put a third person in the car, and the price per gallon drops to $1.33. With a full car of four people, the cost is just $1 a gallon.
3) Pay nothing: walk or bike. Every mile you pedal or stride saves you gas, saves you money and puts you in better shape.
4) Trade in for a fuel efficient vehicle. If you must drive, replace your gas guzzler with a fuel-efficient model.
5) Drive smarter. Start by checking your tire pressure and inflating your tires to the appropriate level. Visit your mechanic for a tune-up if you're due. Be sure to have your tires aligned, your air filter checked and your oil changed if needed.
Wednesday, June 25, 2008
Ways to save this summer
Well everybody is taking a hit by rising gas prices, so much so that we are starting to get tired of the complaining. However it is a reality that everyone lives with! Here are some ways to cut your energy bills this summer to compensate (maybe a little?) for rising gas prices....this is from FeedThePig.org, a consumer group that helps folks save money!
Summer Saving Tips
As the summer heats up, here are a few savings tips to help you enjoy some fun in the sun without worrying about your wallet!
---
Summer Tip #1: To save on your air conditioning bill, turn off unnecessary lights during the day. Much of the energy used by incandescent bulbs is emitted as heat.
Summer Tip #2: To save 1-2 percent on your energy bill, unplug electronic devices and chargers when they aren't in use. Most new electronics use electricity even when switched off. Turn computers and printers off at the power strip.
Summer Tip #3: For a more energy efficient way to cook, use your microwave instead of your stove. Microwaves use two-thirds less energy than conventional stovetops.
Summer Tip #4: Consider replacing your incandescent bulbs with compact fluorescent light bulbs, or CFLs. They use about 75 percent less energy and give off 75 percent less heat but produce the same amount of light as incandescent bulbs.
Summer Tip #5: Make some shade! Awnings, blinds and drapes keep sunlight from entering your home. Install them on windows, skylights, doors, and other places where the sun comes through. During the day, closing the blinds and drapes to filter the sun will keep the room's temperature from rising.
Summer Tip #6: Planting trees in strategic areas can reduce the energy a house uses for cooling by up to 25 percent. Deciduous trees (that lose their leaves) help block the sun during the summer and still allow the winter sun to warm your home. Also, planting trees and shrubs around your air conditioning unit can increase its efficiency by up to 10 percent. Just make sure to place them at least 18 inches away so they don’t block the vents.
Summer Tip #7: “Summerize” your home by adding insulation and sealing air leaks around the house. Add insulation to the attic or add to already existing insulation. Weather-stripping and sealing drafty doors and windows will keep your house comfortable year-round and potentially save you hundreds of dollars.
Summer Tip #8: On a hot, sunny day, dark-colored roofs can reach temperatures of up to 150º to 190º F, heating the living spaces below. Consider adding a reflective coating to a dark roof, or choosing a lighter color when it’s time to replace the roof.
Summer Tip #9: Have an extra refrigerator in the garage that you’re not using? Unplug or recycle that spare refrigerator if you don't really need it, and it could save you up to 10 percent or more on your energy bill.
Summer Tip #10: Thinking about buying a new refrigerator? Refrigerators with a top or bottom freezer design can save you an additional 2-3 percent on your energy bill compared to a side-by-side design.
Summer Saving Tips
As the summer heats up, here are a few savings tips to help you enjoy some fun in the sun without worrying about your wallet!
---
Summer Tip #1: To save on your air conditioning bill, turn off unnecessary lights during the day. Much of the energy used by incandescent bulbs is emitted as heat.
Summer Tip #2: To save 1-2 percent on your energy bill, unplug electronic devices and chargers when they aren't in use. Most new electronics use electricity even when switched off. Turn computers and printers off at the power strip.
Summer Tip #3: For a more energy efficient way to cook, use your microwave instead of your stove. Microwaves use two-thirds less energy than conventional stovetops.
Summer Tip #4: Consider replacing your incandescent bulbs with compact fluorescent light bulbs, or CFLs. They use about 75 percent less energy and give off 75 percent less heat but produce the same amount of light as incandescent bulbs.
Summer Tip #5: Make some shade! Awnings, blinds and drapes keep sunlight from entering your home. Install them on windows, skylights, doors, and other places where the sun comes through. During the day, closing the blinds and drapes to filter the sun will keep the room's temperature from rising.
Summer Tip #6: Planting trees in strategic areas can reduce the energy a house uses for cooling by up to 25 percent. Deciduous trees (that lose their leaves) help block the sun during the summer and still allow the winter sun to warm your home. Also, planting trees and shrubs around your air conditioning unit can increase its efficiency by up to 10 percent. Just make sure to place them at least 18 inches away so they don’t block the vents.
Summer Tip #7: “Summerize” your home by adding insulation and sealing air leaks around the house. Add insulation to the attic or add to already existing insulation. Weather-stripping and sealing drafty doors and windows will keep your house comfortable year-round and potentially save you hundreds of dollars.
Summer Tip #8: On a hot, sunny day, dark-colored roofs can reach temperatures of up to 150º to 190º F, heating the living spaces below. Consider adding a reflective coating to a dark roof, or choosing a lighter color when it’s time to replace the roof.
Summer Tip #9: Have an extra refrigerator in the garage that you’re not using? Unplug or recycle that spare refrigerator if you don't really need it, and it could save you up to 10 percent or more on your energy bill.
Summer Tip #10: Thinking about buying a new refrigerator? Refrigerators with a top or bottom freezer design can save you an additional 2-3 percent on your energy bill compared to a side-by-side design.
Thursday, May 29, 2008
Tough Times? -- Hard to blame interest rates.
How many times have we yearned for “the good old days?” Raise your right hand if you think interest rates are contributing to the current volley of “tough times.”
The next time you are concerned about loan interest rates, consider the following:
The Prime Rate, the barometer that is often considered the cornerstone of rate pricing, is 5.00% today. How does today’s 5.00% Prime Rate compare with previous years?
Forty years ago today, the Prime Rate was at 6.50% and was on its way upward. By the way, the average price of a gallon of gasoline was $0.33 in 1968.
As a point of fact, the Prime Rate has been at or below 5.00% only a handful of times in our recent history. During the first six months of 1972 it hovered between 5.00% and 4.50%. The next time it was as low occurred during the period between November 2001 and December 2004. Since then, it spiraled up to 8.25% in June 2006 before beginning downward movements to today’s 5.00%.
So, in the past 40-years, the Prime Rate has been at or below 5.00% for only 40 months. Not even 3.5 years out of 40 years. Based solely upon interest rates, we are currently experiencing “The Good Old Days!”
These comparisons are not to infer that we, and our neighbors, don’t have problems. Certainly there are problems. Gasoline is at an all-time high. Many of our everyday products are made from, or with, petroleum. Thus, some prices are rising. Because of some foolish decisions made in the past, many mortgage lenders are afraid to finance houses (not so at Hawthorne!). House values are falling rapidly in many areas of the country (not so much in our immediate area).
However, none of the current problems will last forever. All present concerns are “fixable” or “livable.” The housing market will turn around and eventually be as robust as ever. Gasoline will either drop in price or we will find methods to become less reliant on it.
Tough times call for crafty economizing. Moving forward, the real action will be in how we let these difficult times impact our lives.
If you are not already a member, joining the credit union would be a step in the right direction. With lower fees and better rates you can increase your savings. Hawthorne offers a wide-range of loan opportunities for our members. From Cadillacs to Volvos, a dream home to a dream vacation, Hawthorne Credit Union has a loan to fit your needs - and always at an attractive loan rate.
Hawthorne also offers a wide variety of savings accounts that you can use to save for your future. Plus, your deposits are insured to $350,000 — the first $100,000 is federally insured by NCUA and the next $250,000 is privately insured by ESI. This is the highest combination of federal and private deposit insurance available to consumers.
The next time you are concerned about loan interest rates, consider the following:
The Prime Rate, the barometer that is often considered the cornerstone of rate pricing, is 5.00% today. How does today’s 5.00% Prime Rate compare with previous years?
Forty years ago today, the Prime Rate was at 6.50% and was on its way upward. By the way, the average price of a gallon of gasoline was $0.33 in 1968.
As a point of fact, the Prime Rate has been at or below 5.00% only a handful of times in our recent history. During the first six months of 1972 it hovered between 5.00% and 4.50%. The next time it was as low occurred during the period between November 2001 and December 2004. Since then, it spiraled up to 8.25% in June 2006 before beginning downward movements to today’s 5.00%.
So, in the past 40-years, the Prime Rate has been at or below 5.00% for only 40 months. Not even 3.5 years out of 40 years. Based solely upon interest rates, we are currently experiencing “The Good Old Days!”
These comparisons are not to infer that we, and our neighbors, don’t have problems. Certainly there are problems. Gasoline is at an all-time high. Many of our everyday products are made from, or with, petroleum. Thus, some prices are rising. Because of some foolish decisions made in the past, many mortgage lenders are afraid to finance houses (not so at Hawthorne!). House values are falling rapidly in many areas of the country (not so much in our immediate area).
However, none of the current problems will last forever. All present concerns are “fixable” or “livable.” The housing market will turn around and eventually be as robust as ever. Gasoline will either drop in price or we will find methods to become less reliant on it.
Tough times call for crafty economizing. Moving forward, the real action will be in how we let these difficult times impact our lives.
If you are not already a member, joining the credit union would be a step in the right direction. With lower fees and better rates you can increase your savings. Hawthorne offers a wide-range of loan opportunities for our members. From Cadillacs to Volvos, a dream home to a dream vacation, Hawthorne Credit Union has a loan to fit your needs - and always at an attractive loan rate.
Hawthorne also offers a wide variety of savings accounts that you can use to save for your future. Plus, your deposits are insured to $350,000 — the first $100,000 is federally insured by NCUA and the next $250,000 is privately insured by ESI. This is the highest combination of federal and private deposit insurance available to consumers.
Tuesday, May 27, 2008
Time to start saving money by stamping out bill payment by mail.
More than ever before American’s have started using online banking to save time and money. The latest postal rate increase is a great excuse for those of us who have not connected yet, to also make the switch.
I started paying my bills online several years ago. Even though the cost savings was not significant enough to make a huge difference, the simplicity of the process and the time savings, made the minor learning curve well worth my effort.
The first-class postage rate is now 42 cents. If you're like most Americans, you pay 20 to 30 bills per month. So for those of you who are still "going postal," the 1-cent increase will cost you about 40 cents to 60 cents per month.
For the first time, bill payments made online exceed paper-check bill payments among online households, according to the 2007 Consumer Bill Payment Survey, just released by Harris Interactive and The Marketing Workshop. About 74% of households not pay at least one bill online.
Granted, online banking is hardly new. During the dot-com days, intrepid onliners used various financial-software packages, including Microsoft Money and Quicken, to help automate their bills and monthly statements.
But they had to learn the software. Then they printed lots of checks anyway, because most recipients weren't set up to receive electronic payments. And banks charged fees for online transactions. The software packages helped you categorize expenses and print neat checks, but they didn't save much time or money.
Now things have changed. It is as simple as a couple of keys strokes and a click of the mouse and you can be on your way to a simplified life, more financial control and some extra money in your account.
Click here to learn more about Hawthorne’s Online Banking and BillPayer.
I started paying my bills online several years ago. Even though the cost savings was not significant enough to make a huge difference, the simplicity of the process and the time savings, made the minor learning curve well worth my effort.
The first-class postage rate is now 42 cents. If you're like most Americans, you pay 20 to 30 bills per month. So for those of you who are still "going postal," the 1-cent increase will cost you about 40 cents to 60 cents per month.
For the first time, bill payments made online exceed paper-check bill payments among online households, according to the 2007 Consumer Bill Payment Survey, just released by Harris Interactive and The Marketing Workshop. About 74% of households not pay at least one bill online.
Granted, online banking is hardly new. During the dot-com days, intrepid onliners used various financial-software packages, including Microsoft Money and Quicken, to help automate their bills and monthly statements.
But they had to learn the software. Then they printed lots of checks anyway, because most recipients weren't set up to receive electronic payments. And banks charged fees for online transactions. The software packages helped you categorize expenses and print neat checks, but they didn't save much time or money.
Now things have changed. It is as simple as a couple of keys strokes and a click of the mouse and you can be on your way to a simplified life, more financial control and some extra money in your account.
Click here to learn more about Hawthorne’s Online Banking and BillPayer.
Hawthorne participates in the American Cancer Society’s “Relay for Life”!
It is that time of year again. Time for Hawthorne Credit Union to participate in our yearly event by sponsoring the American Cancer Society’s “Relay for Life”! Relay for Life raises money to fight cancer and raise awareness of cancer in the community. The relay for life honors cancer survivors, and remembers those who have lost their lives to cancer.
The fight against cancer continues to goes on. Unfortunately, most of us have been touched by this terrible illness and on this very special night that we can all come together to continue to fight again the disease and help others.
The Hawthorne Relay for Life of 2008 is now in the planning stages at Hawthorne. This year the event will be held on July 25 (rescheduled due to bad weather), at Naperville North High School.
Relay for Life is the American Cancer Society’s nationwide signature event. This 24-hour, overnight event raises money and awareness while serving as a celebration for cancer survivors, and a memorial for loved ones lost.
One great way to help Relay for Life participants honor survivors is to make a donation of any amount to the American Cancer Society Relay for Life. If you are interested please visit one of our branches.
The American Cancer Society Relay for Life raises hundreds of millions of dollars each year in the fight against cancer. Millions of people will walk or run through the night to raise money to fight cancer. Relay for Life builds awareness of this dreaded disease and makes a difference in the lives of those affected by cancer HERE AND NOW!
Below is a poem that I thought you might like to read. It helps us increase your awareness of what the Relay for Life is all about.
"Relay For Life - Bring Hope"
Caring For Cancer
Today, we honor our survivors and remember those who we have lost.
But every day, every year, there is progress.
Yesterday’s death sentence is today’s prognosis for a full recovery.
Yesterday’s HOPE is today’s CURE!
And so to honor those battling cancer with us today, we present each survivor with a seedling that they can “grow” with.
Each day, remember how far this tree has come, and how far you have come.
Each day, remember that this tree was once a seedling, and remember how you were once at the beginning of your treatments.
Each day, remember that curing cancer has become an eventuality, not an impossibility
The fight against cancer continues to goes on. Unfortunately, most of us have been touched by this terrible illness and on this very special night that we can all come together to continue to fight again the disease and help others.
The Hawthorne Relay for Life of 2008 is now in the planning stages at Hawthorne. This year the event will be held on July 25 (rescheduled due to bad weather), at Naperville North High School.
Relay for Life is the American Cancer Society’s nationwide signature event. This 24-hour, overnight event raises money and awareness while serving as a celebration for cancer survivors, and a memorial for loved ones lost.
One great way to help Relay for Life participants honor survivors is to make a donation of any amount to the American Cancer Society Relay for Life. If you are interested please visit one of our branches.
The American Cancer Society Relay for Life raises hundreds of millions of dollars each year in the fight against cancer. Millions of people will walk or run through the night to raise money to fight cancer. Relay for Life builds awareness of this dreaded disease and makes a difference in the lives of those affected by cancer HERE AND NOW!
Below is a poem that I thought you might like to read. It helps us increase your awareness of what the Relay for Life is all about.
"Relay For Life - Bring Hope"
Caring For Cancer
Today, we honor our survivors and remember those who we have lost.
But every day, every year, there is progress.
Yesterday’s death sentence is today’s prognosis for a full recovery.
Yesterday’s HOPE is today’s CURE!
And so to honor those battling cancer with us today, we present each survivor with a seedling that they can “grow” with.
Each day, remember how far this tree has come, and how far you have come.
Each day, remember that this tree was once a seedling, and remember how you were once at the beginning of your treatments.
Each day, remember that curing cancer has become an eventuality, not an impossibility
Friday, May 16, 2008
It's Time to Ditch your Bank for a Credit Union!
Are you getting ready to ditch your bank for a credit union? It’s about time! If you're sick of getting bombarded with fees, or caught off guard by hidden fees and earning lousy interest rates then now is the time to make a change. Who said that you needed to settle for a bank? Financial relief could be as close as the nearest credit union.
Because so many people are not sure about the differences between banks and credit unions, I'll highlight the most important distinctions for you and explain how credit unions deliver increased savings and better service to their members.
Credit unions operate in many ways like banks but there are some important distinctions. For example, credit union are not-for-profit, cooperative financial institutions. These institutions are managed and directed by members and a volunteer board.
Credit unions serve a specific field of membership defined by their charters. Anyone who falls within the credit union's common bond of affiliation, location or employment can become a member.
Credit unions are not-for-profit organizations and do not make a profit for a select group of stockholders. They are democratically controlled by their members who elect a volunteer Board of Directors from among the membership.
Credit unions also specialize in educating their members to help them achieve a better financial future. Whether it's young savers, college students, first time homebuyers or retirees, credit unions educate members on the best ways to manage their financial resources.
You may be asking yourself, am I eligible to join? Almost certainly! Virtually everyone in the United States can belong to a credit union, thanks to where they live, where they work or the associations to which they belong.
The nation's credit unions count 90 million members, and our trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees. Credit-union-issued credit cards, for example, tend not to have annual fees or to charge punitive interest rates for a single late payment. Most credit unions offer free checking accounts, and penalties for overdrawing those accounts tend to be lower: a $25 or $29 fee is typical, compared with up to the $39 charged by banks.
These differences and the advantages to members of our community are why Hawthorne has joined the iBelong Campaign.
iBelong is a statewide effort by Credit unions across Illinois that are pooling their resources to spread the word about credit unions to consumers in our state. That’s because many consumers just don't know what they're missing by not belonging to a credit union. And those who already belong, may not realize that the reason they're so happy is because of the credit union difference; it’s our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. More than one hundred credit unions from across Illinois, many that compete in the same market, have pooled their funds to advertise together. This kind of cooperative spirit is rarely found in other industries.
You can check out the iBelong TV commercials. The campaign shows credit union members telling their stories of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Click here for details.
Because so many people are not sure about the differences between banks and credit unions, I'll highlight the most important distinctions for you and explain how credit unions deliver increased savings and better service to their members.
Credit unions operate in many ways like banks but there are some important distinctions. For example, credit union are not-for-profit, cooperative financial institutions. These institutions are managed and directed by members and a volunteer board.
Credit unions serve a specific field of membership defined by their charters. Anyone who falls within the credit union's common bond of affiliation, location or employment can become a member.
Credit unions are not-for-profit organizations and do not make a profit for a select group of stockholders. They are democratically controlled by their members who elect a volunteer Board of Directors from among the membership.
Credit unions also specialize in educating their members to help them achieve a better financial future. Whether it's young savers, college students, first time homebuyers or retirees, credit unions educate members on the best ways to manage their financial resources.
You may be asking yourself, am I eligible to join? Almost certainly! Virtually everyone in the United States can belong to a credit union, thanks to where they live, where they work or the associations to which they belong.
The nation's credit unions count 90 million members, and our trade association estimates members save $8 billion a year thanks to better interest rates and reduced fees. Credit-union-issued credit cards, for example, tend not to have annual fees or to charge punitive interest rates for a single late payment. Most credit unions offer free checking accounts, and penalties for overdrawing those accounts tend to be lower: a $25 or $29 fee is typical, compared with up to the $39 charged by banks.
These differences and the advantages to members of our community are why Hawthorne has joined the iBelong Campaign.
iBelong is a statewide effort by Credit unions across Illinois that are pooling their resources to spread the word about credit unions to consumers in our state. That’s because many consumers just don't know what they're missing by not belonging to a credit union. And those who already belong, may not realize that the reason they're so happy is because of the credit union difference; it’s our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. More than one hundred credit unions from across Illinois, many that compete in the same market, have pooled their funds to advertise together. This kind of cooperative spirit is rarely found in other industries.
You can check out the iBelong TV commercials. The campaign shows credit union members telling their stories of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Click here for details.
Tuesday, May 6, 2008
iBelong Hits the Airwaves!
About 30 minutes ago at 6:51 AM I heard our iBelong radio ad running on WLIT 93.9 FM, the Lite. It sounded wonderful – it was a very warm and positive message. I was so proud! Great time slot, too! I'm so happy that the credit unions of Illinois are pooling our resources to spread the word about credit unions to consumers in our state. So many consumers just don't know what they're missing by not belonging to a credit union. And others who already belong, probably don't realize that the reason they're so happy is because of the credit union difference - our not-for-profit, member owned structure that makes us really focus on the needs of our members.
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. Here we have hundreds of credit unions from across Illinois, many that compete in the same market, who have pooled their funds to advertise together. That's what I love about credit unions - we have a spirit of cooperation that is rarely found in other industries. Proof positive that we live up to our promise, I think.
Check out the TV commercials that are running for the next 3 weeks on cable stations through out the state. THe campaign shows credit union members telling their story of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Check that out at eHawthorne.org
The iBelong campaign is also a beautiful example of the credit union philosophy and spirit. Here we have hundreds of credit unions from across Illinois, many that compete in the same market, who have pooled their funds to advertise together. That's what I love about credit unions - we have a spirit of cooperation that is rarely found in other industries. Proof positive that we live up to our promise, I think.
Check out the TV commercials that are running for the next 3 weeks on cable stations through out the state. THe campaign shows credit union members telling their story of why they love their credit union. At Hawthorne, we're running a giveaway contest where you can win a $100 Visa Gift Card if you tell us your story of why you like Hawthorne. Check that out at eHawthorne.org
Wednesday, April 30, 2008
My Trip to Washington D.C.
Today I was in Washington D.C. and had the honor to represent Hawthorne Credit Union, the Credit Union National Association and 8,400 credit unions around the country at the Subcomittee Hearing on Finance and Tax of the House Committee on Small Business to tell more of the credit union story on how we serve small businesses with Hawthorne's business services.
I am very proud of the fact that Hawthorne has twice now been prominently used as a great example of how credit unions serve their membership. This is indeed a testimony to the fine work our staff does in their daily contact with our members.
I'm grateful for the support of our staff in making this happen. I would not be here without their effort. Today also happens to be my birthday. This has been a great birthday so far.
I am very proud of the fact that Hawthorne has twice now been prominently used as a great example of how credit unions serve their membership. This is indeed a testimony to the fine work our staff does in their daily contact with our members.
I'm grateful for the support of our staff in making this happen. I would not be here without their effort. Today also happens to be my birthday. This has been a great birthday so far.
Tuesday, April 15, 2008
Helping Kids Get Smart With Money
National Credit Union Youth Week April 20-26
From saving to planning and investing, Hawthorne is committed to teaching young members how to be financially successful. Join us for our special events during National Credit Union Youth Week
This year's youth week theme - "Got Green" Grow it at your Credit Union - aims to help children understand the credit union difference, explaining that as members of a not-for-profit credit union, they earn better rates on saving and loan products, pay lower fees, and receive personalized service.
In 2006, according to the Commerce Department, Americans spent everything they made, and then some, pushing the savings rate to a negative one percent, the lowest level since the Great Depression. Many parents are hoping for more for their children, which is why it's never too early for us to start talking with them about money.
In a nationwide survey released on April 9 by the Federal Reserve as part of National Financial Literacy Month, high school seniors had the worst scores so far in the six years the survey has been conducted. American teenagers answered only 48.3 percent of questions correctly about personal finance and economics.
Whatever your goals and dreams might be, at Hawthorne, we believe it's really cool to save! Since we are not-for-profit, which means we work harder to return more money back to your account, you can deposit your money into your Hawthorne Youth (Savings) Account, and your saved money 'earns' more money.
It's never too late to begin setting aside a portion of your allowance, or money made from your part-time job or lawn-mowing business and put it into a youth savings account. Start saving today!
Join us on Saturday for our FREE Kids Activity Day, click here for details.
In addition, refreshments, giveaways, coloring sheets will be available for all kids. The event is open to everyone in the community.
From saving to planning and investing, Hawthorne is committed to teaching young members how to be financially successful. Join us for our special events during National Credit Union Youth Week
This year's youth week theme - "Got Green" Grow it at your Credit Union - aims to help children understand the credit union difference, explaining that as members of a not-for-profit credit union, they earn better rates on saving and loan products, pay lower fees, and receive personalized service.
In 2006, according to the Commerce Department, Americans spent everything they made, and then some, pushing the savings rate to a negative one percent, the lowest level since the Great Depression. Many parents are hoping for more for their children, which is why it's never too early for us to start talking with them about money.
In a nationwide survey released on April 9 by the Federal Reserve as part of National Financial Literacy Month, high school seniors had the worst scores so far in the six years the survey has been conducted. American teenagers answered only 48.3 percent of questions correctly about personal finance and economics.
Whatever your goals and dreams might be, at Hawthorne, we believe it's really cool to save! Since we are not-for-profit, which means we work harder to return more money back to your account, you can deposit your money into your Hawthorne Youth (Savings) Account, and your saved money 'earns' more money.
It's never too late to begin setting aside a portion of your allowance, or money made from your part-time job or lawn-mowing business and put it into a youth savings account. Start saving today!
Join us on Saturday for our FREE Kids Activity Day, click here for details.
In addition, refreshments, giveaways, coloring sheets will be available for all kids. The event is open to everyone in the community.
Monday, March 31, 2008
Did you participate in Earth Hour?
Did you turn off your lights for Earth Hour? For one hour on Saturday, the World Wildlife Fund asked people around the world to reduce their electricity use. At home my husband and I unplugged and turned off everything we could, including my scanner in my home office, which I didn't even know was on. It really made me aware of how much incidental electricity I use every day. It was really easy to participate, too.
Cities around the world, including Chicago, participted and turned off the lights on major landmarks and tall buildings.
And it appears that it made a difference. I read on thedailygreen.com that local utility Comm Ed reported that Chicago saved an estimated 420 tons of carbon dioxide by turning off the lights.
Next year, I'm hoping to get the credit union involved in Earth Hour in some way. We are closed on Saturday evenings, so we are already powered down for the most part at that time. However, perhaps we can celebrate Earth Hour a little earlier on Saturday - before closing time? Of course, we have to consider security so we'll have to plan carefully, but there must be something we can do even if it's a small step. Let us know if you have any suggestions!
Meanwhile, it's great to see the conversation that the WWF started. Here's looking foward to next year.
Cities around the world, including Chicago, participted and turned off the lights on major landmarks and tall buildings.
And it appears that it made a difference. I read on thedailygreen.com that local utility Comm Ed reported that Chicago saved an estimated 420 tons of carbon dioxide by turning off the lights.
Next year, I'm hoping to get the credit union involved in Earth Hour in some way. We are closed on Saturday evenings, so we are already powered down for the most part at that time. However, perhaps we can celebrate Earth Hour a little earlier on Saturday - before closing time? Of course, we have to consider security so we'll have to plan carefully, but there must be something we can do even if it's a small step. Let us know if you have any suggestions!
Meanwhile, it's great to see the conversation that the WWF started. Here's looking foward to next year.
Friday, March 21, 2008
What Does Your Credit Report Say about You?
There are few of us who have not experienced some really stressful financial times throughout our lives. The excessive credit card spending, medical bills or the loss of a job has put many of us in difficult financial situations.
Many times we are able are able to overcome these situations and recover from the financial problems that we find ourselves in. But there are also times for some of us that we are so far in debt that we cannot seem to get a head. The inability to pay our bills in timely manner has eventually left a mark on our credit score.
Put simply, a credit report is our financial report card – the history of our debt and spending and our track record when it comes to making on time payments. Lenders look at our credit report to determine if we are credit worthy and should be given a loan and at what interest rate that loan can be given at. Over the long run a good credit score can save you thousands. Do you know your score?
Our credit report is held by the three largest credit bureaus – Experian, TransUnion, and Equifax; all three gather information regarding our financial health including amount of debt that we hold, any history of late payments, and any incidence of loan default. These factors together account for our credit score – a numerical value that is attached to our credit standing and is pivotal in our financial success.
A few years ago I started getting my yearly free credit report to help protect myself from identity theft and to keep an eye on my credit score. Annually checking the information on my credit report helps me manage any inaccuracies or changes to the information, and also lets me know of any suspicious activity. As an Illinois resident, you are entitled to one free copy of your credit report per year from the three credit reporting agencies. Click here for more information.
Knowing as we do that our credit score plays such a significant role in our lives we should all take the time to understand our credit and how our credit score is established. On Saturday, April 5th, Hawthorne is having a FREE credit reporting seminar at our Bolingbrook Brach from 10 am to 11 am. Click here for details.
Many times we are able are able to overcome these situations and recover from the financial problems that we find ourselves in. But there are also times for some of us that we are so far in debt that we cannot seem to get a head. The inability to pay our bills in timely manner has eventually left a mark on our credit score.
Put simply, a credit report is our financial report card – the history of our debt and spending and our track record when it comes to making on time payments. Lenders look at our credit report to determine if we are credit worthy and should be given a loan and at what interest rate that loan can be given at. Over the long run a good credit score can save you thousands. Do you know your score?
Our credit report is held by the three largest credit bureaus – Experian, TransUnion, and Equifax; all three gather information regarding our financial health including amount of debt that we hold, any history of late payments, and any incidence of loan default. These factors together account for our credit score – a numerical value that is attached to our credit standing and is pivotal in our financial success.
A few years ago I started getting my yearly free credit report to help protect myself from identity theft and to keep an eye on my credit score. Annually checking the information on my credit report helps me manage any inaccuracies or changes to the information, and also lets me know of any suspicious activity. As an Illinois resident, you are entitled to one free copy of your credit report per year from the three credit reporting agencies. Click here for more information.
Knowing as we do that our credit score plays such a significant role in our lives we should all take the time to understand our credit and how our credit score is established. On Saturday, April 5th, Hawthorne is having a FREE credit reporting seminar at our Bolingbrook Brach from 10 am to 11 am. Click here for details.
Wednesday, February 13, 2008
What will you do with your tax rebate check?
President Bush has now signed the multibillion-dollar economic rescue package that will mean $300 to $1,200 rebates for many American households, depending on their tax bracket and claimed dependents.
While the refunds will probably not arrive for a few months, the unexpected check from Uncle Sam could be your ticket to jumpstart your savings or pay down your debt.
What will I do with my rebate check? Already the wheels in my mind are turning – that’s a nice chunk of change. And it’s my civic duty to spend it, right? Maybe, but look at it another way – if you use it to reduce your debt it could help the economy in the long run better. With less financial burden on each individual we’ll be freed up to make bigger spending plans in the future. For example, the $200 credit card payment I might eliminate can be put into a savings account and spent later on a family vacation or a down payment on a new hybrid vehicle.
An Associated Press poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.
Consider using the unexpected income to pay off debt or increase your savings. Click here to learn the best way to handle a financial windfall, and visit www.FeedthePig.org for more money-saving tips.
While the refunds will probably not arrive for a few months, the unexpected check from Uncle Sam could be your ticket to jumpstart your savings or pay down your debt.
What will I do with my rebate check? Already the wheels in my mind are turning – that’s a nice chunk of change. And it’s my civic duty to spend it, right? Maybe, but look at it another way – if you use it to reduce your debt it could help the economy in the long run better. With less financial burden on each individual we’ll be freed up to make bigger spending plans in the future. For example, the $200 credit card payment I might eliminate can be put into a savings account and spent later on a family vacation or a down payment on a new hybrid vehicle.
An Associated Press poll found that only 19 percent of those surveyed said they planned to spend their rebate checks. Forty-five percent said they would pay bills, while 32 percent said they planned to invest the money.
Consider using the unexpected income to pay off debt or increase your savings. Click here to learn the best way to handle a financial windfall, and visit www.FeedthePig.org for more money-saving tips.
Thursday, February 7, 2008
IRS Warns of Rebate Scams to Steal Personal Information
I am sure that most of you are patiently waiting for a decision to be made on the economy stimulus package. The refunds could vary from three to twelve hundred dollars depending on your income level and how many dependents you have.
But, believe it or not this tax rebate has encouraged identity thieves to make more attempts at obtaining your personal information. The IRS is now warning everyone to beware of rebate scams to steal your personal information.
WASHINGTON (AP) -- Even before Congress passes an economic stimulus package, identity thieves are using promises of tax rebates to trick people into revealing financial and personal data, the Internal Revenue Service warned Wednesday.
Under one scheme, the IRS said, people are receiving phone calls telling them they can only receive a rebate if they provide bank account information for a direct deposit.
The tax agency stressed that it does not collect information by telephone and that no legislation has been enacted that would allow it to provide advance payments to taxpayers or that specifies the details of those payments.
The House last week, as part of an economic stimulus package, approved tax rebates of $600 and $1,200 respectively for most individuals and couples, with another $300 per child. The Senate is now considering a slightly different version.
The IRS also repeated past warnings of e-mails, supposedly coming from the agency, where people are asked to enter personal information on a form needed to obtain a tax refund.
A new scam, it said, involves an e-mail notification that a person's tax return will be audited with instructions to click on links to complete forms with personal and account information.
Businesses and accountants are also getting e-mails with instructions to download information on tax law changes. Clicking on these links could download "malware" onto the recipient's computer that gives the scammer remote access to the computer hard drive.
In another telephone scam, a caller claims to be an IRS employee who says the taxpayer has not cashed a refund check and asks the person to verify his or her bank account number.
On Tuesday, at a Senate Finance Committee confirmation hearing for Douglas Shulman, the nominee to be IRS commissioner, Sen. Charles Schumer, D-N.Y., expressed concern that taxpayers would be victimized by tax preparers and lenders who charge high interest rates for short-term advances on their stimulus rebates.
The IRS advised people not to click on any link from an e-mail purporting to come from the tax agency. People receiving questionable e-mails can contact the IRS through phishing@irs.gov.
By Jim Abrams, Associated Press Writer
But, believe it or not this tax rebate has encouraged identity thieves to make more attempts at obtaining your personal information. The IRS is now warning everyone to beware of rebate scams to steal your personal information.
WASHINGTON (AP) -- Even before Congress passes an economic stimulus package, identity thieves are using promises of tax rebates to trick people into revealing financial and personal data, the Internal Revenue Service warned Wednesday.
Under one scheme, the IRS said, people are receiving phone calls telling them they can only receive a rebate if they provide bank account information for a direct deposit.
The tax agency stressed that it does not collect information by telephone and that no legislation has been enacted that would allow it to provide advance payments to taxpayers or that specifies the details of those payments.
The House last week, as part of an economic stimulus package, approved tax rebates of $600 and $1,200 respectively for most individuals and couples, with another $300 per child. The Senate is now considering a slightly different version.
The IRS also repeated past warnings of e-mails, supposedly coming from the agency, where people are asked to enter personal information on a form needed to obtain a tax refund.
A new scam, it said, involves an e-mail notification that a person's tax return will be audited with instructions to click on links to complete forms with personal and account information.
Businesses and accountants are also getting e-mails with instructions to download information on tax law changes. Clicking on these links could download "malware" onto the recipient's computer that gives the scammer remote access to the computer hard drive.
In another telephone scam, a caller claims to be an IRS employee who says the taxpayer has not cashed a refund check and asks the person to verify his or her bank account number.
On Tuesday, at a Senate Finance Committee confirmation hearing for Douglas Shulman, the nominee to be IRS commissioner, Sen. Charles Schumer, D-N.Y., expressed concern that taxpayers would be victimized by tax preparers and lenders who charge high interest rates for short-term advances on their stimulus rebates.
The IRS advised people not to click on any link from an e-mail purporting to come from the tax agency. People receiving questionable e-mails can contact the IRS through phishing@irs.gov.
By Jim Abrams, Associated Press Writer
Monday, January 28, 2008
Illinois partners with Pennsylvania ‘iBelong’ campaign
Hawthorne Credit Union is a member-owned, not-for-profit, financial cooperative serving the financial needs of our members.
As a cooperative organization, Hawthorne exist solely to meet our members’ financial needs, not to make a profit off of them. In fact, after expenses are paid and reserves are set aside, credit unions return their "profits" to members in the form of lower loans rates, higher savings rates, and free. On the other hand, for-profit financial institutions primarily exist to generate profits for a relatively small group of stockholders at the expense of their customers.
The Illinois Credit Union League (ICUL) will partner with the Pennsylvania Credit Union Association's (PCUA) "iBelong" media campaign to increase credit union awareness in Illinois.
The Illinois Statewide Image Awareness Task Force has met since last year to develop a program to increase credit union awareness among Illinois consumers. After reviewing several state campaigns, the task force chose iBelong.
"Pennsylvania developed a top notch campaign that we believe will play well here in Illinois," said ICUL Chairman Carl Sorgatz. "Between the research and all the elements that have been created, we feel this is an initiative our credit unions will get excited about and support."
The task force hopes to eliminate misconceptions about credit unions; increase consumer interest in doing business with credit unions; enhance credit union image among lawmakers; and complement and lay the foundation for individual credit union marketing.
"We can begin to change the way Illinois consumers think about credit unions," said John Bratsakis, ICUL vice chairman and task force chairman.
As a cooperative organization, Hawthorne exist solely to meet our members’ financial needs, not to make a profit off of them. In fact, after expenses are paid and reserves are set aside, credit unions return their "profits" to members in the form of lower loans rates, higher savings rates, and free. On the other hand, for-profit financial institutions primarily exist to generate profits for a relatively small group of stockholders at the expense of their customers.
The Illinois Credit Union League (ICUL) will partner with the Pennsylvania Credit Union Association's (PCUA) "iBelong" media campaign to increase credit union awareness in Illinois.
The Illinois Statewide Image Awareness Task Force has met since last year to develop a program to increase credit union awareness among Illinois consumers. After reviewing several state campaigns, the task force chose iBelong.
"Pennsylvania developed a top notch campaign that we believe will play well here in Illinois," said ICUL Chairman Carl Sorgatz. "Between the research and all the elements that have been created, we feel this is an initiative our credit unions will get excited about and support."
The task force hopes to eliminate misconceptions about credit unions; increase consumer interest in doing business with credit unions; enhance credit union image among lawmakers; and complement and lay the foundation for individual credit union marketing.
"We can begin to change the way Illinois consumers think about credit unions," said John Bratsakis, ICUL vice chairman and task force chairman.
Monday, January 14, 2008
Shredding: What to shred, what to keep
Hawthorne's Shred It Days get rolling again in a couple weeks - on Sat. Feb 2, we'll hold our first of 8 Shred It Days this year. They'll be held the first Saturday of every month (except July, when we're cooking up a special event, to be announced later.) For a full list of our events this year, visit eHawthorne.org. You can bring up to 3 boxes of materials to shred - don't forget your old credit cards - they can be shredded too!
Many members have asked us how to decide how long they should keep documents and what to keep and what to shred. Here's a guideline from the Consumer Reports Money Adviser, January issue and the Credit Union National Association (cuna.org):
Many members have asked us how to decide how long they should keep documents and what to keep and what to shred. Here's a guideline from the Consumer Reports Money Adviser, January issue and the Credit Union National Association (cuna.org):
YONKERS, N.Y. (1/8/08)—If getting rid of clutter and unnecessary paperwork
is tops on your list of things to do this month, make sure you know what you
can--and can't--shred, and when it's safe to do it (Consumer Reports Money
Adviser January).
Bills. Keep receipts for large purchases, and shred the rest after payment clears your credit union, and after the return or refund period expires.
Credit card receipts. Keep them for one year in case you need to return defective goods, then shred them.
Credit card statements. If they contain tax-related expenses, keep the statements for seven years in case you're audited by the Internal Revenue Service. Otherwise, keep them for one year and then shred them.
Credit union monthly statements. Keep monthly statements that contain tax-related expenses for seven years. Otherwise, keep them for one year and then shred them.
Investment account statements. Keep year-end statements for seven years, but you can shred monthly or quarterly statements as new ones arrive.
Retirement statements. Keep year-end statements for your 401(k), individual retirement accounts (IRAs), and Keogh plans until you retire or close the account, and keep Form 8606 if you've made nondeductible IRA contributions. Shred quarterly statements after you receive your annual summary and verify that everything is correct.
Pay check stubs. Shred the stubs after you receive your annual W-2 and verify that the information is accurate. Keep the last paycheck stub of the year.
Tax records. Keep a copy of all 1040 tax forms permanently. Remember: The IRS has three years to audit your return, but if you underreport your gross income by 25% or more, the IRS has six years to challenge it. And if you file a fraudulent
return or don't file one at all, the IRS can go after you at any time.
One final tip: Cut down on the amount of paper that flows into your home. Register with the Direct Marketing Association at the-dma.org, and opt out of preapproved credit card applications at optoutprescreen.com; you'll see a dramatic decrease in the number of preapproved credit card offers and other direct mail pieces that fill your mailbox.Also, sign up for estatements! That reduced the number of monthly statements you'll need to shred!
Wednesday, January 2, 2008
New Year’s Resolutions that can help
Your wallet might be looking a little empty after the holiday season and I know that some of you are probably a little stressed about the balance in your bank account. Don’t be afraid to admit if you’re avoiding the mailbox because you know that pretty soon that big credit card statement will arrive.
My holiday shopping this year was a little less painful than usual because of my trusted Hawthorne Christmas Savings Account. I emptied it out already to help cover the bills that have already arrived, but on New Years Day I started getting an early start on my 2008 holiday shopping by depositing $50 into the account.
My Christmas club account is a savings account at Hawthorne that I can deposit money in to throughout year to effortlessly build up a nice gift fund. In November the money automatically gets deposited in to my savings account and I can go shopping without having to worry about paying for everything.
The holidays at my house are usually very stressful with too much going on and out-of-town house guests. However, each year I am trying to find new ways to alleviate some of the tension.
How, you might ask?
You can reward yourself financially by making some of your New Year's resolutions geared toward handling your finances or debt better. You can do it, trust me. This year one of my resolutions is to work on better organization and management of our finances.
Here's a list of seven strategies taken from the Consumer Credit Counseling Service that may help you. Good luck and Happy New Year!
1. Balance your checkbook each time you receive a paycheck so you don't spend more than the amount you make.
2. Have a filing cabinet or a secured box, handy? Well, you will need one to store financial statements. Make separate files for bank statements, tax documents, credit card bills, medical information, mortgage statements and other important records.
3. Create a monthly budget to determine your monthly income and recurring expenses. Focus on items such as rent or mortgage payments, utility bills, food, transportation costs, tuition savings, entertainment and personal grooming.
4. Ok, so once you've set up the budget; prioritize the expenses and spending based on your needs and wants. If you have any funds left after the monthly expenses are paid, split them between paying down your debt, for instance pay high-interest credit card bills and loans, and stash the money away in savings.
5. Create a varied savings plan. Make regular deposits in an interest-bearing account and don't pass up your employee-sponsored benefits like retirement and flexible spending accounts.
6. Stay aware of debt trouble. Problems can occur when you start falling behind on bills like mortgage, rent, or utilities or start using credit to buy items that you should buy with cash.
7. If situations like these occur, don't suffer in silence. Call your creditor and let them know you are having problems. It's possible that you just may be able to reach an agreement with your next payment or negotiate a lower interest rate.
You may also want to consider a Debt Management Program. If you have over $5,000 in debt then a debt management program may be for you. Hawthorne’s Balance Financial Fitness debt management program can help.
My holiday shopping this year was a little less painful than usual because of my trusted Hawthorne Christmas Savings Account. I emptied it out already to help cover the bills that have already arrived, but on New Years Day I started getting an early start on my 2008 holiday shopping by depositing $50 into the account.
My Christmas club account is a savings account at Hawthorne that I can deposit money in to throughout year to effortlessly build up a nice gift fund. In November the money automatically gets deposited in to my savings account and I can go shopping without having to worry about paying for everything.
The holidays at my house are usually very stressful with too much going on and out-of-town house guests. However, each year I am trying to find new ways to alleviate some of the tension.
How, you might ask?
You can reward yourself financially by making some of your New Year's resolutions geared toward handling your finances or debt better. You can do it, trust me. This year one of my resolutions is to work on better organization and management of our finances.
Here's a list of seven strategies taken from the Consumer Credit Counseling Service that may help you. Good luck and Happy New Year!
1. Balance your checkbook each time you receive a paycheck so you don't spend more than the amount you make.
2. Have a filing cabinet or a secured box, handy? Well, you will need one to store financial statements. Make separate files for bank statements, tax documents, credit card bills, medical information, mortgage statements and other important records.
3. Create a monthly budget to determine your monthly income and recurring expenses. Focus on items such as rent or mortgage payments, utility bills, food, transportation costs, tuition savings, entertainment and personal grooming.
4. Ok, so once you've set up the budget; prioritize the expenses and spending based on your needs and wants. If you have any funds left after the monthly expenses are paid, split them between paying down your debt, for instance pay high-interest credit card bills and loans, and stash the money away in savings.
5. Create a varied savings plan. Make regular deposits in an interest-bearing account and don't pass up your employee-sponsored benefits like retirement and flexible spending accounts.
6. Stay aware of debt trouble. Problems can occur when you start falling behind on bills like mortgage, rent, or utilities or start using credit to buy items that you should buy with cash.
7. If situations like these occur, don't suffer in silence. Call your creditor and let them know you are having problems. It's possible that you just may be able to reach an agreement with your next payment or negotiate a lower interest rate.
You may also want to consider a Debt Management Program. If you have over $5,000 in debt then a debt management program may be for you. Hawthorne’s Balance Financial Fitness debt management program can help.
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