August 2019 Newsletter
For many, going to college is the first taste of independence and increased financial responsibilities. Here are a few suggestions to help college students begin building their financial health.
Creating and adhering to a budget (spending less than what you bring in each month) helps develop good spending and saving habits. Know what your monthly expenses are (rent, food, gas, etc.) and how you’ll pay for them. This article on budgeting is filled with great ways to get started.
Building Credit with Plastic
Establishing sensible credit card habits now can help build good credit, which in turn will help you in the future with things like renting an apartment, buying a car, or even purchasing a home. Though it’s incredibly easy to pay for things, don’t let spending get out of control. Create common sense rules for credit card usage and stick to them, and always make monthly payments on time.
Protect Your Identity
Identity theft can happen long before you even notice. It is crucial to protect your finances and personal information to prevent the laborious process of repairing your credit and identity.
• Create online accounts for any financial products you have (when possible), and check on them frequently for fraudulent activity. Call the financial institution immediately if you notice anything unusual.
• Avoid giving out personal information when possible, especially on public computers or networks.
• Keep your Social Security card somewhere safe, such as a lock box or at your parents’ house.
• Sign up for credit monitoring, which gives you visibility of your credit score and information on credit reports. Immediately report any new accounts or abnormalities that you didn’t initiate or approve.
Easy Ways to Save
You can take advantage of student discounts, rent or buy used textbooks, and ride a bike or public transportation to eliminate the cost of driving a car. In fact, there are numerous ways to save that you should consider.
Bellco offers a variety of checking accounts and credit cards perfectly suited for students, with competitive rates. We can also help you with your savings goals. Speak with a Bellco representative at any Bellco branch or call 1-800-BELLCO-1 to learn more.
By Blue Ribbon Home Warranty, Inc
Has this happened to you—your refrigerator shuts down just when you stocked it full of groceries or your oven stops working just before you host a holiday meal? What many people don't realize is that these and other major appliance malfunctions can be reduced with a little DIY maintenance. Here are a few tips that can help prolong their life.
• Clean coils 1–2 times per year (which stops the buildup of dust and pet hair) by removing the guard on the bottom front of the unit and vacuuming.
• Change the water filter per manufacture recommendation. They’re fairly easy to locate and it only takes a simple twist to remove and replace.
• Clean your oven often and verify the door has a tight seal, which can help with stove-heating effectiveness and kitchen smells.
• Clean the range hood filter. Most are metal and can be placed in the dishwasher or hand washed in soapy water.
• Clean it by using an ice cube and vinegar mixture. Disposals don’t have blades to sharpen, so cleaning helps keep them functioning properly. Run with cold water for 10 seconds.
• Use cold water with citrus peels to combat smells. Also, make sure and clean the backside of the splashguard with a toothbrush and soapy water to eliminate gunk buildup.
• Clean the dryer exhaust vent, because clogged or dirty vents can reduce efficiency and are considered a fire hazard. Make sure the full length of vent is cleared.
• Inspect washer supply hoses, replace every 3–5 years. Consider a steel braided hose for a lower failure rate.
All major appliances and mechanical systems in the home need regular maintenance to keep them running well and to extend their life. If you are having any concerns or questions regarding these appliances or systems, Blue Ribbon has great local, licensed, and insured professionals that we recommend.
In addition, Bellco members can contact Blue Ribbon to receive a 5% discount by calling 303-986-3900 or by visiting BlueRibbonHomeWarranty.com/Bellco.
By CUSO Financial Services, L.P. (CFS)*
It’s never too soon or too late to start saving for retirement, and for a limited time, CFS* will give you a $100 cash incentive† when you roll over an existing IRA, 403(b) or 401(k) of $25,000 or greater.
A 401(k) rollover can:
• Provide a wide range of investment choices.
• Enable you to take control of your retirement plan.
• Allow you to move your retirement savings without any tax consequences out of your retirement plan.
• Continue to keep your savings invested, tax-deferred, and without early withdrawal penalties.
• Give you flexibility in your investment options.
The CFS* Financial Advisors located at designated Bellco Credit Union branches can help:
• Customize plans for your specific needs.
• Allocate, diversify, and manage your assets.
• Create flexible income solutions.
But don’t delay. This $100 cash incentive is only available through December 31, 2019. To schedule a personalized complimentary appointment, call 303-728-3443, email email@example.com, or stop by any Bellco branch.
†$100 cash incentive will be provided to all Bellco members who roll over their IRA, 401(k), or 403(b) with CFS. Limit of one $100 cash incentive per member. Offer valid through December 31, 2019. Bellco members must schedule an appointment with CFS by December 31, 2019 to receive this offer. Must be 18 or older to participate. CFS reserves the right to provide a rain check or a substitute of equal or greater value. Funds will be deposited into member’s checking, savings, or membership account within 60 days after account is opened. Please speak to a Bellco representative for additional information about applicable fees and terms related to the IRA accounts.
Before deciding whether to retain assets in an employer-sponsored plan or roll over to an IRA, an investor should consider various factors including, but not limited to, investment options, fees and expenses, services, withdrawal penalties, protection from creditors and legal judgments, required minimum distributions, and possession of employer stock.
*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. Bellco Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
CUSO Financial Services, L.P. (CFS), does not provide tax or legal advice. For such guidance, please consult your tax and/or legal advisor.
In August, Bellco will collect donations for Access Gallery, an inclusive nonprofit organization that engages the community by opening doors to creative, educational, and economic opportunities for people with disabilities so they can successfully access, experience, and benefit from the arts.
For ways you can donate to this worthwhile cause, visit Bellco’s Charity of the Month page. To learn more about Access Gallery, you can visit them online at accessgallery.org.