Managing finances for a first-time college student can be a tricky task.
Nicole Cypers with America First Credit Union shares how they can make finances easier.
For more information, visit www.americafirst.com.
Health savings accounts (HSAs) are dividend-earning accounts specifically designated to pay the costs of managing your healthcare. If you’re generally healthy and don’t need to visit the doctor very often, an HSA is a great way to limit your upfront expenses and save some money in the long run.
HSA vs. PPO
Many people have preferred provider organization (PPO) coverage because that’s the most traditional way. With a PPO, you are billed larger premiums by an insurance company whether you use the program or not.
Health savings accounts are relatively new and this unfamiliarity makes some people hesitant about them. However, they offer more control when it comes to health expenditures. Plus, the funds in your account are tax-deductible—or you can set up pre-tax contributions with your employer—and the dividends you accrue are also tax-free.
How do I open one?
To qualify, you must have a high-deductible health plan (HDHP). This may seem intimidating, but if you don’t normally spend a lot of money on medical care anyway, you’ll benefit from the lower premiums. After that, opening an HSA with America First is as easy as getting a regular savings account.
How do I utilize it?
Once it’s open, you’re responsible for the funding and making sure the money is used correctly. You’ll receive a debit card to pay for qualified medical expenses, which includes everything from doctor’s visits, eye exams and dental work, to insulin, wheelchairs and guide dogs. You’ll additionally need to track all your expenses and keep the receipts in case you’re ever audited.
Ownership
Unlike PPOs and flexible spending accounts, the money you put into an HSA is yours to keep. If you quit your job, retire or otherwise lose your HDHP coverage, you can still spend these funds on eligible medical costs. And, when you turn 65, you can do what you want with the account balance, which means it can eventually become part of your retirement fund.
America First health savings accounts come with no fees and no minimum-balance requirements. We also offer custom products to fit your needs, such as HSA checking and certificate options. You’ll get 24/7 access with free online & mobile banking, and, as always, you’ll benefit from the assistance and expertise of our member service team. Contact your employer or insurance provider today to see if they offer HSA-qualified high deductible plans.
According to the National Center for Education Statistics, the average annual cost of college tuition, fees, room & board is between $16,000 and $42,000. If those numbers make your head spin, you’re not alone. Whether you’re trying to pay for college yourself, or you’re looking to fund your child’s education, here are some resources that can help ease the financial burden.
Scholarships
Thankfully, there are ways to make a university education more affordable. Some scholarships will cover your entire tuition, as well as books & housing, whereas others will only award you a few hundred dollars. Keep an eye on the deadlines and apply for as many as possible, because you can get more than one.
Academic and athletic scholarships are probably the most common, but you can also gain funds based on your ethnic background, hobbies, military service, or an essay you wrote. They can also be unusual, such as the TCI Scholarship Award given to students above a certain height, and the Chick and Sophie Major Memorial Duck Calling Contest, which has awarded more than $73,000 in scholarships since it began in 1974.
Contact the school’s financial aid office to discuss what’s available and how to apply. You can also find options online, but beware of scammers who will ask you to pay for consideration or ask for too much personal information.
Grants
Federal and state grants are financial aid distributed by the government. They’re available for almost anyone in need and generally do not need to be repaid. There are four federal types:
- Pell Grants – awarded to undergraduates in financial need
- Federal Supplemental Educational Opportunity Grants (FSEOG) – created for undergraduate students having exceptional financial need
- Teacher Education Assistance for College and Higher Education (TEACH) – given to students who intend to teach at schools with low-income families
- Iraq and Afghanistan Service Grants – for students whose parents or guardians died during military service
Apply at https://fafsa.ed.gov/ to see what assistance you qualify to receive.
Coverdell Education Savings
America First offers Coverdell education accounts, which are savings accounts specifically designated for your kids’ education. You can deposit up to $2,000 per year and automatic transfers make setting aside the money easy. Even $10 monthly will quickly add up and make a difference in your child’s future.
Get involved
It pays to get involved with school organization and activities. Many student government officers receive tuition discounts. You can also qualify for stipends at many universities by creating college clubs. Additionally, on-campus jobs will sometimes include a tuition portion in addition to a paycheck.
No matter what you decide to study, higher education is costly. However, it doesn’t have to mean financial ruin. By saving money, applying for scholarships & grants, and getting involved on campus, you’ll find that paying for college can more affordable.
When you ride your bike instead of driving to work, school or the store, you gain a lot of benefits. Biking is both aerobic and anaerobic exercise, improves cardiovascular fitness, strengthens bones and prevents disease. Bike riding is also good for the environment as pollution-free transportation–and it’s great for your wallet.
According to AAA, the average yearly cost for owning and operating a personal vehicle is $8,558, approximately 15% of the median household income. This equates to over $700 a month or 57 cents per mile. And while regularly riding a bicycle won’t cut out all auto-related expenses, it can significantly decrease the amount you spend annually on your car or truck.
Less gasoline
First and foremost, you’ll save on fuel. Gasoline’s average cost has decreased significantly in the last five years (from $3.87 per gallon to $2.34 a gallon), but it’s still more expensive than a breakfast smoothie or granola bar—the fuel of a cyclist. And when gas prices start to rise again, which they probably will, you won’t have as much anxiety.
Less maintenance
It costs a lot less to maintain a bike than a car. By not driving as often, you’ll decreased maintenance expenses, which average almost $800 annually. You won’t have to change your oil as frequently or replace your tires as quickly. Plus, with less wear and tear on your vehicle, it will be on the road longer.
Other advantages
Some companies will reimburse employees who bike to work $20 per month, tax-free, because of the Bicycle Commuter Act. This is intended to cover related expenses, such as accessories, repairs, improvements & storage. Check with your employer to see if it’s offered. Additionally, select insurance companies will lower your premiums if they learn you’re no longer driving to work each day.
Finally, there are incidentals such as parking. Most bike racks are free of charge and, as an added perk, are usually close to the building. Plus, you won’t pay as much for the gym. After all, when you ride your bike, you’re getting plenty of exercise. And all that physical activity can mean less trips to the doctor.
As you can see, there are many benefits to commuting via bicycle. Besides becoming healthier and environmentally friendly, you’ll also be spending less on fuel, maintenance and insurance. In fact, when you ride your bike regularly, the only thing you may miss is the morning traffic.
Creating a new product or service is exciting. And one of the primary reasons for this is that you’re eager to produce sales and get it on the market. So getting trademark protection certainly makes, but watch out for mailings & information that looks official but is really just a scam to get your money.
The U.S. Patent and Trademark Office and Federal Trade Commission are alerting consumers that there are companies pretending to be these government agencies or their partners—and they’re tricking people into paying them fees.
Such enterprises send patent & trademark holders solicitations that offer to do things like renew registrations, provide monitoring services, record marks with government agencies, or list them on a private registry. In almost all cases, what’s offered is overpriced, unnecessary, or outright fraud.
The names and emblems these imposters use on their forms help them seem like they’re connected with the U.S. government. Some have paid them hundreds or even thousands, mistakenly thinking they were responsible for legitimate registration & maintenance costs.
Read any notice about your patent or trademark carefully. Official mail comes from the United States Patent & Trademark Office in Alexandria, Virginia. If you get an authentic email, the domain will be @uspto.gov. And if you’ve experienced this or other scams, file a report here.
If you’re heading abroad, whether it’s for business or it’s finally time for that dream vacation, we provide foreign currency exchange services to help you make the most of your journey.
America First offers low fees, competitive rates, overnight delivery & more. Some details are:
- $5,000 per-transaction limit
- Purchases by cash or collected account funds only
- Two-day pickups requested (orders are returned after five days)
- $10 per transaction (buying or selling)
- Additional $10 for orders under $300 U.S.
- $15 for FedEx Priority Express (available by noon the next business day)
It’s available at select branches—click here to find one near you.
The RV you’ve always dreamed of owning can become a reality with a low-rate loan from America First.
We offer:
- 12-year fixed terms
- 20-year balloon payments
- Flexible options, unmatched service & more
Choose your credit union for the freedom to finance your getaways.
Apply today.
By Rex Rollo, Executive Vice President/Chief Financial Officer
I recently had the pleasure of appearing on a KSL Newsradio program to provide commentary regarding our financial environment and how it affects us. We discussed an article in a major publication that indicated the average American had increased his or her checking account balance by $2,000 over the last few years.
The host asked if I thought this was an indication of consumers across the country improving their financial health, and if the same were true for America First members. Although I could only speak in general terms about conditions nationally, I did verify that our membership has been taking steps to enhance their finances. Not only are checking account balances rising, we have also seen double-digit growth in a variety of our savings vehicles.
The America First mission statement relates that we are committed to providing superior services to the members/owners and that our chief concern is their financial well-being. Therefore, we work to ensure the financial health of our members because it guarantees the well-being of the credit union.
Through the first six months of 2017, there have been clear indications of our health and strength, including members and loans both demonstrating gains in the double digits. Our ever-increasing membership—now totaling more than 891,000—generates the necessary resources to provide services and deliver them in the manner members choose. Whether it’s through our expanding branch network, call centers, or free online & mobile banking, your credit union is always there to assist, how and when it’s most convenient for you. Additionally, our dedication to innovation and technology allows us to complete millions of transactions without compromising the security of your information.
I am happy to report that the financial health of America First is strong and continues to improve. Our assets have reached $8.9 billion—over a billion more than we held at the same time last year. Reserves are at their highest levels in years. More and more members are enjoying 24/7 access to their accounts and information via our mobile app. But the most important measurement I am proud to provide is the advancement in the financial health of our members. After all, you are the true capital of America First Credit Union.
Preventing fraud is sometimes as easy as keeping an eye on your money. Regular account monitoring can help protect your identity and keep your hard-earned funds safe. Many credit unions, banks and credit card companies will send a monthly statement, which you should always look over, but being proactive in your financial surveillance will give you an extra layer of protection.
Logging in
Online banking gives you anytime, anywhere access and that means you don’t have to wait for a statement. Some people make logging in and going through account activity part of their morning routine. As you check in, you’ll see pending charges, when checks clear, when deposits are made, and more. Also, looking at your account daily facilitates better budgeting.
The main things to watch for when monitoring your account are unexpected ATM withdrawals, unusual point-of-sale purchases and other unauthorized transactions on your Visa® cards. America First also offers free check images so you can verify that there haven’t been any alterations to cleared checks. Moreover, if you authorize specific withdrawals, such as those from a utility company, make sure the names and amounts match your expectations.
Setting up alerts
America First offers free account alerts that will trigger emails when specific actions occur. You choose what kind to get and when they’re sent. These could include notifications about withdrawals over a certain amount, when you’re approaching your credit limit, or when your paychecks arrive. Enabling and customizing alerts will allow you to stay on top of your finances.
Downloading more benefits
Card Guard® from America First is a free mobile app that gives you complete control of your Visa and ATM cards. For example, you can use it to disable your debit card outside your current geographic location or specify that your Visa credit card can only be used at restaurants. Or, you prohibit any ATM withdrawals. Card Guard® can also send instant notifications to your mobile device whenever your card is used. Plus, if you lose your card, you can immediately disable it.
Regardless of how you’re monitoring, if you notice any unauthorized purchases or suspect any fraudulent activity, notify us immediately. America First members will generally not be held liable for fraud when it’s reported in a timely manner. But being vigilant is always part of a good defense.
He’s very skilled at restoring old bicycles but it’s how he uses that talent to serve others that captured our attention.