The FOX5 Surprise Squad delivers a 30-minute special featuring the biggest surprises and follows up on families like the Chili’s waitress who received a $12,000 tip from the Squad. This heartwarming show packs a powerful dose of feel-good and inspirational stories. Hosted by FOX5’s Monica Jackson and Cassandra Jones.
Have you ever taken a break from spending money? If so, for how long? One or two days? Three? What if we told you that it’s possible to not spend money for an entire week? Of course, everyone’s financial situation is different, but if you’re up for the challenge, here’s how to complete your seven-day spending freeze.
First, choose your starting date and mark it on your calendar. If you don’t know what your weekly budget is, track your spending for a few weeks beforehand. This will give you an idea of how much you can save and it will make you more aware of unnecessary spending.
Just before you begin your freeze, gas up your car and go grocery shopping. Plan a menu for the week and only buy what you’ll need. Don’t stock up on excessive amounts of food the day before — that would defeat the purpose of this exercise. Your goal is to use what you have for the next seven days.
Your monthly bills need to be kept current, so make sure to take care of those. If possible, choose a period when you don’t have to pay any reoccurring payments. Additionally, you should always pay the necessary costs of emergencies (basement flooding, broken bones, alien invasion, etc.) and move your spending freeze to another time, if necessary.
Next, set aside your estimated weekly budget and put those funds in a separate account such as money market savings. This will be your backup fund, but otherwise it is off limits. And now, with your gas tank full, your refrigerator full, your bills paid and your money set aside, you are ready to begin.
Spend each of the seven days using what you already have. Follow your meal plan, pack lunches from home and don’t stop for fast food on the way home from work. You may even have unexpected leftovers from dinner that can double as lunch for the next day — which will extend the life of your pantry supplies.
Try to avoid unnecessary travel during this week. Oftentimes, we don’t think about the gas we use when we’re out and about. If you can, walk or use a bicycle to run errands. And instead of driving to the city to see a movie, for example, watch something at home that you already own. It’s perfectly acceptable to be a homebody during your freeze.
You did it! And you now have a full week’s budget available to pay off debt, complete a home repair, or put toward a long-range goal. Resist the urge to spend your newfound funds on something frivolous. Keep increasing your savings to you can make your money work harder.
Spending freezes are like juice cleanses — they should be done in moderation. But if you were able to handle a week, you might want to consider periodic freezes several times throughout the year and use the money to make deposits in an America First dedicated savings account for future needs. You’ll be surprised how quickly your financial resources grow when you’re not spending them.
Cybercriminals & their schemes, which seek to rob you of your resources, seem to proliferate during tax season.
The Internal Revenue Service is warning consumers that several threats have been reported across the country. Being aware of them and maintaining vigilance in protecting your personal data is always essential, no matter the time of year.
Here are some examples of recent scams:
And here are some additional tips to help prevent being victimized:
∙Don’t carry your Social Security card or any documents with your number written on it.
∙Check your credit report at least every 12 months, if not more frequently.
∙Secure personal information in your home.
∙Protect your computers & devices with firewalls, anti-spam/virus software, and updated security patches.
∙Go to this link to learn how we are working to safeguard your finances.
By Glen Olpin, Senior Vice President/Chief Economist
Each new year gives us the opportunity to reflect on the financial trends & conditions that have affected the membership over the past 12 months, as well as forecast how these economic factors will impact our operations going forward.
We expect a strengthening national economy this year, improving somewhat from what we experienced in 2016. A recent survey indicates most America First members have a wait-and-see attitude toward economic growth. Only 27% of respondents see an improvement coming, compared with over 30% a year ago. However, since the resolution of the U.S. presidential election, we have seen the stock market accelerate, confidence soar, and small businesses demonstrate higher levels of optimism.
Benchmark interest rates edged up slightly during 2016, and we forecast two to three additional quarter-percent increases throughout the year as the American economy gains momentum.
Utah’s 3.1% unemployment rate is well below the national average of 4.7%. The state also ranks among national leaders in job growth. Nevada’s labor markets were greatly improved, with unemployment levels falling to 5.2%. A large percentage of our members believe their personal employment situations will get better this year.
Consumer spending has expanded, resulting in sustained overall economic growth, even without significant increases in personal income. National retail sales grew more than 4% in 2016.
Personal credit saw faster than 6% growth for the year, while at America First, loan demand has been significant and is expected to continue into the future. Due largely to units moved in December of 2016, new auto sales set an annual industry record. Demand is expected to ease slightly during 2017. As it does, we expect dealer incentives to continue playing a key role in sales growth.
Inflation stayed low, but increasing home values & sales have created strong market conditions. We expect continued housing and construction growth during 2017, even as interest rates rise moderately.
While public uncertainty has to a large extent faded, questions remain regarding fiscal spending, regulatory reform, tax code changes, trade relations, and other issues. Ongoing expectations for positive changes in Washington will likely buoy the economy as it expands.
Regardless of the larger economic environment, all of us at America First are committed to providing you with service excellence, delivering high-quality financial products & services, and establishing lasting relationships of trust.
We appreciate the confidence you’ve placed in your credit union and thank you for your membership.
Are you preparing to become a stay-at-home parent, dealing with a recent layoff or saving up for a big purchase? Even though it may sound impossible, you can live on only one income and make it work.
Whether you’re single or married, have children or not, these three simple ideas are essential: create a plan, spend less and save more.
Before you think that sounds too easy, let’s break down the specifics:
Successful single-income families don’t just happen — they require a strategic evaluation. First, create a realistic budget to better manage your money and stick to it. If you need to review it later on, that’s fine, but be sure to get off on the right foot.
Next, stay on top of your bills. Ensure your regular financial obligations are a priority so you don’t end up paying any unnecessary fees or fines. You can also focus your efforts on paying off debt initially, which will free up resources later.
Finally, if you have too many credit cards and loans to keep track of, consider consolidating them at America First. Our low rates and flexible terms will help you save time and money. Plus, having all of your loans in one place will require significantly less mental effort.
If you are moving from multiple incomes to a single income, you’re going need to make significant financial changes. Don’t try to maintain the lifestyle you had with two incomes. Instead, try to make spending sacrifices — such as buying generic instead of brand-name products, or scaling back a planned vacation. It’s much easier to save more when you spend less.
And when it comes to shopping, determine if you really need to go at all. Can you put together some meals using what’s already in your pantry? Do you really need a new pair of shoes? When you head out, always look for the best deal and use coupons or discount codes.
Also, take a look at your housing situation. If necessary, consider moving into a more affordable living space, or refinancing your mortgage to a lower rate. If you already have a reasonably priced home with affordable monthly payments, fix things yourself instead of immediately calling a professional.
Even though you’ll be cutting down on what you spend as a one-income family, you should still regularly save. A rainy-day fund can give you peace of mind if any unexpected expenses or emergencies pop up. America First has just the right tool to help you set aside some funds, too — dedicated savings accounts, which provide competitive dividends on automatic transfers that you can set up.
Additionally, you can actually save money by not working. If just one of you is going to the office every day, that means only one vehicle is commuting — set aside what you used to spend on gas and upkeep. Those at home will also eat out less than someone at an office and the entire family should do the same — leftover food helps create leftover funds.
Whether your single-income status is temporary or permanent, this advice applies for the short term and the long haul. Making a plan, spending less and saving may seem intuitive — because they are. It’s very similar to the “secret trick” to losing weight: diet and exercise. However, putting these principles first, discussing your strategies and writing things down can truly make a difference.
Get to know January’s Give Back Winner and all the amazing things he has done for the community! Â America First Credit Union gives back as well!
This segment is sponsored by America First Credit Union.
He’s just a 4th grade student now but in the future he may be after Grant Weyman’s job. That’s because Jackson Drake loves to forecast the weather at his elementary school and does an excellent job at it.
Almost everyone resolves to get in shape when a new year comes around, but your financial fitness is just as important. There’s no better time for talking finances with your partner — spouse, family member, boyfriend, girlfriend, or even your live-in canine therapist — about it than now. So here are 10 tips to help your discussion:
At America First, we provide resources such as free online planning and budgeting programs, investment advisors, and free financial counseling. Take advantage of the assistance that’s available to you. And have a happy (financially fit) new year!
A hefty savings account means a lot for our future, financial well-being.
Nicole Cypers with America First Credit Union shares how you can save money to meet your financial goals.
For more information, visit www.americafirst.com.
A mother of five gains guardianship of three children after a tragedy. Now, her new family of 10 is in desperate need, but what they don’t know is they’ll be part of the FOX5 Surprise Squad’s biggest surprise ever! Special thanks to our Surprise Squad partners United Nissan, America First Credit Union, Albertson’s and Vons.
