Here are three main areas of contrast between the two types of financial institutions. Relationship Does the financial institution see you as a customer or a member? Banks are publicly traded or privately owned institutions with customers. Credit unions are not-for-profit institutions with members. As a customer, expect a relationship where the bank holds power and typically answers to its...

Here are seven ways to save for an annual splurge. 1. Open a separate savings account. It’s essential to designate a specific account as your splurge fund. Earmarking a separate account will help you stay disciplined and focused on your financial goal. Plus, keeping some funds somewhere besides your checking account reduces the desire to spend that money on something else. 2. Commit to a realistic...

Combining certain tax strategies with routine planning and other opportunities such as charitable gifting can help to maximize deductions, especially in a high-tax year, says Alvina Lo, Wilmington Trust’s Chief Wealth Strategist. Here are some tax moves to keep in mind for every year, not just 2023: Contribute to Tax-Advantaged Accounts Contributions made to 401(k), 403(b), and Health Savings...

If you went through anything out of the ordinary in 2022, here’s a rundown of what to consider as you (or your tax professional) prepare to file. If You Lost Your Job If you received unemployment benefits in 2022, you should receive form 1099-G in the mail. It will show the gross amount of unemployment income you received and how much was withheld for taxes. If it seems counterintuitive that you...

When you first start teaching kids about money, it doesn’t have to feel like a lecture. It can be experiential, fun, and as engaging as you make it. Your goal is to help them develop the kind of healthy spending habits that will turn them into grown-up savers and investors you’ll be proud of. Toys Can Lead The Way Using the idea of buying a toy is a great way to teach children about money, says...

While all this can seem a little overwhelming at first, with a strategic approach, you and your family can prepare for the exciting days ahead. Here’s a look at some of the best ways to financially approach a new bundle of joy. Look at the Big Picture Kids can give us a new perspective and really ground us in what’s most important,” says Ashley Feinstein Gerstley, mother, CEO of the Fiscal Femme...

D espite the high prices, there are always some deals that are better than others. That’s why shopping around is a smart way to ensure you get the most out of every dollar you spend. Here’s what to focus on when you’re buying a car, according to auto experts. Start On The Internet Yes, we know. You want to take a test drive. That’ll come. For now, head to a couple of the big car sites and start...

Over the past few months, consumers have experienced uncertainty in the financial system due to the failures in rapid succession of Silicon Valley Bank, Signature Bank, and First Republic Bank. Credit Union of Colorado’s team of experts is here to reassure consumers and provide them with the tools and resources needed to evaluate their current financial institutions. These tools and resources can...

Filing for Social Security benefits as soon as you can — or shortly thereafter — a few years early may seem like a good idea at first. The money is there, for the taking, and it is likely a substantial addition to your monthly budget. But be careful: When you decide to file for your benefits is one of the most critical financial decisions of your life. That’s why it’s important to understand that...

While you were dreaming of replacing your current vehicle with a roomier model with updated safety features and advanced tech, the economy was making other plans. Car prices have risen drastically over the past 18 months, leaving many consumers priced out of the market or choosing a less desirable alternative. But what if you could reduce the cost of your next ride by focusing on a few simple...