December 2, 2016
Got a great idea for a new business? Wondering how to get it off the ground? Here are a few ideas to get creative about financing your business dream.
- Look for an already established business in your arena that might sponsor or partner with you to develop your idea. For example, an app that might streamline email might be a great partner for Google and Gmail.
- Start and sell small and use that revenue to grow bigger. It may take longer, but the “bootstrap” method is solid and predictable.
- A small business loan may work if you have collateral and good credit. This option is especially appealing to businesses with tangible goods to sell or equipment to liquidate.
- Crowd-funding, Kickstarter, Indiegogo–A savvy appeal to the masses can bring in fast cash.
- Friends and family members are great cheerleaders, and they can also be great investors. Be sure to work out clear objectives and details to ensure you maintain the relationship going forward.
MCCU also offers Business Accounts, including Checking, Savings, Certificates and Money Market (Savers Plus). Visit us today for more information and together we can make your business dreams come true!
November 30, 2016
The days of dollar-a-gallon gasoline are long gone. Today, we wind up spending $50 to $80 every time we stop to fill up our gas tanks. Considering the average commuter fills up once a week, we spend a staggering $3,240.00 a year just on gas!
Sure, there are plenty of solutions to ease the pain at the pump. Popularized by the Toyota Prius, hybrid vehicles use a combination of gas and electric power to stretch highway gas mileage. Unfortunately, they do little to make up the costs of stop-and-go city driving during which the tiny gas-powered engine has to work overtime to accelerate. To completely cut out gasoline power, all-electric plug-in vehicles started appearing on the showroom floors across the nation. Offerings from Tesla and Fisker are brilliantly-designed, great-looking cars if you want to avoid using gas altogether, but their steep price tags and practicality issues make them unfeasible for most of us.
For those who are not prepared to drop a better part of a $100,000 on a Tesla Model S, we compiled five fuel-saving tips that help you save some money regardless of whether you are driving a Hybrid or V8-powered gas-guzzling monster.
- Proper Tire Inflation
Have you ever walked on sand or in deep snow? Do you notice how much tougher it is to walk on soft, uneven surfaces, and how much more energy you expend? The same concept applies to your tires. Underinflated tires create a softer and larger contact area with the asphalt, making it harder for your vehicle to spin the wheels in order to get up to speed. The harder it is for your car to spin the wheels, the more energy it will expend in doing so, burning more gas.
Read the rest of this entry »
November 28, 2016
Caring for an aging parent or relative can take its toll on you and your family. Often, money is spent unnecessarily and unknowingly on services that could have been provided elsewhere.
There are many resources to help make your obligation more manageable. Here are a few to investigate:
Caring.com: Comprehensive website providing financial, medical, and support advice for caregivers.
ARCHRespite.org: A repository and database to help families locate respite and crisis care service in their local communities.
AARP.org: Includes a Caregiving Resource Center with multiple links and contacts for elder management.
MealsOnWheelsAmerica.org: Uses a sliding scale payment to ensure that homebound relatives get a hot meal and companionship.
Senior Banking Discounts
MCCU offers Senior Banking discounts that may help your parents save money on banking services. Contact us today to see how we can help.
November 23, 2016
Working on a second career? Going back to work after an extended absence? Don’t want to waste away in retirement? Lifelong learning is always a valuable investment, but make sure you’re making a sound investment you won’t regret.
If you’re looking to start a new career that needs a degree or certification, consider the costs of obtaining that over the expected time you’ll be working. If you’re middle-aged or older, you may not recoup in salary the investment you made in the education. Look at community colleges as alternatives to expensive private or state schools. Inquire about adult education programs and scholarships.
Borrowing is an avenue to explore, but again, remember the repayment costs when compared to the wage earning potential, job market and expected tenure. When making a budget, don’t forget the added costs of books, commuting, parking, supplies and fees. Even though you probably won’t be participating in campus sports programs or student council, you pay the same fees as an 18-year-old incoming freshman. Whichever route you choose to further your education, be sure you are ready to put in the hours and the work to complete the program so your money spent is money well spent.
And remember MCCU if you need additional funds for school, in addition to your federal loans. MCCU offers Private Student Loans at affordable rates.
Already have student loans? Consider refinancing with MCCU and get a $200 welcome bonus!
November 21, 2016
Auto insurance is required in most states. It makes sense to protect your investment and yourself and others in the event of an accident. But what happens when your car just stops working or something breaks? Those situations aren’t covered under traditional auto insurance, but can be costly and inconvenient none-the-less.
Mechanical Breakdown Insurance is worth considering for situations like these, especially if you rely–like most people–on your car to get to work or getting your children to school. You can’t be without a vehicle and your budget may not be able to sustain the unexpected repair fees or rental car charges. Mechanical Breakdown Insurance goes beyond warranties and covers electrical failure, transmission work, drive axles, and more. There are many plans to choose from and most auto loan lenders have partnerships with providers.
MBI premiums are usually very affordable and can be worked into most budgets. You can even work it into your MCCU auto loan to keep payments low.
Looking for a new car? Check out Autoland – skip the Dealer trip and save time and money! And for a limited time, get $100 cash back!
November 18, 2016
November 16, 2016
While the Feds keep interest rates at historical lows, you can still benefit from interest checking accounts. Look for options outside of your basic checking that usually offer higher rates:
- Higher balance minimums
- Accounts linked to a money market account
- Consolidated accounts to build the relationship
- Accounts with maximum allowed transactions or lobby visits
While some of these options may seem stringent, if your lifestyle is in sync, you can benefit with a higher rate. With MCCU’s interest-bearing Premium Checking account, you won’t pay any monthly service charges if you keep a minimum daily balance of at least $1,000 in the account. In addition to earning interest, you can also enjoy 5 free non-MCCU ATM transactions per month!
If you’d like the safety of a federally insured checking account, and the opportunity to earn some interest, visit us to open your account today! We also offer Free Checking for those who want a simple, non-interest-bearing checking account with no minimum balances to maintain.
November 14, 2016
Beginning with the 2017-2018 calendar year, the FAFSA (Free Application for Federal Student Aid) can be filed three months earlier, or as early as October 1 before a student would start classes the following fall. With the new schedule, you’ll be able to start thinking about financial aid earlier to maximize your planning and saving. And since most schools award financial aid on a first-come, first-served basis, filing earlier will have its benefits.
For more information, consult with your school counselor and visit https://fafsa.ed.gov.
If you are looking for additional money to help cover tuition, rent, or any college-related expenses, consider applying for a low-rate Private Student Loan!
Already paying your student loan debt? Refinance your student loans – lower your payment and get a $200 welcome bonus!
November 9, 2016
While graduating in December, or mid-term as it is officially called, may not be traditional, it is becoming more commonplace. With credit requirements, part-time schedules while working, and school transfers, an extra semester is often a necessity. December graduates should take advantage of the timing and let it work in their favor.
Further your pursuit of landing a job and use the holidays for networking. Family gatherings and community events are the perfect place to hone your networking skills and get the word out that you are job hunting.
You’ll get the full attention of the company where you apply. Year-end isn’t usually the busiest time for a company to hire, but they are always looking for good people. You’ll have their undivided attention BEFORE your classmates in May rush the door.
Other perks of a December graduation–a clean year-end break on any off-campus rentals, a shorter graduation ceremony with fewer graduate names to call off, and the option to celebrate in January, extending the holiday season a little bit.
Remember MCCU when you graduate! We can help you with:
- Refinance any student loans and get a $200 welcome cash bonus!
- Purchase a new car and get our affordable financing
- Start a retirement account if you haven’t already. The earlier you start saving, the better!
- Get a Free Checking account with free mobile/online banking
Questions? Call us at 818.993.6328 or visit us online!
November 7, 2016
This post originally appeared on the SoFi blog.
Get a $200 welcome bonus when you apply here for your student loan refinance!
When you’re struggling to pay student loans, it helps to know you’re not alone. Members of the class of 2016 now carry, on average, $37,173 in student loan debt—up 6% from last year. It’s not easy, but there is good news: You live in the digital age! Want to redecorate your home? There’s an app for that. Manage your bucket list? There’s an app for that, too. So it should come as no surprise that there are a number of websites, tools, and finance apps designed specifically to improve the loan payment experience.
Read the rest of this entry »