Should I keep Cash at Home?

Q: I’m seeing posts on social media about keeping cash at home during rapid inflation. Is this a good practice?

A: Keeping large amounts of cash in envelopes, kitchen drawers or stuffed under the mattress is not recommended during times of high inflation – or any time. 

Why is it a bad idea to keep cash at home?

While it’s perfectly OK to keep some cash at home, storing a large amount brings two big disadvantages:

  • The money can be lost or stolen. Hiding cash under the mattress or anywhere in your house always carries the risk of being misplaced, damaged or stolen. Unfortunately, there is no way to trace or reclaim lost or stolen cash. 
  • The money isn’t growing. When cash doesn’t grow, it loses some of its value. This is especially true during times of high inflation. The current inflation rate is 8.5%. This means, if you’d keep $1,000 at home for the next year and inflation stays at 8.5% during that time, your cash would be worth only $985. Of course, if inflation rates increase, the loss would increase as well. 

Where is the best place to keep cash?

Here are some places you may want to keep your cash at this time:

  • Savings account. A savings account is a secure place to keep extra funds. When you open a savings account at High Point Federal Credit Union, there’s no risk of your money being lost or stolen. 
  • Precious metals. Precious metals, like gold, silver and platinum, have proven to hold their value even in times of inflation and a volatile stock market. 
  • Share certificates. A share certificate is a savings account that’s federally insured, has a fixed dividend rate and a fixed date of maturity. The fixed dividend rate will remain unaffected by the fluctuating national interest rate.

Inflation is high, but that doesn’t mean it’s a good idea to hoard your cash at home. Follow the tips outlined above to find the perfect place to park your cash. 

12 Steps to Financial Wellness Step 7: How to Pay Yourself First

“Pay yourself first” is a catchphrase that refers to prioritizing your personal savings above other expenses. To achieve it, savings should be a fixed line on your budget that happens every month without fail. 

Here’s how to pay yourself first.

1.      Review your spending

Take a clear look at your spending. If you already have a budget, this will be as simple as reviewing the column which lists all of your expenses, including your discretionary spending. If you don’t have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend each month. 

2.      Set short- and long-term saving goals

Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three- to six-months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment. 

Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include your retirement, as well as a down payment on a home, a new car, a sabbatical from work or any other super-big expense.

Narrow down your short- and long-term goals, then attach a number to each savings category.

3.      Set a timeline for each savings goal

Now that you have a number for the amount you want to save, you’ll need to work out a realistic timeline for meeting those goals. It’s best to give first priority to your emergency fund, but at the same time, it’s a good idea to start saving for retirement today so compound interest has an opportunity to work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings. 

4.      Calculate how much you’ll need to save each month 

Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 established in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals. 

5.      Automate your savings

Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your High Point Federal Credit Union checking account to your credit union savings account or share certificate. This way, your savings will grow even when you forget to feed them.

Congrats–you’ve mastered the art of paying yourself first!

Beware Malware Scams

Malware scams are malicious and exploit the known prevalence of scams. Hackers tap into people’s fears by tricking innocent victims into losing their information and their money. Here’s what you need to know about malware scams and how to avoid them.

How these scams play out

Malware scams, also known as tech support scams, begin with a phone call, pop-up message, or email. A scammer reaches out to an individual and informs them that their computer has been hacked. The caller claims the alleged hacker gained access to the victim’s device and can do all kinds of damage. However, the caller, posing as tech support, says they can help remove any malware that’s supposedly installed. The bogus rep gives the victim instructions for removing the malware, possibly even giving the caller access to their device. Unfortunately, though, if the victim follows these directions, they’ll actually be installing malware on their computer. 

Red flags

Avoid malware scams by looking out for these signs: 

  • An alleged rep of a tech company has called you without you reaching out first. 
  • The “tech support rep” asks you to provide them with remote access to your device.
  • The caller urges you to act immediately or risk causing further damage. 
  • The caller asks you to enter your credit card information to pay them for their service. Alternatively, they’ll ask to be paid via prepaid gift card

If you’ve been targeted

If you’ve been targeted by a malware scam, don’t engage with the caller. Hang up and block the number. Next, close your device. If you believe you’ve already given the scammer access, consult a real tech support expert to remove any malware that may have been installed. In addition, consider placing a credit freeze on your name. Finally, alert the FTC.

Signs your device has been infected

Here’s some ways to tell if your computer’s been infected:

  • It’s slowed down a lot.
  • You’re blasted with tons of pop-up ads. 
  • Your system abruptly crashes. 
  • You’re suddenly low on disk space.

If you notice any of these signs, take it to a tech support expert and follow the steps outlined above.

Stay safe

Don’t Get Caught in a Shopping Scam!

When shopping moved online, it created a wave of new scams. Many of them can be difficult to spot and offer no way for the victim to reclaim lost funds. Here’s how to recognize an online shopping scam. 

How these scams play out

There are several variations to the online shopping scam

In one version, a shopper decides to purchase an item online and completes the transaction. Unfortunately, the item will never show up. If it does, it’s a cheap knockoff of the product, instead of the item that was purchased. 

In another variation, a shopper finds an item online and tries to make a purchase. They’ll be asked for sensitive info, such as their checking account number. The shopper will be unable to complete the transaction and will run into repeated site errors. Unfortunately, the scammers now have their information and can empty their accounts, or worse.

In a third version, a seller clicks on an ad, or on a site that came up in a Google search for one of their favorite stores. They’ll proceed to make an order, not knowing they’ve clicked into a scammer’s fake site. The rest of the scam will follow one of the scenarios described above. 

Red flags

Watch out for these warning signs that you may have stumbled upon a shopping scam:

  • Prices are too good to be true. 
  • The offer urges you to act now. 
  • The seller demands a specific means of payment
  • The website is full of typos. 

Stay safe

Follow these tips to keep yourself safe from online shopping scams:

  • Only shop on safe, secure sites. 
  • Check the URL for proper spelling of reputable sites to ensure you haven’t landed on a look-a-like site. 
  • Avoid clicking on high-pressure pop-up ads. 
  • Pay with a credit card when shopping online.
  • Never share personal information with an unverified contact.

If you’re targeted

If you’ve fallen victim to an online shopping scam, take these steps to fix the damage:

Call the company to dispute the charge if you paid by credit card. At this point, you may want to place a credit alert on your name. Next, alert the FTC . Finally, let your friends know about the scam.

Stay safe!

4 Ways to Stay Financially Fit this Summer

Ahh… summer! The season of flip-flops and sunscreen, of lemonade and baseball. What’s not to love?

Unfortunately, summer can also be the season of overspending for some of us. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So how can you stay financially fit this summer?

Keeping your finances intact throughout the summer is possible if you’re ready to plan ahead and make responsible choices. Here are four tips for a financially fit summer. 

1.      Prepare for a possible change in income

If you’re a freelancer, business owner or get paid per diem, expect to see a drop in income during the summer. Business is notoriously slower across many industries at this time, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income. 

2.      Get your budget summer-ready

Your budget will see some changes in the summertime, and it’s wise to prepare it in advance instead of being caught unaware. Here are some changes you might expect:

  • Higher utility bills 
  • Increase in fuel prices 
  • Travel expenses
  • Increased activities for kids

3.      Create a vacation budget 

Build a workable budget for your summer getaway to avoid overspending. Attach a dollar amount for your hotel stay, car rental, food costs, transportation, entertainment and outings as well as any other costs you expect to encounter during vacation. 

4.      Review and adjust as necessary

Blowing a budget is never an excuse to go all out and overspend without considering the consequences. To avoid falling into this trap, review your budget and your overall spending on a regular basis throughout the summer. Being aware of the state of your finances will make it easier to make responsible choices going forward. 

Follow these tips to keep your finances intact throughout the summer. 

10 Fun Gifts for Dad that Don’t Break the Budget

It’s Dad’s time, a day to go all-out to make your all-time favorite hero happy. But, Father’s Day doesn’t have to drain your wallet. You can make Dad’s day and keep your budget, too. Here are 10 fun and low-cost gifts that’ll make Dad smile.

1. Apple charging dock

This awesome charging dock can juice up an iPhone, Apple Watch and AirPods all at the same time. Get Dad’s 3-in-1 charging station for just $19 on Amazon

2. BenShot pint glass with real golf ball

Does Dad love to golf? Surprise him with this unique pint glass with a real embedded golf ball. Just $26 on Amazon.

3. Classic charades

The classic game of Charades, just $12 at Chroniclebooks.com, will help create warm family memories way beyond Father’s Day.

4. Open bottle wine rest

This adorable mountain-shaped wine bottle rest is the perfect gift for the outdoorsy dad who loves to enjoy a good glass of wine and save the rest for later.

5. Rainbow socks pizza socks box

The pizza-box packaging of these socks make them a super-fun Father’s Day gift. Just $26 on Amazon

6. Bluetooth speaker beanie

With its built-in Bluetooth speakers and a super-warm design, Dad won’t want to take this beanie off all winter! Just $28 on Amazon.

7. Fitness dice

At-home workouts are fun again with this innovative fitness dice set. Every roll gives you one of 45,000 possible routines, all are equipment-free. Only $19 at uncommongoods.com.

8. Bean Box coffee subscription

If Dad likes his morning cup of Joe, he’ll love a regular delivery of fresh bags of whole bean coffee from artisanal brand Bean Box. Subscriptions start at just $16.50.

9. Chillsner

Dad will never have to wait for his drink to chill again when he has this nifty little gadget. Keep the Chillsner in the freezer and pop it into any drink for an instant chill. $10 at uncommongoods.com.

10. Marvel’s greatest comics

Let Dad dive into an anthology of the greatest Marvel comics of all times, including favorites like Iron Man, Captain America and more. Get the collection here.

Use this guide to find the perfect gift for Dad that doesn’t break the budget.

Step 6 of 12 to Financial Wellness: Pay it Forward

There’s so much good you can do with the money you’ve been blessed to have. There’s also a lot of good you can do with your time, talents and possessions. Let’s explore some ways you can make the world better by paying it forward

1.      Donate funds to your favorite cause

The classic and simplest way to pay it forward is by supporting a charity or two that speaks to your heart. Make a donation that fits your budget to help make a difference. Be sure to verify the authenticity of the organization on a charity-vetting site, like Charity Navigator or CharityWatch. Don’t forget to save your receipt so you can claim a tax deduction. 

2.      Commit to do one random act of kindness each day

Kindness doesn’t have to be big, loud, or costly to make a difference. The smallest act of kindness can have a big impact on someone’s day. You can offer to make a coffee for your coworker, feed a parking meter that’s about to run out, remove a branch or rock from a busy thoroughfare or let someone go ahead of you at a checkout counter. 

3.      Write thank you letters 

When was the last time you thanked your child’s teacher, your parents or your postal carrier? Pick up a set of thank you cards, and spend 20 minutes writing thank you letters. Your letters may be cherished by the recipients for many months or years to come. 

4.      Donate your time 

Unfortunately, there are many people suffering from various hardships. With just a small donation of your time, you can help alleviate some of their suffering. Volunteer at a soup kitchen, help bring cheer to hospitals, offer to babysit for a couple who is going through hard times so they can have a night out or visit with a lonely person. You can brighten someone’s day simply with your presence!

There are so many ways to pay it forward and make the world into a better place. And when you give to others, you’re really giving to yourself by learning to be a better, kinder person. 

Don’t Get Caught in a Grandparent Scam

Grandparent scams have gotten super sneaky in recent years, which makes them difficult to spot. Here’s what to know about grandparent scams and how to avoid them. 

How the scams play out

There are several variations of the grandparent scam. In each one, the caller claims to be a grandchild of the target. The scammer often spoofs the grandchild’s number so it shows up on the grandparent’s phone. 

  • The legal trouble scam. In this ruse, a scammer claiming to be their grandchild will call and claim to have been arrested. The “grandchild” asks them to send money for posting bail. They’ll pass the phone to an alleged representative to accept the funds via wire transfer or gift cards. But this is just the scammer’s partner in crime; not a real authority figure.
  • The medical trouble scam. This version of the grandparent scam involves a “grandchild” calling up Grandma or Grandpa and claiming to be seriously injured. They’ll ask for money to help pay the medical bills. 
  • The international trouble scam. In this scam, a “grandchild” calls and claims they’re in deep trouble in a foreign country. They’ll ask for a big chunk of money to be sent by wire transfer or prepaid debit card for them to get out safely. 

If you’re targeted

If you believe you’re being targeted by a grandparent scam or a similar ruse, follow these steps to keep yourself safe:

  1. Don’t take immediate action. Pause and think it through before blindly sending money. 
  2. Ask the caller to answer a personal question only your grandchild will know. 
  3. Check your grandchild’s whereabouts by hanging up and calling your grandchild directly. Chances are, your grandchild is just fine.
  4. Hang up and report the crime to your local police department and the FTC.

Safety rules to know

It’s a good idea to follow these rules for protection from grandparent scams and other ruses:

  • Never share personal info online or on the phone with an unverified contact. 
  • If you’re asked to pay for something via money transfer or prepaid gift card, it’s probably a scam. 
  • Put your number on the no call list.
  • Keep your social media privacy settings at their strongest and limit what you share on public forums. 

Stay safe!

The Ultimate Grad Gift Guide

Celebrate with your grad and show them how proud you are of their accomplishments with these low-cost, awesome gifts!

1.      ID lanyard

Make it easy for your grad to carry their ID and wallet around campus or workplace. Super-cute and durable, these lanyards are the perfect graduation gift. 

2.      ‘Oh, the Places You’ll Go!’

You can’t go wrong with this Dr. Seuss classic! Whimsical, yet inspirational, it’s a great read for the older teen setting off into the big world of adulthood. 

3.      College survival kit

Hit the dollar store to scour the aisles for a big basket, filling it with all sorts of stuff to make a college survival or house/apartment warming kit. Include essentials, like flip flops and hair ties, kitchen utensils and hand soap. Have a bit of fun with extras, like Bluetooth speakers, wall decals and more!

4.      “Open when” letters

Pen some letters for your grad to open at key milestones and/or more challenging times, such as after the first round of final exams, when feeling homesick, when needing a laugh, etc. Your letters will be the gift that keeps on giving throughout their first year outside the nest.

5.      Picture collage

Help your grad have the most awesomely decorated room in college with a fantastic homemade picture collage! Check out their social media pages for their best snapshots and put together a low-cost, meaningful gift they’ll always treasure.

6.      Laundry essentials

Spring for an adorable laundry hamper and fill it with all your grad needs to master the wash. Think detergent, dryer sheets, stain-remover and more. Add a cute note, like “Have LOADS of fun in college!” to complete the gift. 

7.      Chef’s special

Fill a big mixing bowl, Bundt pan or other large basin with all they need to master the kitchen. You can load it up with spatulas, measuring cups and spoons, a cute apron, oven mitts, a skillet and more. You can also add one of the many college cookbooks you’ll find on sites like Amazon.

Use these ideas to find the perfect low-cost gift for your grad. 

What is a Fraud Ring and How Can I Keep Myself Safe?

Q: I’m hearing a lot about fraud rings and their threat to businesses and consumers. What is a fraud ring and how can I keep myself safe?

A: A fraud ring is a group of fraudsters and merchants that can operate for years while stealing money and information, causing tremendous damage and loss along the way.

Let’s take a look at fraud rings, how they operate and how consumers and merchants can keep safe.

What is a fraud ring?

A fraud ring is an organized circle of criminals working to defraud and steal from people. They’ll use the same tactics as smaller scammer groups and individuals, but work on a massive scale. They also tend to have access to way more technology and resources than a typical scammer. Because of this, the harm they can do is on a much larger scale, too.

This form of fraud can consist of a group of criminals, as in any organized crime ring, or it can be made up of a family of crooks working together. The members of this crime ring collaborate to share info that can help them commit acts of fraud to net vast amounts of stolen funds and merchandise.

How does a fraud ring operate?

They can operate under several different pretexts. One common premise involves forgery, in which the fraudsters create fake claims, steal identities and even print counterfeit checks and/or currency. Some rings target individuals, committing identity theft and the like, but many focus on targeting ecommerce websites, businesses, charities or government agencies. 

A fraud ring can commit any of the following scams:

  • Forgery
  • False claims
  • Identity theft
  • Identity manipulation
  • Counterfeit checks and/or currency

How can I recognize this type of fraud? 

Look for these red flags, which can indicate signs of fraud:

  • Large purchases on your credit card or checking account that you didn’t make
  • Bills for loans you haven’t taken out
  • An unexplained, big drop in your credit score

If you own a business, you may be at higher risk of falling victim to a fraud ring. Be sure to look out for several sudden and large purchases from a customer who hasn’t made a purchase in a while, new accounts from customers that quickly become big spenders and claims demanding refunds for faulty products you believe were fine when shipped. 

Detecting instances of fraud at the first sign of suspicion can help mitigate the damage and keep your money and your information safe. Be sure to configure and add e-alerts on your bank accounts.

Stay up to date on prevalent scams and common types of fraud by visiting Olean Area FCU’s Security Corner.

How to Celebrate Memorial Day on a Budget

Celebrating Memorial Day can cost a pretty penny, but there’s no need to spend wildly to have an epic holiday weekend. Here’s how to celebrate Memorial Day on a budget.

1. Hit the beach

Get out to the shore at the first opportunity! The beach can provide hours of relaxation and fun for the family at little or no cost. Stock up on some inexpensive patriotic-patterned towels to make the day a little more festive.

2. Host a potluck

If you’ll be hosting this Memorial Day, make it a potluck. Ask each guest to bring one dish for a complete dinner that doesn’t cost anyone a lot of money. As a bonus, the menu is a lot more fun when it’s varied and prepared by many different cooks.

3. Go easy on the decor

No need to blow a ton of money on making your Memorial Day celebration look festive. Spruce up the place with some red, white and blue balloons from the dollar store, and add some banners like these for a complete patriotic look.

4. Make a signature drink

Instead of setting up a full bar, make one signature drink for the night. You can find some great drink recipes online!

5. Look for coupons

Don’t go anywhere without first checking if you must pay full price. Pick up some great discounts on restaurant meals, entertainment venues and more on websites like Groupon.com.

6. Host a DIY sports event

For a fun and frugal alternative to the traditional Memorial Day BBQ, invite family and friends over to your place, or meet up at a park, for a day of sports and games. You can play flag football, soccer, have a tug-of-war competition or even drum up a full game of baseball.

7. Visit historical sites

What better way to spend Memorial Day than checking out historical attractions? Many historical sites host free events in honor of the three-day holiday. 

8. Rent a boat

Enjoy a day out on the water at little cost by renting a boat from a nearby boat rental service or a private owner. Bring along some snacks and drinks and good music for a fantastic day of water fun. 

Use these tips to enjoy a memorable holiday weekend on a budget!

Step 5 of 12 to Financial Wellness: Practice Mindful Spending

Creating and deciding to stick to a budget is easy; actually carrying through on your plan is the hard part. For many people, a big part of the gap between what they want to do and what they actually do is caused by their failure to spend mindfully. When every buy is just a swipe away, it can be super-tough to rein in that spending instinct – but it is possible. Here’s how to learn the art of mindful spending

Find alternative ways to de-stress

Choosing to go shopping to reduce stress, deal with challenges or just to escape real life for a bit makes it difficult to make smart, responsible choices. In addition, the bills or extra debt you’re creating will just power-up your stress levels in the long run. Instead, find another way to lift heavy moods. Find someone to talk to, take a long, hot bath, go for a jog while zoning to your favorite pick-me-up playlist or take up a forgotten hobby again. 

Consider disabling the one-click feature for online shopping

If you’re big into online shopping and often end up buying more than you’d planned, consider disabling the one-click feature on sites like Amazon. You can also choose not to have your device “remember” your payment information, so you have to input it whenever you shop, so there is more resistance for your purchases. It may give you just enough pause to reconsider.  

Put large purchases on hold

One of the best ways to avoid buyer’s remorse is to put all large purchases on hold. Set your own dollar threshold for what you consider to be a large purchase and resolve to wait a while before completing any purchase in this amount. This, too, will give you time to think about it and allow you to consider whether you really want to spend this money now. 

Avoid temptation

It’s hard to keep telling yourself no when temptation is constantly flashing across your screen. Opt out of social media accounts that get you to spend more than you should and unsubscribe from email lists. Avoid browsing on brand sites that trigger overspending and only visit when you need to buy something. 

Mindless spending can be the undoing of the most carefully crafted budget. Follow these tips to learn how to spend mindfully.

How to Save Big Bucks by Brown-Bagging Your Lunch

Did you know that choosing to bring your own lunch to work each day can save up to $3,000 a year? Each takeout lunch can easily cost $12 more than a homemade meal. If you’d put that money into an index fund and contribute to it for 25 years, you can save $500,000! 

Unfortunately, too many people end up buying out each workday because they don’t realize how much it costs them, or they simply fail to plan ahead. Others may think it would be too much of a hassle to shop for, prep and bring along lunch from home.

You can use this handy calculator to determine how much you can personally save each year just by brown-bagging it to work each day. And, if you find the idea of prepping lunch five days a week a bit overwhelming, you can choose to bring lunch from home on specific days of the week. 

Here are some hacks for brown-bagging it to work with all the savings and none of the hassle. 

Plan your menu and shop for it early

Don’t get stuck staring at the contents of your fridge and wondering what to take to work seven minutes before you need to leave in the morning.  Plan your lunch menu early in the week and add whatever you’ll need to your grocery list. To save even more, shop the sales and the seasons, and then base your lunch menu around those items. 

Marathon-prep at the beginning of the week

The thought of prepping lunch at the end of a long workday when all you want to do is veg out on the couch can be daunting. Instead, hold a marathon session at the beginning of the week to do as much labor-intensive lunch prep as you can. Slice and dice all your veggies for the week, split dressing into small containers, cook your pastas, wash fruit and tackle any other prep that can be done in advance. This way, you’ll only need to grab what you need each day from the fridge instead of facing an entire meal to prep and package. 

Partner up

It’s never easy to be the odd one out, and if you set yourself up to be the only one pulling out a homemade lunch while the rest of the office packs out to pick up lunch or orders in, you can end up giving up and joining the crowd. Try to find a like-minded partner to brown-bag it with you on the days you choose to bring lunch from home. Eat your lunches together; the companionship will make it easier for both of you to stick to your convictions.

Love your leftovers

Save even more money, and make lunch prep easier, by bringing dinner leftovers with you for lunch. You can repurpose a leftover protein to serve as a salad-topper or sandwich-stuffer, bring along a container of soup to warm up in the office microwave, or beef up your work lunch with some leftover rice, quinoa or another side dish. 

Brown-bagging it to work when everyone else is ordering takeout isn’t easy, but by using the tips outlined here, you can save a boatload of money on work lunch without the hassle. 

5 Gifts for Mom that Don’t Break the Budget

It’s time to show Mom how much she means to you! But… if the idea of Mother’s Day fills your brain with ideas of pricey chocolates, flowers and other gifts, along with a busted budget, you may be going about this the wrong way. Don’t fret, though. We can help! Here’s five ways you can show your mom how much you care without draining your wallet. 

1.      A customized journal

A beautiful notebook for journaling can make a wonderful gift for Mom. You can turn it into a more personalized gift by adding inspirational quotes she’ll enjoy, gluing dried and pressed flowers onto random pages and even adding some of your favorite snapshots of you and her. 

2.      For the coffee-lover

If your mom can’t start her morning without her favorite cup of Joe, which is always iced when it’s warm outside, consider purchasing a Cold Bruer for $80. For a less expensive gift, which can also be perfect for the coffee-loving mom, consider an adorable pair of coasters from Etsy or a mug with a snappy mom message, like this one from Amazon

3.      A day to remember

Why not gift Mom with the best gift of all: a day in the company of everyone she loves? Plan a family day with Mom at the center and include all of her favorite things, from delish meals to her favorite parks and walking trails. 

4.      Peace and quiet

If you’ll be presenting a gift to your partner and you’ve got some little ones at home, consider giving their mom a day to herself. Take the kids out for the day so she can enjoy a rare afternoon alone in a quiet, clean house. 

5.      A homemade creation

No one is as proud of the things you can create as much as your mom. Make something for her this Mother’s Day to show her just how much she means to you. It can be a homemade bath kit to help her relax, a full, nicely packaged meal of her favorite foods or even a scrapbook of your best shared moments. 

Use the ideas shared here to help the mom in your life celebrate the best Mother’s Day without spending much money at all. 

Beware of Job Scams

It’s an amazing employment opportunity–or is it? Scammers often hijack the job market to ensnare job seekers. Here’s what to know about these scams.

How the scams play out

There are several variations of job scams. Here are the most common: 

  • Bogus job listing. There’s a Help Wanted ad for a dream job. The eager job-seeker applies, sharing their information, and even paying a small fee for an interview or resume submission. Unfortunately, the job doesn’t exist, and they’ll never hear from the “employer” again.
  • Imposter hiring. An alleged rep from a well-known agency or hiring firm reaches out to a target, asking them to send funds to cover a job screening. While the job may exist, the “representative” is a scammer, and the money the victim shares will go directly into the scammer’s pocket. 
  • Phishing emails. In this scam, a victim is targeted by email. It offers the victim a fantastic job, but asks that they first share confidential info. If the victim complies, they’ll be giving their personal information to a scammer.  

How to spot a job scam

Learning to identify the signs of a job scam can help you avoid them. Here are some red flags to watch for when job-hunting: 

  • The emails the “company” sends are highly unprofessional. 
  • There’s no street address for the company. 
  • You’re asked to pay an upfront fee before you’re even hired.
  • You’re asked to share personal information before an official contract is signed.
  • When “hired,” you’re underworked and overpaid. 

Before applying to or accepting a job offer, do thorough research. Ask for references of past or current employees and check out the company website to see if it’s secure and has real information about the firm, including a street address. Check out the company’s social media accounts, too. Finally, don’t be afraid to ask the employer any questions you may have about the company or job.

Job-hunting can be stressful, but getting caught in a job scam can bring that stress to a whole new level. Stay alert and stay safe by following the tips outlined here. 

12 Steps to Financial Wellness – Step 4: Have the Money Talk with Your Partner

Communicating openly about how you manage your money is a big part of having an honest and trusting relationship. Here, we’ve compiled six tips to help guide you in this super-important conversation.

1.      Plan in advance

Broach the topic with your partner a few days before you want to have the “Big Money Talk” and ask if you can have an open discussion about money sometime soon. This way, you’ll both be ready to focus on the conversation and won’t be caught off-guard.  

2.      Start with a vision 

Instead of starting the conversation by bringing up a time your partner overspent, talk about a vision you can both share. For example, you can rhapsodize about how wonderful it would be to take a luxury vacation to the Cayman Islands, or how you’d love to start saving for a home. This way, you’re putting a positive spin on your money talk, which will set the tone for the rest of the conversation. 

3.      Listen carefully

Your partner will have their own ideas about money management, and you may be surprised at the insights they have to share into your own spending habits or expensive vices. 

4.      Talk openly about sharing expenses and savings

At a certain point in your relationship, you may decide to share expenses and to pool your savings. If you plan to bring up the topic now, be sure to talk openly about the way you feel to better avoid future resentment. For example, if you earn more than your partner, should you be splitting expenses evenly? Can one partner take additional financial responsibilities in lieu of contributing an equal amount of income to the pot? All of these questions, and more, are important to discuss up front

At this time, consider linking one of your accounts or opening a shared account at High Point Federal Credit Union. 

5.      Consider having a slush fund

Sometimes, you just want to splurge without having to explain the purchase. You may also want to spend money on a surprise gift for your partner without them knowing you’ve just dropped a large sum of money on something. Having a slush fund, or money set aside for your “just for fun” spending, can help you maintain a sense of independence and keep some of your purchases private. You can keep this fund in a separate checking account under your name at High Point Federal Credit Union.

6.      Set up a weekly or bi-weekly time to talk money

It’s a good idea to touch base about finances once a week, or once every two weeks. You can talk about recent purchases, big expenses that are coming up soon, surprise bills and more. 

Be sure to stick to your commitments and to bring up any money issues that may arise during your regular money talks for continued harmonious collaboration about all financial matters. 

Don’t Get Caught in a QR Code Scam

Scammers are always dreaming up new ways to con people out of their money. Recently, they’ve figured out a “quick” way by hijacking QR codes. Here’s what to know about QR code scams and how to avoid them

What’s a QR code? 

Before we explore this scam, let’s get the skinny on QR codes. A QR code is a square barcode that can be scanned using a smartphone. It goes directly to a website or app. Businesses use QR codes for many reasons, like posting online menus, scanning coupons, processing payments and more. 

How the scam plays out

In a QR code scam, a scammer replaces a legitimate QR code with their own. A target scans the bogus code thinking it’s legit. They make a payment for a transaction and, unfortunately, the target has sent their money right to the scammer. Often, the scam also gives the scammer access to the victim’s phone and information

How to avoid a QR code scam

When scanning a QR code, practice basic safety measures. Check the URL that the QR code directs you to for common signs of a secure site, including a lock icon and an “s” after the “http”. If the webpage or app seems suspicious, get out. You can access the merchant’s payment portal by visiting their app or website directly. The FBI also advises against downloading an app from a QR code and/or downloading a QR code scanner app. 

When using a QR code, look for these red flags:

  • The URL is different from the home site.
  • The QR code is posted on a public sign or notice that looks tampered with.
  • The site or app the code directs you to is full of typos. 

If you were scammed

If you’ve used a QR code to pay for a transaction and then received an email from the company claiming you’ve never completed the payment, or that the payment failed, you may be the victim of a QR code scam. Let the real company know its QR code has been tampered with, call your financial institution, and alert the FTC

Stay alert and stay safe!

Beware of Sport Ticket Scams

Sport ticket scams can make the best game go foul. Here’s what to know about these scams and how to avoid them. 

How the scams play out

In a sport ticket scam, a target clicks on an online ad to buy tickets to a live sporting event. They enter their info and choose seats. Next, they’ll input their credit card info, complete the payment, and wait for confirmation. But the wait never ends! Unfortunately, the virtual tickets aren’t coming, and the seller has ghosted the victim. To make matters worse, the scammer now has the personal info and card details for more scamming shenanigans. 

In another version of the sport ticket scam, the victim gets an e-ticket after completing the transaction. But this ticket is useless. It is either counterfeit with bogus barcodes and logos or a copy of an actual ticket that has already been sold to other buyers.

The dos and don’ts of purchasing sport tickets:

Do:
  • Buy the tickets using a credit card rather than a debit card, gift card, or cash.
  • Check out the seller before agreeing to the purchase. 
  • Buy tickets at the venue box office.
  • Buy tickets from authorized brokers and third-party sellers after verifying their contact information. 
  • Research the seller by looking for a safe website and a legitimate physical address and phone number. 
  • Do a quick online search for negative reviews about the seller. 
  • If the site requires a login and password, be sure to use a unique password.
  • Verify that the tickets have the correct date and time before confirming your purchase. 
Don’t:
  • Don’t wire money to pay for tickets.
  • Don’t pay for a ticket from an unknown reseller before seeing it.
  • Don’t meet a private ticket seller alone or in a low-traffic area.
  • Don’t trust online search results for ticket sellers without researching each one well.  

If you’ve been scammed

If you believe you’ve been targeted by a sport ticket scam, there are steps to take to mitigate the damage and to help stop the scammers. First, if you’ve paid with a credit card, be sure to dispute the charge, cancel the card and ask to be issued a new one. Next, report the incident to the FTC. Finally, let your family and friends know about your experience to help them avoid becoming a victim. 

Stay alert and stay safe!

Step 3 of 12 to Financial Wellness: Pay Down Debt

You’ve tracked your spending, designed a budget for your monthly expenses, and you’re on a good path to financial wellness. In this next step, you’ll create a plan for paying down debt.

Consumer debt can be one of the biggest challenges to financial wellness. With some intentional action and commitment, reaching true financial wellness is possible.

Here’s how to pay down or off your debt in five simple steps.

1.      Organize your debt

List every credit card you own along with an outstanding balance. Jot down the amount owed to each card issuer. Next, list the interest rate of each card. Repeat these steps for other loans you may have as well. 

2.      Choose your debt-crushing method

There are two approaches generally advised to folks who are seeking to get rid of their debt: 

  • The snowball method involves paying off your smallest debt first, and then moving to the next-smallest until all debts have been fully paid. 
  • The avalanche method involves getting rid of the debt that has the highest interest rate first before moving on to the debt with the next-highest rate until all debts are paid. 

Choose the method that makes the most sense for your personal and financial circumstances.

3.      Maximize your payments

Once you’ve chosen your debt-crushing method, find ways to maximize your monthly payments. You can do this by trimming your spending in one budget category and channeling that money toward your debt. You can also find ways to get some extra cash for your payments, such as freelancing for hire.

4.      Consider a debt consolidation loan

When you consolidate debts to one low-interest loan, it’s a lot easier to manage the monthly payments. Plus, the savings in interest you won’t pay can be significant, especially if the new loan has a low interest rate. If this approach sounds right for you, consider taking out a personal loan from High Point Federal Credit Union. 

5.      Negotiate with your creditors

Many credit card companies will be willing to lower your interest rate once you prove you are serious about paying down debt. After kicking off your debt payment plan, it’s worthwhile to contact each credit card company to discuss options. 

No matter which strategy you go with or the methods you use for paying off your debt, commit to not adding more debt onto your card while paying it down. Paying off a large amount of debt will take time and willpower, but living debt-free is key to financial wellness. Best of luck on your debt-crushing journey! 

How Can I Save on Entertainment Costs?

Q: In this time of high inflation, how can I save on entertainment costs?

A: With a bit of creativity and pre-planning, you can trim your recreation budget without feeling pinched. We’ve listed eight ways to save on entertainment costs. 

1.      Attend amateur sporting events

Instead of spending big on professional sporting events, get your fix at local high school or college games. You’ll get the same excitement and a game featuring high talent without the high price tag. 

2.      Volunteer

Volunteering your time and service at local organizations provides an outlet and the opportunity to meet new people. Reach out to local soup kitchens, animal shelters, food banks and hospitals to see how you can help. 

3.      Turn a hobby into income

If you’re crafty, you can make money through your hobby by selling your creations on sites like eBay and Etsy. Use some of the money you earn to purchase new supplies and improve your skills. 

4.      Workout at home

Get your workout at home by checking out workout videos on YouTube. You can also get your heart pumping by going for a run in your neighborhood.

5.      Spend less on dining out

Don’t visit a restaurant without checking for coupon codes and discounted gift certificates on sites like Restaurants.com. It’s also a good idea to dine out less often and make meals at home to save money

6.      Buy season passes

If you find yourself often visiting the same entertainment center, consider getting a season pass. These may cost as little as two one-time tickets. 

7.      Attend local art shows

Check out local galleries for free events and shows for a night of fine art. Some towns also host monthly art walks featuring several galleries on display at no cost to the viewer. 

8.      Catch a performance at a local college

If you live near a college town, find out about performances and concerts they may be hosting. Lots of performers include colleges in their tours. Score an inexpensive ticket to a big-name concert by attending such an event. 

Don’t let inflation deflate your fun! Use these tips to save on entertainment costs. 

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