How Can I Save on Holiday Shopping?

Q: The holidays always have me worried about money. With inflation soaring, I’m more stressed than ever. How can I save on my holiday shopping this year?

A: If you’re worried about making it through the holiday shopping season in the midst of record inflation, you’re not alone. A recent survey shows that 59% of American shoppers are stressed about buying holiday gifts due to higher prices this year. With some careful planning, though, you can enjoy stress-free holiday shopping. Here are seven easy ways you can save.

1. Shop early

Experts are urging shoppers to hit the stores earlier than normal this year to take advantage of early-season sales. Lots of big-box stores are struggling with a supply surplus thanks to an inflation-triggered decline in demand. This will likely lead to sales events to make room for more current inventory. Shop these sales for big savings.

2. Set a budget

Before you start shopping, build a reasonable budget for your holiday shopping. Make your budget easier to keep by allocating a specific amount for every gift, shopping with cash and/or reviewing your budget often.

3. Shop with a list

Instead of blindly hitting the stores, make a list of every gift to buy for friends and family. You’ll be far more likely to stay within budget when your purchases are pre-planned.

4. Leave some last-minute shopping for Green Monday

While it’s best to do the bulk of your shopping early in the season, you can leave some last-minute gift-shopping for Green Monday on Dec. 14. This is when retailers make their final pre-holiday markdowns.

5. Think outside the box

If ever there was a holiday season to get creative with gifting, this is it. Retail inventories are full of products that were backed up during the post-pandemic supply-chain disaster. Think furniture, home decor and more. While these items may not be typical holiday gifts, there’s no real reason you can’t delight a loved one with a new office chair, exercise bike or coffee organizing station.

6. Give gift cards

Protect your gift list against inflation by giving some gift cards. You can find discounted cards on sites like GiftCardGranny and CardCash, or use cash-back apps to earn them at no cost. Gift cards are easy to shop for, easy to budget for and appreciated by the receiver.

7. Use apps to save

In 2022, there are so many apps that can help you spend less on your shopping, and even put money back into your pocket. Try coupon-scanning apps like Honey, cash-back apps like Ibotta and points apps like Drop to save this season.

Use the money-saving tips offered here to shop for the holidays without breaking your budget.

Don’t Get Caught in an Election Scam

Democracy is a privilege that’s upheld by the election process. But scammers are out to hijack this process and cause havoc throughout election season. Here are three red flags to watch out for this time of year to avoid an election scam.

1. Eleventh-hour campaign contributions

This scheme targets voters right before elections by asking them to make a donation toward their chosen candidate’s campaign. They’ll claim to represent the candidate and suggest that the candidate just needs one big push to move to the front of the line.

Unfortunately, if the target believes the caller and makes a donation, they’ll be giving money helping to line a scammer’s pockets.

Stay safe: If you’d like to contribute to a candidate’s campaign, reach out to campaign headquarters on your own through their website.

2. Polling for information

During election season, informal poll-takers and petitioners are everywhere while canvassing voters. Once they have your attention, they’ll ask who you’re voting for, request that you fill out a survey or have you sign an election petition on a particular issue. But first, some will say they’ll need your personally identifiable information (PII), like your name, date of birth, home address and even your Social Security number. If you oblige, you’ll be sharing your information with a scammer.

Stay safe: Never share your PII with an unverified contact. If you do decide to fill out a voter survey, be super-selective about the information you share. Don’t share your Social Security number, driver’s license number or any other information that can be hijacked for crime.

3. Voter re-registration

In the weeks leading up to Election Day, you may get a bogus voter registration form, claiming your name has been mistakenly removed from voter rolls. They will say you can get back on by filling out this form and mailing it out. Alternatively, they’ll reach out over the phone, text, or email, and tell you to register by responding. Naturally, this is an election scam!

Stay safe: Remember that you can only register to vote by mail. In addition, there’s no reason to believe your registration is no longer valid. If in doubt, search your state’s Secretary of State website.

Stay safe, and may the best candidates win!

How Can I Help My Elderly Parents Manage their Finances?

Q: My parents are aging, and I believe they can use help in managing their everyday expenses, and may eventually need a proxy. How can I best help my parents with their finances?

A: Your parents are fortunate to have a child who’s proactively willing to help with this challenging task. Here are some ways you can help your elderly parents manage their finances.

Determine whether they need help

If you notice any of the following, it may be a sign that your parents need assistance with money management:

Unusual and unnecessary purchases.
Piles of unopened mail.
Physical setbacks.
Cognitive impairment and/or memory failure.

Communicate openly

Before you take steps toward managing, or assisting with, your parents’ finances, have an open conversation with them about your current and future intentions. You can share that you are only there to help and that you will not take any actions without their permission, whether before or at the time of need.

Gather information

Next, sit down with your parents and ask these questions about their finances:

Have you named a durable power of attorney (POA) for finances?
Where do you keep your financial records and assets?
What is the name of your mortgage lender?
What are your monthly expenses?
How do you pay your bills?
How much is your annual income?
What kind of health insurance do you have?
Have you written a will or a trust?

Establish a plan

Now you’re ready to establish a plan for managing, or assisting with, your parents’ finances. Be sure to honor their dignity as much as possible. Ask them if they’d like you to take responsibility for one or more of their monthly financial-related tasks. For example, you can pay their mortgage and car payments each month, or make decisions relating to their investments.

At this time, consider simplifying their finances in any way you can. For example, if your parents have multiple credit card balances, you may want to consolidate this debt into an unsecured loan, and then only have to pay back the one loan payment each month. You can also automate as many bills as possible.

Alternatively, you can talk about the future only, and have your parents agree to let you manage their money if one or both of them become incapacitated in any manner.

If your parents find it difficult to relinquish this bit of independence, start assuming responsibilities for their finances gradually; just one bill at a time.

Taking over the finances of elderly parents can be a delicate and daunting task, but it is often necessary. Use the tips outlined here to navigate this situation smoothly.

Don’t Fall for Auto Warranty Scams

Auto warranty scams can lead to financial pain, or even disaster, for an unwary consumer. Here’s what to know about these scams and how to stay safe.

How the scams play out

In an auto warranty scam, a scammer reaches out to a target supposedly selling or offering to extend an existing warranty on their car. The scammer claims to represent the automaker or policy company and may know the exact model and make of the car. Unfortunately, though, if the driver buys or extends a warranty on their car through this call, they’ll be giving their money and information to a scammer.

Red flags

Watch for these red flags:

Robocall. When the pitch to buy a new auto warranty, or to extend an existing one, starts with an automatic message, you’re dealing with a scam.
Extend now! Pressured to buy an extended warranty for your vehicle? Probably a scammer.
How about some ad-bombing? If you keep running into the same ad on every site and social media platform, it’s quite possibly a scam.

Plus shipping and handling. If the alleged representative selling the extended auto warranty starts asking you to pay any processing fee, or even a down payment, before providing real details, hang up and block the number.
Restricted callers only. If your Caller ID is showing “private number” or “restricted,” you are likely being called by a scammer.

Protect yourself

First, never share personal information with an unverified contact while on any platform. Next, if you’d like to purchase a new policy or extend the one you have, reach out directly to an auto warranty company. Finally, if you are constantly getting ad-bombed and robocalled for illegitimate offers, mark the email as spam/or and block the number.

If you’ve been targeted

Take quick steps to mitigate the damage. Do not engage with the scammer, and report it to the Federal Trade Commission. Lastly, close any accounts that may have been compromised and consider a credit freeze, if warranted.

Stay safe!

6 Ways to Pay Less at the Pump

With gas prices still rising nationwide, the pain at the pump is real. There isn’t much you can do about the price of gasoline, but there are ways you can pay less at the pump. Here are six ways to save on gas.

1. Use cash

Many gas stations offer a discount for paying cash, sometimes up to 20 cents per gallon. This can quickly add up when pumping a full tank. Just be careful to have the cash handy when you need it, as you don’t want to lose all those savings to ATM fees if using machines not connected to your credit union.

2. Use a rewards program or credit card

If you don’t like the idea of carrying around tons of cash, but you still want to save at the pump, consider getting a rewards program or credit card. Tread carefully though; not all of them actually benefit the consumer. Find out about a possible annual fee, a rewards cap, membership requirements and the exact redemption value of each reward point before signing up. As an Olean Area Federal Credit Union member, you can opt for the Extra Rewards program when you have the Visa Platinum Credit Card.

3. Check your tire pressure

According to the US Department of Energy, a well-inflated tire can save you 15 cents a gallon by boosting your gas mileage by 3%. Check your tires regularly to ensure they’re always inflated. To make this easier, consider springing for a tire pressure gauge that will automatically monitor the health of your tires.

4. Use a gas-tracking app

In 2022, there’s no need to search for the gas station with the best-priced gas. There’s an app for that! Popular gas-tracking apps include GasBuddy, Upside and Waze. Using the gas station that’s right near your home or workplace might be easy, but taking the extra time to find one that sells gas for less can save you a bundle.

5. Purchase a club membership

If you don’t already have one, this may be the time to buy a club membership. Costco, Sam’s Club and Walmart Plus all offer discounted gas exclusively to members. Of the three, Costco tends to feature gas for the lowest price, up to 34 cents less per gallon than a typical gas station. In today’s gas-crazy climate, that’s a huge difference. Of course, you’ll want to find out how much a club membership will run you before joining.

6. Buy gas at the right time of day

If you pump gas during the midday hours, after the sun has been beating down on the gas reservoir all day, the gas has likely expanded. This means you’ll be paying the same price for less-dense gas, which won’t last as long. Pump when it’s cooler outside, typically during the morning or late evening hours, for the densest gas.

Use these tips to help save on gas despite the rising cost of fuel.

What is the Dark Web?

Q: What is the dark web?

A: The dark web is the deepest layer of the internet that isn’t visible to the average browser. Unfortunately, the it is full of illegal activities and crimes. Let’s take a closer look at the dark web and how you can protect your information from being snared.

What is the dark web?

The internet has been compared to an iceberg, with very little being visible above the surface, but it’s an enormous, dark and deep chasm underneath.

There are three basic parts of the internet:

The surface web – all websites and landing pages that can easily be accessed through popular search engines and direct address entry using a web browser.

The deep web – this includes private, but not invisible accounts, like social media pages, membership websites, medical records and more. All content on the deep web is safeguarded by a paywall or sign-in credentials.
The dark web – can only be accessed by using special browsing software called Tor. Tor masks IP addresses and makes all visitors anonymous.

Not all activity happening on the dark web is illegal. The deepest part of the internet also provides a platform for communication and commerce for people living in countries that have heavy censorship of online activity.

Unfortunately, though, the dark web remains a hotbed of criminal activity. Loads of illegal trade takes place through the dark web, including drugs, firearms, counterfeit money, subscription credentials and personal information of thousands of targets. The inherent anonymity allows hackers and scammers to roam free without fear of being caught.

How can I protect myself?

Enable two-step authentication on all online accounts.
Regularly monitor your credit for fraudulent activity.
Use strong, unique passwords for your accounts.
Never share personal info with an unverified source.

The dark web is impossible to trace, but there are ways to protect your information. Use the tips outlined here to stay safe.

Step 8 of 12 Steps to Financial Wellness – Know When and How to Indulge

Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means money choices are governed by discipline and not by emotion. So how do you strike a balance between the two?

Here’s how to indulge responsibly.

Live with a budget

To do this, track your spending for three months. Next, make a list of all your expenses and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category.

Leave room in your budget for “just for fun” purchases

As you work on building a budget, leave room for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, wisely choose an amount you can easily afford without feeling deprived.

Review your savings

Before giving yourself permission to indulge, make sure you’re setting aside some of your monthly income to savings. Ideally, short-term savings should be enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have.

Choose your “treats”

Everyone’s got a personal vice or three. Take a look at where your non-discretionary money went over the last month and highlight the more expensive impulse buys. Hold these purchases up to these questions:

Did this purchase bring me happiness or positive energy the day I bought it? How long did that feeling last?
Did this impulse buy blow my budget?
Does thinking about this purchase now fill me with joy, guilt or something else?

Use the insight about your indulgences to help you make better money choices in the future.

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences, it’s time to let go of guilt. If you’re spending responsibly, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, you can maintain your financial wellness.

Cash, Credit or Debit – How Should I Pay?

Q: When paying for my everyday and occasional purchases, should I be using cash, credit, or debit?

A: Some purchases should be paid for with cash, some with a credit card and others with a debit card. Let’s take a closer look at each method and when they should be used.

When should I use cash?

Some retailers offer discounts for paying in cash, making it the wise go-to. Also, if you have a tough time sticking to your budget when shopping, it can be helpful to only take along the cash you plan to use. Finally, some small businesses only accept cash payments.

On the flip side, cash offers no purchase protection and should not be used for large purchases. Also, cash leaves no paper trail, so it may be difficult to track expenses. Finally, cash always carries the risk of being lost or stolen.

When should I use my credit card?

Credit cards are the double-edged sword of personal finance. Credit card debt is a leading cause of consumer debt. However, owning credit cards and using them responsibly is a crucial part of your credit rating.

Credit cards also offer two primary advantages: rewards and purchase protection. Many credit cards can earn rewards as you spend on them, so it earns you something for your use. The purchase protection a credit card offers also makes it the ideal choice for paying for large purchases. In addition, using a credit card and making on-time payments can help boost your credit score while also making expense tracking easy.

Ideally, credit cards should only be used to cover fixed or steady payments and for purchases you know you can pay in full when the bill is due.

When should I use my debit card?

Debit cards allow you to track your spending and help you stay within budget since you can generally only spend what you have. In addition, if your card is lost or stolen, you can cancel it and/or close the connected account.

Debit cards can be a great choice for everyday purchases of any kind. At High Point Federal Credit Union, you can actually earn rewards with your debit card if you have a myRewards Checking account! Learn more by clicking here.

Use this guide to help you choose the right payment method in every situation.

Back-to-School Shopping Hacks

It’s back-to-school season, but that doesn’t mean you need to break your budget. Here’s six back-to-school shopping hacks to get you started.

1. Take inventory

Don’t set foot in a single store without first checking to see what you have at home. Keep a running list of everything you find so you know exactly what you have before you spend anything on new supplies and clothing.

2. Shop with a list

And we’re not talking about the list of required supplies your child’s school or teacher has sent home. When shopping for anything, it’s best to start out with a clear goal of what you plan to buy. This way, you’ll be less likely to overspend and come home with stuff you don’t really need.

3. Divide and conquer

The circulars are packed with specials on school supplies all summer long. The problem is that, while one store is offering a crazy-low deal on crayons this week, another is running a super sale on pencils – and the stores are across town from each other. Keep your savings and your sanity, by teaming up with another school parent. Divide the school supply list between, pooling costs and savings.

4. Let your kids choose some items on their own

Teach your kids a lesson in budgeting by allowing them to shop for one or more of the costlier items they need on their own. Set a reasonable budget together, but let your child do the actual choosing and paying. To encourage thriftiness, you can offer to allow your child to keep the change.

5. Save some stuff for later

There’s no need to purchase a complete autumn wardrobe before Labor Day. Waiting a bit for the mid-season sales will save you a ton of money.

If your kids are in need of some bigger ticket items this year, consider applying for a low-interest loan from High Point Federal Credit Union!

Use these hacks to cash in on savings this back-to-school season.

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 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:

Don’t take immediate action. Pause and think it through before blindly sending money.
Ask the caller to answer a personal question only your grandchild will know.
Check your grandchild’s whereabouts by hanging up and calling your grandchild directly. Chances are, your grandchild is just fine.
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!

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.

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!

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 YouTu b e. 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.

What to Buy and What to Skip in February

Are you looking to snag some bargain buys this month? We’ve got you covered! Here’s what to buy and what to skip this February.

Buy: TVs

Whether you’re a diehard football fan or love to binge watch, you can pick up fantastic deals on big-screen TVs in February. These sales often continue through President’s Day and may even run until the end of the month.

Skip: Flowers

Flowers have their big day in mid-February, but that doesn’t mean fresh blooms are discounted this month. In fact, you’re better off skipping flowers in February and finding another way to express your love.

Buy: Winter gear

Retailers generously mark down winter gear this month as they make room for the spring stock. Prices on sporting equipment, like skis and snowboards, can be slashed by up to 30%. You can find winter clothing discounted by as much as 80%!

Skip: Electronics

Aside from TVs, you’ll want to skip all major electronic buys this month. You’re better off purchasing them during Black Friday sales in November. If you can’t wait that long, you can also pick up great deals on electronics during “Black Friday in July” events.

Buy: Furniture

Pick up some beautiful new furniture at great prices during Presidents Day sales, which can run for a full week or two. Be sure to check out prices at several stores before splurging on a big-ticket item since prices on furniture can vary between retailers.

Skip: Fitness equipment and gym memberships

Fitness equipment and gym memberships are at their lowest in January to attract the hordes of people seeking to get fit in the New Year. By February, markdowns on workout gear and promotional offers on gym memberships are gone – and you won’t see them again until warmer weather sets in.

Buy: Jewelry

During the second half of February, prices on jewelry plunge up to 80%. Hold onto your bargain-priced jewel buys until Mother’s Day, your love partner’s birthday or your shared anniversary.

Find more financial tips by visiting our blog and following our social media pages!

12 Steps to Financial Wellness – Step 2: Creating a Budget

Now that you’ve tracked your spending and kept a careful record of where your money goes over the course of a month, you’re ready to move onto the next financial wellness step: creating a budget. Budgets play a crucial role in promoting financial awareness, which leads to more responsible money choices.

Let’s take a look at how to create a budget and review some popular budgeting systems, as well as how they work.

Create a budget in 5 easy steps

Track your spending and income. This includes all your financial documents, like your account statements, bills and pay stubs. If you’ve followed Step 1, you’ve already completed this step–nice work!
Tally up your totals. Calculate the totals of your monthly expenses and all streams of income.
List your needs. Your needs include anything that is essential for living and basic functions, such as mortgage payments. As you list each need, write down its corresponding cost. Sum the total of all your needs when you’ve finished.
List your wants. This includes anything that is not essential for living, like entertainment costs. Here, too, note the monthly cost of each item on your list and add up the total when you’re done.
Assign dollar amounts to your expenses. Open a new spreadsheet and copy your list of expenses. Assign an appropriate dollar amount for each of these costs.
Review and tweak as necessary. You will likely need to adjust the amounts in each expense category at least once a year to keep your budget relevant.

Budgeting systems

There is a wide range of budgeting systems to fit every kind of money management style.

The traditional budget. After working out a number for every expense category, you’ll track your spending throughout the month to ensure you’re sticking to the plan.
The money-envelope system. Withdraw the amount you plan to spend on all non-fixed expenses in cash at the start of the month. Divide the cash into separate envelopes, designating one for each of these expenses. Then, withdraw cash from the appropriate envelope when making a purchase in that category.
The 50/30/20 budget. Set aside 50 percent of your budget for needs, 30 percent for wants and the remaining 20 percent for savings.

A well-designed budget can provide you with a sense of financial security and freedom. Start budgeting today!