Many people find it difficult to contribute a portion of their monthly wages into their savings accounts because there are so many other financial temptations out there.  Consider these tips to help you stay disciplined in your saving.  It could mean a significant difference in a down payment on your next big purchase.  Your future is at stake!

1. Keep accurate records of your financial documents and receipts.  File them in one place and/or use a computer-based money management system.  The better you document your spending, the more “in-control” you are when it comes to all financial matters.
2. Cut back.  What seems like an obvious solution is a really fundamental way to free up funds.  Never spend more than you have: output should not exceed input.
3. Reduce the use of your credit cards.  Use cash to better track your spending.  You’ll pay less for items because you won’t be stuck with high interest payments and the occasional late fee.  If you must keep a credit card, try one with rewards, so you’re likely to see some of that money back in the form of discounts and “freebies”.
4. Set a dollar amount as a savings goal.  It’s important to have a goal to meet.  You can then track your progress toward that goal, and there will be a greater sense of reward when you succeed.
5. Most importantly, pay yourself first!  Put money into your savings account immediately.  If possible, access your checking account online to set up a scheduled monthly transfer of funds into your savings account.  If it automatically goes to savings at the same time every month, you won’t forget to put it there!

Calling All Members!

You are invited to KeyPoint Federal Credit Union’s Annual Membership Meeting.

• When: Thursday, April 10, 2008 Registration begins at 6:00 PM, and the meeting begins at 7:05 PM.
• Where: The American Legion Hall on Wooddale Blvd
• What to Bring: Please remember to bring a driver’s license or other form of identification.

Attend and bring a friend to enjoy and Italian-style dinner and hear the latest updates about your Credit Union. Door prizes will be given away for kids and adults, including a cruise for two as our Grand Prize!

This video explains the difference between banks and credit unions. It’s made by a Canadian credit union, but the information still applies here in the U.S.

Enjoy!

We all get the same question every time we make a purchase with our PinPOINT Visa debit cards: “Debit or Credit?” Which is better?

Using your PinPOINT card as credit still automatically withdraws money in your checking account like a check or a debit transaction, but it offers the security of a signature approval and avoids the use of a PIN number. When a signature is used to approve a credit purchase, handwriting analysis can later be used to detect fraud; whereas, the use of a PIN number does not distinguish the owner of the card from a thief. As always, transactions using your PinPOINT Visa debit card should be marked on your transaction register because the funds are taken directly from your checking account, but using the credit option is a more secure way to purchase any item. So the next time you’re at the register, think about a more secure way to pay!

Here at KeyPoint FCU, you’ll find a loan that not only meets your needs, but our low rates and great service makes borrowing easy and painless!

Whether it’s a auto loan, a mortgage, a student loan, or personal loan, most people will borrow money at some point in their lives. Here is a rundown of the basic types of loans:

Secured: the borrower pledges some asset as collateral, or guarantee, for the loan
Mortgage loans: used to purchase property; The financial institution is given a
security in the form of a lien on the title to the house. If the borrower defaults, or fails
to make payments, on the loan, the credit union has the legal right to repossess and sell
the property in order to regain the remaining funds owed.

Unsecured loans are not secured against the borrower’s assets. These may include, but are not limited to: lines of credit, credit cards, or personal loans.

Check out KeyPointFCU.com or stop by one of our five locations for more information about loans.

If your resolution is to be more budget-conscious, be S.M.A.R.T.! Your resolution is attainable if you’re specific, set measurable goals, make sure your goals are achievable in the next 12 months, set realistic goals, and are timely in setting deadlines along the way to track your progress. Sign up for KeyPoint Federal Credit Union’s online banking and automatic bill pay to make tracking your finances easier. The key to success is to closely monitor any transactions. Sign up for our easy e-statements, which are a convenient way to save paper and postage! Visit this post at lifehacker.com for advice about a more successful resolution.

A Credit Union is a not-for profit institution that passes savings on to its members through lower interest rates on loans and higher yield rates on investments and savings.

A Credit Union is like a bank in that:

• it offers the same financial services as banks do. KeyPoint Federal Credit Union offers several types of savings accounts, checking accounts, money market accounts, IRAs, CDs, Credit Cards, and loans for individuals as well as businesses.
• KeyPoint FCU also offers the modern conveniences that most banks provide, such as e-POINT internet banking, PAYPoint online bill pay, PINPoint VISA Debit/ATM Card, overdraft protection, and many more.

A Credit Union differs from a bank in that:

• at a Credit Union, a savings account is a “share” account because the Credit Union is member-owned, and when you open an account with a Credit Union like KeyPoint, you, too, become part owner.
• since every account-holder is also a share holder, they are referred to as members, not customers
• there are no stockholders involved in the Credit Union, which allows all profits to go back to the Credit Union, itself. This means that more flexible terms, better rates and savings are passed on to our members.
• with shared branching, Credit Unions give members the opportunity to perform transactions in shared facilities just as if they were in their home institution.  This gives members the benefit of doing business with their local credit union and the convenience of thousands of nation-wide locations.
  Anywhere you see the   logo, you can conduct a range of
  

          transactions.  Visit www.creditunion.net for more information.

• in addition, members have the ability to use countless ATMs all over the country! Just look for these logos:
  

   

• the Board of Directors of the Credit Union are members who volunteer their service for year-long terms, and are elected by the membership of the Credit Union. All members in good standing, no matter how much money they hold in their account, have an equal vote in the election of new Board Members.
• Credit Unions also have specific membership requirements. Although there are limits to membership, nearly EVERYONE is eligible to a Credit Union in his or her area. For example, due to our community charter, anyone who lives, works, worships, attends school in, or does business in Ascension, East Baton Rouge, Livingston, and West Baton Rouge parishes, is eligible to be a member! Once you join a Credit Union, you can be a member for life, even if you leave the field of membership. Click here for a “Credit Union Match-Up” to help you locate all of the Credit Unions in your area that you are eligible to join.
• Credit Unions like KeyPoint FCU are free to join; however, you must have a minimum deposit in all share accounts in order to be in good standing as a member. Not to worry, though, here at KeyPoint, the minimum opening balance for a share savings account is only $10.00! Check out our website for a complete list of our services, rates, and other useful information.

There are countless resources for more information about Credit Unions, but below are some links to articles and sites with more information:

KeyPoint Federal Credit Union

Creative Employee Benefits: A Credit Union Membership

What Is a Credit Union, Anyway?

Wikipedia: Credit Union

America’s Credit Unions

National Credit Union Administration

An Individual Retirement Account is an investment account to which a person can contribute a set amount of money per year. There are several types of IRAs, three of which are offered at KeyPoint Federal Credit Union.

With a Roth IRA, contributions may be made from earned, after-tax income, but withdrawals from contributions the IRA are tax free, and often, so are withdrawals of earnings. A Roth IRA has fewer restrictions, while contributions are not tax-deductible.

Traditional IRAs have the benefit of no taxation of earnings or transactions, but at retirement, withdrawals are taxed as income.

An Educational IRA, or Coverdell Education Savings Account, is a tax-advantaged investment account. An Educational IRA allows money to grow tax-deferred and earnings to be withdrawn tax-free when withdrawn for qualified education expenses.

An IRA at KeyPoint Federal Credit Union is a solid investment in your financial future. If you need more help deciding which type of IRA best meets your needs, contact a member service representative, visit our website and click “deposits”, or stop by one of our 5 branch locations.

If you need gift ideas for the little ones, give them the Key to financial literacy and savings by opening a KeeWee’s Kids’ Club savings account today! We’ll match the first $5 you deposit to the account, and with Free e-Point Internet Banking, the kids will be able to watch their money grow. Whether they’re saving for college or for a car, KeyPoint can gives great rates and friendly service. Stop by our website or one of our 5 locations for more information. Remember: Birds of a feather save together!

1. Buy Used Textbooks: New textbooks can cost hundreds of dollars, but when you buy used, you save a lot. Also check online vendors, as their textbook prices can sometimes be cut in half!

2. Seek Alternative Transportation: If you live in the LSU area, buses to and around campus are free with your student ID.

3. Don’t Over-Purchase Meals: Choose the right meal plan for you. Don’t automatically pay for the largest meal plan before researching how often you’ll take advantage of meals provided. Take into special consideration how often you’ll eat on campus during weekends.

4. Set Up a Checking Account with KeyPoint Federal Credit Union: With our CheckPoint Checking, there is no minimum balance, and no monthly service charge. You can also monitor your spending with our Free e-Point Online Banking and Free PAYPoint Bill Payer. Need an ATM? With Shared Branching, you can use a number of ATMs without incurring any fees.

5. Budget: It’s important to know where your money is going every month. Try to record your spending for a month. At the end of that month, you’ll be able to review your purchases and determine ways to cut back on unnecessary expenditures.

6. Take Advantage of the Student Discount: Most movie theaters and museums offer student discounts– all you have to do is show your ID! Also, many campuses offer free activities to unwind, especially around exam time, when everyone needs a break!

7. Find a Part-Time Job: If you can manage to find a way to earn some extra cash, you won’t have to make as many calls to Mom and Dad to replenish your bank account! If you’re lucky, you may be able to find a job on campus, which often allows time to study.

8. Apply for Scholarships: Some schools simplify the process by creating a general application for all financial aid. In the long run, it doesn’t hurt to be persistent and apply every semester or year, even if you don’t get a scholarship right away. Scholarship programs can also provide unexpected perks, like stipends or trips abroad.

9. Low-Interest Credit Cards: Like many students, you may be looking into having a credit card for emergency expenses. Save by checking out our SmartKEY and ClassicPOINT Credit Cards. With low interest rates, high credit limits and no annual fees, it’s the perfect card to start your credit history!

10. Find the Perfect Cell Phone Plan: If you’re still on a cell phone plan with your parents – great! If not, find a cell phone plan that suits your usage: long distance calls to home, local calls to friends, etc. Also try to limit text messaging, which can accumulate quickly on your monthly bill.