Video Transcripts

Oh Kelly its Ellie who looks you in listen this isn't working I thanks for everything you don't make time for me and everything's on your terms and that's why I love you and that's why I'm taking my accounts to tech see you come on Shelley give us a chance you can change its Ellie and it's not me it's you thank with someone who has your best interests at heart can we lock the door open a new checking account today and get up to $150

so it's over she took it all every last penny I'll never forget those words it's not me it's you what does that even mean then she says you don't make time for me make time I've got like a bazillion customers yeah me too go play some golf is money Green Bank with someone who has your best interests at heart open a new checking account today and get up to $150

hey gentlemen can I help you yes what is this place this is tech see you were a full-service credit union people come here to bank or they use our mobile app or a website whoa you work in the bank across the street don't you better thank with someone who has your best interests at heart open I check account today and get up to $150

what's this banker got that I note I'm so happy - begging on my terms Oh lo me great ray a cool mobile app and I make time for you I wish my old banker conceded I wish my old banker exceeded bank with someone who has your best interest at heart open a new checking account today and get up to $150

the breakup was a little rough but things have worked out for the better just like I'm getting more out of a new relationship and not to mention my whole family is on board I mean great interest rates an amazing mobile app and over 65,000 ATMs nationwide they're perfect for me see I told you Tech see you as it keeper break up with your bank and experience the benefits of a better banking relationship with tech Cu technology credit union

so the new relationship amazing I am totally invested really yep with this one I'm all-in what's so different everything is just easier I feel I have more control more time for me Wow think you can hook me up with someone that takes you to experience a better banking relationship with great interest rates and easy-to-use mobile app and personalized service at Tech cu technology credit union

ever wondered with the differences between a credit union and a bank credit unions offer many of the same services as banks checking and savings accounts and also card home and business loans at most credit unions balances and checking and savings accounts are federally insured by the NCUA a US government agency it's similar to the FDIC which ensures banks but credit unions are not for profits owned by their account holders or members at tech CU for example instead of maximizing profits to pay stockholders we invest our resources to deliver low rates and fees outstanding service and member benefits including free checking with no minimum balance low rate auto and home loans free online and mobile banking access to over 65,000 fee free ATMs and discounts to local attractions tech CU is a safe place to save and borrow and you get an equal voice each member gets one vote regardless of their account balances on key matters finally we volunteer at and donate to many organizations that support the communities we serve it's like a bank you own with the privileges of membership to learn more go to my credit union gov or tech see you calm

we believe the relationship with our members goes well beyond providing financial solutions and services we know that financial security is important to our members and their families my approach is to listen and work closely with each of our clients to discover what's going on in your life and then to recommend specific items to address those needs with your unique circumstances in mind we can identify specific items for improvement and create a plan to improve those areas of your financial life with being with various numbers is really trying to understand exactly where they're coming from it where as much as I possibly can about them really trying to take the time to understand where their value system is when not they're just starting out or if they built a significant amount of assets up to this role in a time as your private banking manager we work with one-on-one as your dedicated financial resource we play see you at the center of the relationship and work according to your timeline and how you prefer to connect be it in person online by phone or even mobile we become your true partner and serve you with our team of experts as we come to understand you and your goals we put our expertise and best thinking to work for you to help create that future you want to pursue and with ongoing proactive guidance that lets you focus on your business or work and your family and that brings our members peace of mind

are you looking for a great time saver well on your next payday use direct deposit it's a fast safe and convenient alternative to bringing checks to the branch the way it works is simple your employer sends an electronic payment directly to your account tapping into a system used by millions of financial institutions businesses and government organizations you get instant access to your money and there's no delay like you might have with a paper check direct deposit saves you time and energy you don't have to take your check to the branch you even get paid when you're away on vacation on payday if you use direct deposit who's still get a pay stub you can also confirm deposits through the phone online mobile or at an ATM and direct deposit is easy to set up with a one-page form from tech see you or your own company so don't wait download the direct deposit form pick it up at Tech see you or ask your employer for a copy and on your next payday you can get paid the smart way

depositing checks using their smartphone or tablet is easy to do secure and above all convenient with texty use mobile banking app you can make a deposit anytime from anywhere with an internet connection first log in to our app select your deposit accounts and under the truck amount then use your device to take a picture of the trucks front and back when you're done our mobile app immediately sends the scam check information over a secure connection to tech CU for processing when the check is cleared the funds become available in your account you'll get a message confirming your deposit right away at that point the physical check is no longer needed for the deposit but we suggest you keep it for 90 days in your records learn more at tech CU com / mobile for contact us for more information mobile deposits are simple secure and fast so the next time you have a check save a trip to the branch or ATM and deposit it the easy way use your mobile device you

When you're busy, doing your banking can be tough. Paying bills, managing money in different accounts. Everything can take a lot of time and effort. But fortunately, there's an easier, faster way to get things done securely, with no extra fees. Electronic payments from Tech CU. They're free, and you can submit them from your computer or mobile device. There are several great services to make your life easier. Bill Pay is useful for recurring loan or utility payments, but also payments to just about anybody. Send Money, powered by Pay Pal makes it easy to pay other people, like your babysitter or gardener. Member to Member helps you make immediate payments to friends who are also members of Tech CU. And Bank to Bank lets you easily transfer money between your own accounts at Tech CU, and other financial institutions. Put them all together and you can skip paper hassles, stamps, and extra trips to branches. You can save money and time for free. A better way to pay is here for secure, faster, and more convenient payments and transfers, get started with electronic payments today. To learn more, visit tech c u dot com slash payments

At Tech CU, we're always trying to find ways to help you better manage your financial aid this means offering a full suite of financial products and services access to more than 65,000 be free ATMs worldwide more than Chase Wells Fargo and Bank of America combined need to reach us use our call me feature and we'll call you back want to meet with an expert click make an appointment on our website to schedule a time by phone in person or via videoconference you can also find answers to your questions online around the clock with our intelligent search platform online banking offers you 24/7 access to your account set up automatic payments through bill-paying send money for free go paperless with these statements get email alerts notifying you of account activity and boring you can also access your account using our mobile banking apps which include mobile deposit and send money powered by PayPal and with Apple pay you can securely and easily make payments at thousands of stores across the country while checking your balance and recent transactions on the go with our Apple watch app we provide a variety of financial educational tools and resources including seminars videos online calculators and access to your free credit score and credit monitoring you've got better things to do than worry about your money let us help you manage your financial life visit xeu comm slash convenience to learn more [Music]

[Music] there are times in life when we could all use some extra money perhaps you want to consolidate high interest credit cards cover moving expenses by a major appliance or pay down medical bills often when you apply for a personal loan however lenders may want to secure it against another asset like your car or your house here's the good news not all personal loans are created equal and tech cu our personal loans don't require specific assets as collateral get money when you need it with the low fixed payment you want and no upfront fees however if you'd like easy access to funds with no annual fee a personal line of credit is a great option it's a way to handle unexpected expenses and sudden big purchases and can serve as a backup for your tech CU checking account as overdraft protection if you're thinking of using the funds in your savings or certificate account to make a big purchase consider a tech CU secured loan instead a secured loan lets you use the value of your savings or certificate account without making any withdrawal you'll continue to earn dividends on your savings and certificate accounts while repaying your loan to apply for one of our personal loans for to learn more please visit tech c EUCOM slash personal loans

[Music] getting control over your debit and credit card spending can be hard but with the tech Cu card manager app it's easy you can do it all on your mobile device turn cards on and off lost your card turn it off found it turn it back on this helps you get control and prevent fraud you can also set controls ahead of time limiting spending to a certain amount or to a particular merchant type like gas or food or within a selected geographic area get alerts about your card transactions staying updated in real time about card activity there's also 30 days of transaction records right at your fingertips you can even get alerts to your Apple watch so how do you get started first open the taxi you up top the top-left corner to bring up the menu activate card manager by downloading and allowing notifications this lets the app send you a notice on mobile about card activity now go back into the tech Cu app tap the menu again and select card manager to launch set a secure pass code to enable direct access to card manager touch ID or a fingerprint authentication is also available on compatible devices for even quicker access to the app and that's it you're good to go with total control over your card activity get started with card manager today visit taxi eucom slash card manager tech see you security control convenience [Music]

the Bay Area company says that it has found a way to keep thieves from using your stolen credit card numbers the key may be your cell phone KPIX 5s get doe on how it works the latest weapon in the fight against fraud is called card controls and it's coming to a wallet near you I'll keep the location on it's pretty simple using the bank's app you decide where the card can be used by city or by geographical area using the embedded map in this case San Jose if the transaction is within the approved area you're good however if you set your home region elsewhere say New York City and then try to pump gas in downtown San Jose the transaction will be denied it's a step toward stopping the bad guys I'm more in control of where it can be used so my card becomes less usable for a fraudster than a card which is open for use anywhere Rachna ala watt is the founder of on dot systems a start-up based in San Jose the company gave us a demo of one of their most powerful features called my location it's where the card only works if the transaction happens near the phone to test it out we had Rachna try to get cash at an ATM in North San Jose while her phone was moved to East San Jose about 8 miles away on dot logs the location from the nearest cell phone tower and then denies the transaction and pushes an alert to the phone on dot says a radius of several miles for now is the right balance of security and battery life and we have optimized our algorithm to a point when there is no significant drain in the battery but the location of the user is still precise that you can apply these location based controls card controls the latest Silicon Valley invention to help youkeep up and maybe even stay one step ahead of the bad guys in San Jose KITT doe KPI

Are you looking for a mortgage to buy a home or refinance an existing loan? Want a local lender who understands the Bay Area? Tech CU can help. We make the process easy with dedicated Mortgage Consultants, a variety of loan structures and low rates to help you select the financing that works for your budget. For example, fixed and adjustable rate mortgages (ARMs) can offer solutions to suit your personal mortgage needs. If you plan to pay off or sell your home in seven years or less, or, if you need lower monthly payments and require a lower initial interest rate to qualify for a loan, an ARM may be your best option. ARMs offer lower interest rates and lower monthly payments for the first 3 to 7 years of the term, with rate adjustments scheduled to occur at regular intervals, every 1, 3 or 5 years thereafter. If you plan to own your home for more than seven years, or want the comfort of stable, monthly payments throughout the loan’s term, a fixed-rate mortgage may be your best choice. Whether you’re a first-time home buyer or have already owned a home, our dedicated Mortgage Consultants are here to assist you — every step of the way — with a variety of financial and educational resources. A Mortgage Consultant can also help you with a jumbo mortgage, 1-4 unit residential investment property or second home. To learn more, apply for a loan or speak with a Mortgage Consultant, please visit techcu.com/MortgageLoans.

[Music] teaching kids how to manage their money can be a challenge but with the right resources you can make a lot of progress that's why i tec see use family banking account gives kids the real-life tools they need to learn essential financial skills like saving paying debt and budgeting your child will have their own account in debit card allowing them to perform actual transactions and providing them with an early sense of responsibility and ownership your accounts are directly linked to your children's so you can easily monitor their spending and saving habits but don't worry your account info is only visible to you you can easily transfer money between accounts it's a great way to pay a weekly allowance or help with the college students living expenses and your child can quickly reimburse you for a recent purchase they've promised to pay for family banking can also be used for an elderly parent who might need some extra help when it comes to managing their daily spend family banking functions are conveniently available through online and mobile banking apps instilling a solid foundation of Smart Money habits for your child will give you a peace of mind and some day they'll thank you to learn more visit taxi ucomm forward slash family banking you [Music]

[Music] when you're looking to finance a commercial loan we know how important it is to have a successful relationship with your lender we realize that commercial borrowers are looking for unique financing solutions to address their specific opportunities we offer commercial real estate construction SBA and asset based lending solutions will work closely with you to understand your business needs and objectives and find a solution that fits your particular situation our goal is to become your trusted adviser building a long-term relationship our team has years of experience finance and construction projects commercial real estate properties SBA loan requests and asset based lending we offer flexible asset based working capital lines of credit to support rapidly growing companies and we hold the distinction of being an SBA preferred lender meaning we understand the various SBA programs available plus we can shorten approval time so you can quickly get the money you need to learn more please contact a commercial banker at taxi EUCOM forward slash commercial lending for asset based lending inquiries please visit tech Capital LLC com

many people by their used car truck from a private party the loan process for this type of loan can be a little more involved than buying directly from a dealer this video will help you understand the steps involved in getting this type of loan from tech see you step 1 get pre-approved for your loan and find your car before you make an offer on a car we recommend getting pre-approved for not alone through our website by visiting one of our financial centres or calling us directly at 877 9880 471 knowing how much loan you qualify for in advance will save you a lot of time in the long run once you find the car you want to buy be sure to get the vehicle identification number also known as the vin number you'll also need to take note of the vehicles mileage with this information at xeu auto loan specialists can then help you determine the Blue Book value for the vehicle which you can then use to negotiate the final selling price step 2 starting your paperwork once you've negotiated the final selling price for your vehicle at xeu auto loan specialists will give you a checklist of all the paperwork we'll need to start processing your alone a complete list of required paperwork can be downloaded at the end of this video if you're purchasing a leased vehicle you'll also need additional documents once you've completed your paperwork drop the originals off at a tech see financial center you can also fedex or priority mail them to your tech CU auto loan specialists remember it's always a good idea to keep a copy of your paperwork step 3 discuss loan terms with your tech CU representative when we receive all of your completed paperwork your tech CU auto loan specialist will contact you and confirm the loan terms you qualify for including the dollar amount and the interest rate of the loan if you accept the terms your documents will be drawn up and sent to you once all documents are verified we can fund the loan within 24 hours if the seller owns the vehicle you and the seller can sign the documents in person tech CU financial center where the seller will be given the check and the title will be exchanged if the seller has a loan on the vehicle then final documents will be sent to you in the cellar via mail or email documents should be signed by all appropriate parties and return to tech CU via mail email or one of our financial centers step for funding your loan once we receive your signed documents your loan check will be sent at the seller directly or to the lender to pay off an existing loan all collected DMV documents and fees will be sent to the DMV for the transfer of the title and lien holder contact your tech CU auto loan specialists for more details congratulations your loan is funded and the car is now yours now that you know the process for getting along with tech CU it's time to start hunting for that new car good luck and be sure to contact us if you have any questions you

how does a construction loan work so this is really in the mechanics once you get your construction loan you're working with us then work starts happening right things start having and the question and I'll just kind of prime with a few here how do you submit a draw request and how often a draw request is basically a request a payment to the contractor for the work they have completed for whatever stage or the project is in so typically what happens is the loan closes the contractor gets started foundation work is underway they build it they trench they frame they pour they get it all done and usually at that time we want to see a draw request on or about the time the foundation is complete and there's two key reasons one is title company will issue us a series of construction loan endorsements the first endorsement is called the foundation endorsement and this is a small a number you don't have to remember but it's called 102.5 I've made a few construction loans I've got every endorsement in my head I got to get them out of my head but anyway that is common for the first draw for the foundation and what we usually do is when that's done the contractor will submit a draw we'll take it we will basically ask an inspector to go out and verify the work has been completed what kind of insurance do I need for a construction loan they call it course of construction insurance farmers State Farm all the major carriers have it but they need to know the kind of construction you're doing and much like all the other information you've assembled for your loan you would provide that too and but the the policy is called course of construction and usually the one side one thing you want to make sure you do is once you get that done the lender wantin needs to be listed as first loss payee very similar and additional insured

how do you apply for a construction loan it's a working with that team that I had mentioned so you have your architect you of your contract or you kind of pulling everything together and the first and the elements are preliminary architectural plans and specs and again they don't have to be finalized but they have to be in pretty good shape to say what's the size of the project and and what is going to look like primarily because if a construction lender is happy with everything you've provided in terms of they can do a good loan they're going to have to give this information to an appraiser is going to have to say okay I got to appraise this off of plans and specs and cost breakdown again doesn't have to be final but pretty well determine and then the other elements are just updated financial information including two years most recent tax returns that's pretty common and most people have done that on their mortgage or whatever loans are getting that's pretty common because in many cases if you're only the loan or how this loan gets repaid is the mortgage that will end up you know we'll hopefully we will replace the construction loan with a tech see you mortgage from one of our mortgage consultants but we need to understand that this loan ultimately will repay this loan and then a good thing to do is how do you vet a general contractor you want to get their resume you want their trade references and good contractors have been out there at that our license have all this stuff there shouldn't be any problem and it's always good to go to other clients and ask how did that project go were they on time on budget and those are good things just as you do that analysis and they should all be licensed they should all their of their license card in good standing you

really when we think about a construction loan it really falls into two camps one is really the what I would call the ground-up construction and that's basically some of you buys a finished lot or plans to purchase a lot and says this is where I want to build my new house and I'm going to need financing for it and that's really common for you know a single family residence that you know an individual or a family would like to pursue that's that's one example and then another example could be an existing home but you're planning what I would call a significant remodel and a significant remodel is when you're doing major renovations adding significant new square footage maybe taking a single story home and making it a two-story home and adding really a significant amount of new development to the house construction loan works for that as well so getting ready to build it's really putting together a team when you look at it I mean it it involves choosing an architect choosing a general contractor working with your planning department the City Planning Department officials to see what you could get approved what will it take what does it take to pull a building permit what are the what's the zoning what are the regs what what what can I build how much maximum floor area there are a lot of things that you need to kind of be considering when you're embarking along this and of course you want to be able to you know pull your building permit when you need it you know last thing you want to do is submit plans and then say oh wait a minute that roof lines wrong oh no no that's too high you got it you got to go lower you can't do this and that could cause some rework so you really it's a real collaborative type thing and if you're working with a good team and an architect and contractor who know how to do the process or familiar with your your own individual city or towns planning department requirements to kind of have a working familiarity with what it would take to get through the approval process

what's the difference between a home equity loan in a construction loan and its really the size and the amount of work you're doing is really the essential aspect if you're planning a remodel and the common remodels our kitchen bath or bedroom construction loans with all the administration and the elements of costs involved really aren't well suited for that that's more a home equity line of credit and that's really why those products are available and we do those as well you know we're very active doing mortgages for active for people who help them purchase or refinance we're very active doing home equity loans and all of our bankers here can certainly talk about that but it's really in that size range throw home equity loan really is the more suitable product but when you're doing something again larger complex and more significant renovations or brand new from from new construction you know ground up and a construction loan is probably a very good alternative and solution and it's important to note that when you do this that you're whoever your first mortgage lender is hopefully it's us if we're here is that they know what you're planning to do and again the home equity loan for simple bathroom and remodel you don't need to seek any permission there but when bigger projects are coming in where significant square footage is being added may a lot of you know buildings are being taken or you know i should say walls are moving or something like that then you have to kind of slow down say well wait a minute do I have is my does my mortgage allow me to take down my my roof does allow me because there's things around your insurance and you just have to be aware of it you know so am I knocked down half my house is that going to cause any problem with your current mortgage lender this is what wait a minute well you know we got a look at this differently you know so again a construction loan really kind of puts everything together than that you know the financing is in place construction lender really understands everything in the building and construction process you

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you buy or rent pay off debt or build an emergency fund the trouble with money questions is that the answer usually is it depends why money rule number one personal finance is more personal than finance here are three techniques for making good decisions first the what's the worst that could happen test paying down debt is good but what happens if you actually need your emergency fund will you be able to get by second the life map test only you know your lifelong hopes and plans is now the time to take advantage of low mortgage rates could be but how long will you be at your job or living where you do now expect to be transferred or want to move in that case low mortgage rates don't matter the answer is no finally but can I sleep test it sounds simple but ask yourself since every investment has a risk can you stomach it comfortably if not keep it in low-risk savings that's always a good rule i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech CU optimism it's nice to think of the glass as half-full but not necessarily when it comes to money that's money rule number 43 hope is not an investment strategy when you're overly optimistic it's easy to convince yourself it will all be ok but complacency leads to inaction and your financial future depends on taking the right steps right now so how do you snap out of it and take control three great tips first do one thing and do it today begin an automatic savings plan thumb up your retirement contribution by 1% or open a 529 college savings account for your kids next visit your savings I know it sounds silly but every time you track your progress online and you see that the amount in your account has grown you're giving yourself a dose of positive reinforcement finally keep taking those small steps in the right direction six months from the day you began increase what you're setting aside by one percent then six months later bump it up by another percent setting goals and following through now that's what I call an investment strategy i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech CU a recent study confirmed what many of us know money issues can tear a couple apart in fact couples who disagreed about finance once a week for more than thirty percent more likely to get divorced than those who disagreed a couple of times a month one solution common goals our long married friends Dave and Lori talk about their goals together and this is key they talk in terms of pictures one reason pictures are more romantic than numbers also they're not as abstract and they always put their goals in two short medium and long term categories to you to need a game plan start by budgeting your joint income to cover bills and then put aside at least ten percent for your mutual goals three online payments from a joint account really helps you track your expenses finally autonomy great couples aren't just good together they're good alone give each other financial freedom money set aside for each partner to do what they want that's not just love that's respect i'm jean chatzky for your savvy Money minute

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you when it comes to financial planning many of us have great long-term dreams but moment to moment well life can distract that's why money rule number 61 is plain and simple automate when you automate you only have to make one good decision one time to reap the financial benefits for years here are three ways to automate your finances one savings setup monthly transfers from your checking account to a savings account choose automatic deductions from your paycheck into your 401 K or other workplace retirement plans to fill payments set up automatic payments for recurring monthly bill payments like your mortgage auto or student loan your credit score is protected from late payments and you can even earn a break on student loan interest rates 3 automate your debt repayment plan savvy Money pro is a free program that generates a smart pay plan to optimize your debt repayment so that you can pay it off in the shortest time for more tips check out my book money rules i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you today we learn money rule number 14 if you can't see it and you can't touch it you won't spend it why is saving money so tough because it means putting aside resources for tomorrow that your attempted to use today and your brain wired to hunt and gather right now doesn't like that idea the solution mind games tricks that fool yourself into saving more my favorite put money where you can't see it or touch it a 401k for example your savings are diverted from your paycheck before you even see them you know there would be taxes and penalties for early withdrawal so you don't touch the money and it grows for tomorrow take Laurie age 40 a year ago she had a good job but couldn't seem to save so she tricked yourself every paycheck she had $75 moved out of her checking account and into a separate emergency fund a year later almost two thousand dollars and she is feeling good you can do this to set up similar trick accounts wherever you can remember saving money isn't magic it's good habits for more great tips check out my book money rules i'm jean chatzky for savvy money you

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you saving money can be hard but money rule number 21 can help save for something having a definite goal in mind gives you a better chance of success researchers at Columbia University found that visualizing the benefits of saving money makes people twenty-five percent more likely to save one a vacation in Hawaii a 40th birthday bash new kitchen countertops visualize your goal then target a monthly savings amount and a deadline and finally probably your most important savings goal retirement using our visualization rule see your 401k not just as a number but as the retirement lifestyle you want sunny location great culture exotic address now that you can see it you may find you're motivated to put away a little bit more i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you when it comes to money human beings are well human our hunter-gatherer brains don't like delaying gratification and that makes saving money a real challenge the solution mind games tricking your brain into doing the right thing for your long-term financial well-being that brings us to to psych-out money rules money rule number 11 if you can't see it and you can't touch it you won't spend it and money rule number 48 if you're just looking don't touch 401k plans work because money is pulled from your paycheck before even lands in your checking account you can't touch it and hefty penalties to tell you from touching that money before the appropriate time that's why taking the time to set up a plan saves you from yourself second our brains are hard-wired to hate loss when you take physical possession of something you're considering by it trying on clothes or test driving a car your brain thinks you already own it so the idea of not buying it feels like a loss and suddenly it's harder to resist making the purchase sometimes the trick to saving money is outsmarting your brain i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you paying too much for auto insurance about homeowners insurance if you haven't shopped around recently the answer is probably yes one reason your longtime carrier may be getting complacent they send you a bill you pay it that's costing you it's time to call or log in to see if other insurers can do better here's what you want to ask them for one security discounts deadbolt locks and smoke detectors should earn you a discount on home insurance so should proximity to the fire department and a car along system crucial bucks off your bill to retirement discounts if your home more often there's often less risk of damage and no commute less risk to your car to make sure you let your carrier know three deductible discounts if you can stomach the risk increase your deductible and save big on premiums example going from a five-hundred-dollar to a twenty-five hundred dollar deductible could cut your bill by up to twenty five percent or more finally loyalty discounts you can often save if you buy multiple types of coverage from your carrier for more info on insurance offered by your credit union contact your credit union representative i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech CU recent statistics show that average credit card debt per indebted household is just over 16,000 dollars but it turns out some debt is good it's important that you know the difference so here are the rules first debt for a want not a need is bad debt that third or fourth little black dress something you should only buy with cash but paying off a new refrigerator over a few months to replace a broken one well that could be good debt second good debt is about progress a mortgage on a home for example can mean you're building home equity a loan for a car can help you get to and from work and finally third debt boundaries to keep those good debts good stay within healthy limits example keep your mortgage payments below twenty eight percent of your income and all types of debt combine below thirty six percent so save up spend savvy and borrow even savier i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you think it's too late to resolve to improve your finances this year it's not no excuses here are five tips 1 set goals then break them into manageable benchmarks want to say five thousand dollars this year and for four hundred twenty dollars a month to get organized chaos as in stacks of mail on the kitchen counter or receipts shoved every which place is paralyzing dump it all out on the floor then sort it into a system you can stick with three track your spending if you don't know what's going out it's impossible to make a budget for create that budget and make sure to include savings as a separate line item your notes from tracking will tell you what you spend and where you can cut back five pay down dead start with the highest interest rate first then work your way down time to get started i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you impulse buying we've all done it in fact the average person will spend 114 thousand dollars on impulse purchases over their lifetime how can you avoid that fate skip these three shopping sins money rule number 41 don't shop angry research shows anger makes us overly optimistic and prone to making bigger riskier purchases than we otherwise would so give yourself a 24-hour cooling-off period before you make a hot-headed by money rule number 42 don't shop sad psychologists call it the misery is not mais early effect feelings of low self value make you overestimate the value of purchases you're considering money rule number 43 don't shop hungry and not just at grocery stores snacking what researchers call exciting the mouth bring down your defenses against desire that's why warehouse stores offer free samples you end up buying things that aren't on your list for more great tips check out my book money rules i'm jean chatzky for savvy money you

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech CU you probably know that student debt is a trillion-dollar problem but it doesn't have to be a problem for you the key borrow what you can afford and pay it back fast and cheap here are my favorite tips first you're borrowing level should match your first year's potential earnings heading to Wall Street or a legal career you can borrow more than a future teacher to keep debt down go to a school that offers grant money or start at a community college and transfer your credits later also get all the federal loans you can first the private market is pricier and when it comes to paying back that student debt pay back the more expensive private loans first and stay on schedule with your federally subsidized loan payments if money gets tight look into income based repayment for federal loans 25 years from now if you still have dead your slate will be wiped finally be careful consolidation plans can give you some breathing room by extending the term and lowering payments but the same average interest rate will apply over a longer period so in the long run you'll pay more if you can apply those savings to paying off higher interest rate credit card debt you'll come out on top stay savvy i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you so you want to raise your credit score so you can get lower credit card interest rates easier credit even better new job prospects you need to understand credit utilization I know it sounds complicated but it's simple it's a ratio how much credit you have versus how much you use and it can make up to twenty to thirty percent of your credit score example say you have an outstanding balance of four hundred dollars your credit lines $2,000 divide your debt by your credit in this case it's point two or twenty percent that ratio is great a credit utilization ratio of under thirty percent helps your score one common mistake thinking that closing a credit card account will raise your score our friend Lori did that but look at her ratio fewer cards means a lower credit limit to raise her score pay down her balances by a thousand dollars and keep her credit lines open at five thousand dollars and she's at twenty percent here comes a better credit score and better financial health i'm jean chatzky for your savvy Money minute

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you can borrowing save you money smart borrowing can the difference between us so so interest rate and a good one can mean thousands in your pocket whether you're financing a home a car or opening a credit card here are four great tips for smart borrowing number one shop around interest rates vary so cast a wide net to find the very best one check with local national and online lenders and your credit union to compare to work on your credit score the difference between a score of 620 and 720 can mean hundreds of dollars less in payments every month 3 refinance interest rates are low if you can shave at least one percentage point off your mortgage rate refinancing can be worth with be and remember a car loan can be refined as 24 spread it out if you extend the term of your loan to lower your payments then applied the difference to your highest interest rate debt and you can get big savings over time i'm jean chatzky for savvy money

hi i'm jean chatzky and this is your savvy Money minute brought to you by tech see you mention the word refinance and chances are you think mortgage also paperwork and hassle yes refinancing your mortgage can mean both but refinancing your car loan not necessarily consider with a four-year loan at eight percent interest a twenty-thousand-dollar car costs you four hundred eighty eight dollars a month drop your rate to four percent and your payment is 452 dollars over the life of your loan you save over seventeen hundred dollars and it's easy find a less expensive competing lender you'll pay off your original loan with money you borrow from the new lender but at a lower rate your costs likely just a small title transfer fee one tip credit unions and online lenders often have the best rates especially if your credit score has improved since you bought the car or if your current loan rate is high some lenders will even allow you to take cash out a bigger loan yes but at a lower interest rate use that extra cash to pay down higher interest rate debt like a credit card and save big money i'm jean chatzky for savvy money

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