wealthE-NEWS Monthly Newsletter

January 2013

Welcome to wealthE-NEWS, brought to you by United Educators Credit Union. Thank you very much for your interest in this service! Our goal through this monthly newsletter is to keep you updated on consumer tips and money management information, as well as credit union news and announcements.

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Make Smart New Year's Resolutions
Did You Know?
January Tip of the Month


New UECU Youth Account
2013 Scholarships
Upcoming Holiday Hours


Make SMART New Year's Resolutions

Everyone--regardless of age--can take steps to shape up their finances.

As you decide on your New Year's resolutions, think SMART--financial goals that are specific, measurable, adjustable, realistic, and time-oriented.

Here are some examples of financial goals for different generations:

* Collect your change. Each time you buy something, save the change you get back. Deposit the change in a container at the end of every day. Over time it could add up to a significant amount of money.

* Save your allowance. Whether you want to buy something you've been eyeing for months or you want to start saving for college, the only way you are going to do it is by putting your allowance away. Deposit at least part of your allowance in a youth account at the credit union.

Gen Y
* Open a Roth IRA (individual retirement account) and start saving. Make savings a habit and invest at least 10% of every paycheck for retirement. The longer you have to save with a Roth IRA, the more you save on taxes. Although contributions aren't tax-deductible, your money grows tax-free and comes out tax-free as long as you meet certain requirements.

* Put your credit card away. Use credit cards only when you know you have the funds set aside to pay the bill in full when the bill comes. Don't leave a balance on your credit card or you'll be charged interest.

Baby boomers
* Put your debts in priority order. Make a list of all your liabilities and organize them by the annual interest rate. Pay off those with the highest rates first, while still making at least minimum payments on all the others. Set a specific, realistic date for when you plan to achieve your goal of paying off all debts.

* Determine your net worth. Calculate your assets minus liabilities each year--preferably on Dec. 31--so you quickly can see whether you're gaining ground or falling behind. Your net worth should be increasing each year. If it's not, make a plan to improve it, such as pay down a specific debt or put more money into a retirement account.

* Evaluate your estate plan. Establish or review your will, advance directives, and powers of attorney, and make sure they reflect your preferences and current situation. Make sure all of your intended beneficiaries are on file for all your financial accounts.

* Check all insurance policies. For example, know what is covered in your homeowners policy and verify your liability coverage. Call your insurance agent if you have any questions.

© Copyright 2007 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved.

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Did You Know?


Overwhelmed with Holiday Debt? Transfer your high interest balances to UECU VISA® Platinum card and receive 6.99% APR* on Purchases and Balance Transfers until March 2014! Both purchases and balance transfers made before March 31st will stay at this reduced rate. With no annual fee, no balance transfer fee, and ScoreCard Reward® points Third Party Website, you could put some extra dough in your pocket!

Current Visa Cardholders, click here for your Balance Transfer Packet. Or, contact us for additional information today!

* APR means Annual Percentage Rate. Purchases and balance transfers made November 6, 2012 - March 31, 2013 will receive the promotional rate of 6.99% APR. The promotional rate is valid until March 31, 2014. After this day, any remaining balance will revert to the current variable APR. The balance transfer will show on your statement as a cash advance. Payments received will be applied first to fees, finance charge, promotional transferred balances and then any outstanding UECU credit card balance. Minimum amount of balance consolidation = $100. Please refer to the UECU VISA® Agreement & Truth in Lending disclosure for a complete description of how finance charges are calculated. This offer does not apply to balances owed or transferred from existing United Educators Credit Union debt(s). All loans are subject to credit approval.

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With mortgage rates still at a 50 year low...Now is a great time to refinance your existing loan or purchase a home!

We are excited to announce we have partnered with Tradition Mortgage in order to expand our options in mortgage financing. Since 2000, Tradition Mortgage has proudly been the Education Minnesota ESI sponsored mortgage services provider. Tradition has successfully worked with thousands of union members to provide full service mortgage products, services and sound advice. Independently owned, Tradition Mortgage has the ability to search out the most competitive and appropriate loan options for you. As a Minnesota mortgage company, they know the real estate market here, unlike many of their national, out-of-state competitors.

For more information on our partnership with Tradition Mortgage or to apply online, click here.

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New Youth Account Program

The Pee Wee, My Mula and Student programs were in need of a facelift - so we went back to the basics to design a youth program relevant for kids and a helpful teaching tool for parents. In light of the current economy and staggering need for financial literacy among our youth, there is a simple concept gaining momentum in various education and parenting circles: Save Share Spend. The idea is every time you receive money - you save some, you share some, you spend some. How you allocate the money is determined by age, your family values, etc., but it is a concept that a young child can understand; and is a helpful tool as kids grow older and their money habits become more complicated.

Save, Share, Spend - teaching children how to allocate their money so they achieve their goals, share with others, and build their dreams.

  • Save: Keep money in a safe place, see it grow, and save for something special! This is the money to bring to the credit union in order to save for something large, like a game system or even a car!
  • Share: Find an organization or charity to share money with. Ask about CU for Kids or our annual Mitten & Hat Drive! Or spend money at a local business. This money is for sharing any way that makes you feel good.
  • Spend: Be a smart consumer & choose wisely. This money is for those small purchases to purchase. Upon parental approval, children and teens can get a free ATM card or a checking account with a free Debit Card.

Click here for more information on the youth account.

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There's still time to apply for the 2013 Scholarships!

$2,000 Educator Award
One award will be granted for professional development in the education field. Teachers, Administrators, Support Personnel - all members that work in education are eligible to apply.

$1,500 Education Major Award
One award will be given to a student majoring in Education and entering their Junior or Senior year in the fall of 2013. Applicants must be attending an accredited college or university in the state of Minnesota or be a United Educators Credit Union member or the child or grandchild of a member.

Amanda Bradac

$1,000 Student Awards
Three awards will be given for the post secondary education of graduating high school seniors. United Educators Credit Union members or children, grandchildren or dependents of members are eligible to apply.

Deadline to apply is February 1, 2013. Apply Today!

"I want to do all of my banking with UECU! I am an education major and I like that UECU has been providing financial services to educators for over 50 years. In addition, they offer free financial literacy curriculum, grants and scholarships. I will definitely be applying for one of their education major scholarship! I want to be part of a credit union that understands the needs of teachers."

Amanda Bradac
Student of University of Minnesota
UECU member since 2012

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Holiday Hours

Closed all day Martin Luther King Day - January 21st, 2013
Closed all day President's Day - February 18th, 2013

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wealthE-NEWS is a monthly, permission-based publication of United Educators Credit Union sent only to those who have requested it. If you have received it by mistake or wish to discontinue receiving it, please click on the link at the very end of this message. Your subscription is free and you may discontinue it at any time. Feel free to print and distribute wealthE-NEWS as you wish. Please consider forwarding this newsletter to any others who may be interested. If you receive this update as a sample or from a third party, you may sign up to continue receiving it by clicking here.

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