Financial Tips

April is Financial Capability Month, making it the perfect time to put fresh eyes on your finances. Ever checked your account balance and thought, Where did all my money go? You’re not alone. A well-structured budget doesn’t have to be about cutting back – it’s about gaining control, reducing stress, and working toward what matters, whether that’s paying down debt, saving for retirement, or (finally) taking a vacation.

Numbers That Tell a Story

• 41% of U.S. adults have credit card debt.
• Inflation continues to challenge household budgets.
• Even though 74% of Americans use budgets, many struggle to stick to them.

The 30-Day Budgeting Challenge
Even when money is tight, small steps can help you regain a sense of control. This challenge is about working with what you have and making a plan that fits your reality.

WEEK 1: Take Stock (Without Judgement)

Days 1-2: Gather documents – Collect checking and savings account statements, bills, and income records. If you don’t have access to everything, just start with what you know (like recent pay stubs or receipts).

Days 3-5: Sort spending into essentials vs. non-essentials – Focus on basics first: housing, food, transportation, and bills. Then, list everything else.

Days 6-7: Track daily spending – If writing down every dollar feels overwhelming, start small – like noticing where cash disappears fastest (fast food? Gas? Impulse buys?)

WEEK 2: Think Small

Days 8-10: Find areas to free up cash – Look for small, manageable changes. Might you cook one extra meal each week in lieu of going out or switch to coffee at home?

Days 11-13: Commit to one realistic goal – Maybe it’s just covering rent this month or paying one bill in full. Small wins build momentum.

Day 14: Choose a budgeting style that fits your situation – Decide what budgeting system supports where you’re at. Zero-based budgeting or the 50/30/20 rule are some examples.

WEEK 3: Adjust and Automate

Days 15-17: Adjust spending based on what’s possible – Don’t aim for perfection. Aim to find small ways to stay on top of expenses.

Days 18-20: Automate what you can – Even if it’s just setting reminders to pay bills on time, little systems can help.

Day 21: Revisit and adjust – If your first plan didn’t work, that’s normal. Tweak it and keep moving forward.

WEEK 4: Subtract, Add, and Celebrate

Days 22-24: Downgrade without losing what matters – Instead of cutting everything, swap or downgrade packages (e.g., cheaper phone plans).

Days 25-27: Explore ways to boost income – Selling things you don’t need, freelancing, or joining the gig economy part-time can provide short-term relief.

Days 28-29: Plan for expenses you know are coming – Even setting aside $5-$10 per paycheck for emergencies makes a difference.

Day 30: Reflect on progress (no matter how small) – If you made any improvement this month, celebrate it! Every step forward counts.

Remember that you don’t have to budget alone – connect with your financial institution to see what services and resources they can provide. GreenPath also offers free financial counseling and personalized debt management. Their NFCC-certified counselors are ready to meet you wherever you’re at, without shame or judgment.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

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In today’s financial landscape, where banking options abound, finding the right institution to meet your needs can be overwhelming. Traditional banks have long been the go-to choice for many, however consumers are quickly realizing that credit unions are often a better option knowing that local credit unions offer all of the advantages of a bank, yet more perks for your wallet.

Let’s delve into the unique advantages of banking with Wheelhouse Credit Union and compare its offerings to those of traditional banks.

Enhanced Rewards Program
Wheelhouse Credit Union stands out among banks and other credit unions with its unique Debit Rewards¹ program, designed to benefit its members in meaningful ways. While traditional banks may offer basic rewards like cashback or travel points for credit card purchases, Wheelhouse Credit Union takes it a step further. Our Debit Rewards program typically offers higher cashback percentages and a broader range of rewards categories. Members can earn rewards on everyday expenses they make with their debit card, like groceries, dining, and even online shopping, maximizing their earning potential.

With our rewards program, you can earn points for every qualifying transaction made with your Wheelhouse Visa® Debit Card. Earn 1 point for every $3 spent on signature-based transactions. You can even earn 2X the rewards on utility-related transactions, like your gas or electric bill. Click here to see a complete list of qualifying rewards categories.

Competitive Dividend Rates
When it comes to savings accounts, traditional banks often offer meager dividend rates that fail to keep up with inflation. Some are near zero. Wheelhouse Credit Union, on the other hand, frequently provides competitive rates on their savings and high-yield checking accounts—as much as 3.00% APY* when you go with Inspired Checking². This means your money can work harder for you, generating more substantial returns over time. By leveraging higher dividend rates, Wheelhouse Credit Union empowers its Members to grow their savings and achieve their financial objectives faster.

Community-Focused Approach
One of the defining features of credit unions like Wheelhouse is their community-focused ethos. Unlike traditional banks, which are profit-driven entities, credit unions are not-for-profit cooperatives owned by their Members. This ownership structure allows credit unions to prioritize the needs and interests of their members above all else. Wheelhouse Credit Union is deeply committed to supporting the local community through financial literacy programs, charitable initiatives, and personalized Member service. Choosing a credit union over a traditional bank means you become part of a community that truly cares about your financial well-being.

Personalized Service and Member Benefits
Traditional banks often struggle to provide personalized service in an era dominated by digital interactions. Wheelhouse, however, excels in offering a more intimate and personalized banking experience while also putting cutting edge technology in the palm of your hands. With a credit union, you are not just an account number but a valued Member. Wheelhouse Credit Union takes pride in providing tailored financial advice, educational resources, and exclusive Member benefits. From financial planning assistance to educational workshops and discounted rates on loans, Wheelhouse Credit Union goes the extra mile to support Members’ financial success.

By choosing Wheelhouse, you become part of a supportive community that is committed to your financial well-being.

* APY = Annual Percentage Yield. Rates are effective as of 09/23/2024 and are subject to change without notice.

¹ Debit Reward Points are earned each time you use your Wheelhouse® Visa® Debit Card on qualifying Non-PIN based point-of-sale (POS) transactions. Qualifying Non-PIN based POS transactions include debit transactions, contactless payments, card swipes, and signature-based transactions. Cash advances and ATM transactions are not considered qualifying transactions. All reward points will post to your account upon verification of qualifying transactions. For every qualified three dollars ($3.00) charged to the cardholder’s enrolled debit card, you will earn one (1) reward point. Log in to Digital Banking to view and redeem points. For a complete list of qualifying categories, visit WheelhouseCU.com/BonusRewards. Contact the Cards & Operations Department at (619) 297-4835 with questions or disputes regarding qualifying transactions.

² To receive the APY of 3.00%, you must make a minimum of 20 qualifying purchase transactions using your Wheelhouse® Visa® Debit Card associated with an Inspired Checking account per calendar month and/or maintain an average daily balance of $75,000 or higher. No minimum balance is required to earn dividends. Inspired Checking is a variable rate account. The APY may change after account opening. APY is accurate as of the last dividend declaration date. Fees could reduce earnings on the account. Inspired Checking requires an initial minimum deposit of $10, monthly direct deposits totaling $450 or more, an active online banking registration, and eStatements within 90 days of account opening. If requirements are not met and maintained, account will be converted to a Basic Checking Account which may be subject to different terms, conditions, and restrictions.

Other terms, conditions, and restrictions may apply. Federally Insured by NCUA. Membership is required.

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In an era where financial institutions are evolving rapidly, one constant is that credit unions often still offer better interest rates compared to traditional banks. This is because they operate on a not-for-profit basis, which means they focus on serving their members rather than generating profits. This unique model allows them to pass on savings directly to their members, making them an outstanding choice for anyone looking to bank smarter and grow their wealth.

Wheelhouse Credit Union’s member-focused approach enables it to pass on savings directly to its members through enhanced savings rates and reduced loan rates. With features like mobile apps, online banking, and robust cybersecurity measures, Wheelhouse can also provide the same level of technological convenience and security as larger banks, ensuring that members can manage their finances efficiently and safely, no matter where they are.

Greater Earnings Opportunities
High-interest checking accounts can significantly grow your wealth by offering higher interest rates than traditional ones. For instance, if you maintain a balance of $10,000 in a checking account with a 3.00% Annual Percentage Yield (APY), you would earn $300 in interest over a year. This is a substantial increase compared to the mere $10 you might earn with a 0.10% APY* from many financial institutions. Over time, the benefits of a high interest rate become even more pronounced as your balance grows and interest compounds, turning your checking account from a simple transactional tool into a valuable asset for wealth accumulation. This financial empowerment is a key benefit of high-interest checking accounts.

Inspired Plus Checking¹
Does your current checking account come with roadside assistance? Probably not. Inspired Plus Checking from Wheelhouse provides additional protections and money-saving perks you may not even consider when evaluating a financial institution. These extend well beyond the standard rewards points for debit and credit card usage, which are included with Inspired Plus. For a modest fee, account holders can earn up to 3.00% APY*, obtain cell phone protection, sleep well with ID theft protection and credit monitoring, travel confidently with roadside assistance, earn fuel rewards points, take advantage of health savings on everyday items, obtain peace of mind with accidental death insurance, and more. The Inspired Plus Checking account is designed to provide you with a comprehensive suite of benefits that can save you money and provide peace of mind. Research shows that annual savings can reach upwards of $1,094 annually by accessing all benefits.

Security and Customer Support
Security is paramount in banking, and Wheelhouse excels in this area, too. Employing state-of-the-art encryption and multi-factor authentication ensures your financial data remains secure against potential threats. This robust security system is designed to provide you with peace of mind, knowing that your financial information is safe. Additionally, a user-friendly interface and robust customer support system provide further reassurance–a “phone branch” is well prepared with San Diegans ready to help other San Diegans. Whether you need assistance with account issues or have questions about features, support is readily available to address your concerns wherever you are located at the time.

By choosing Wheelhouse, you become part of a supportive community that is committed to your financial well-being.

* APY = Annual Percentage Yield. Rates are effective as of 09/09/2024 and are subject to change without notice.

¹ To receive the APY of 3.00%, you must make a minimum of 20 qualifying purchase transactions using your Wheelhouse® Visa® Debit Card associated with an Inspired Plus Checking account per calendar month and maintain an average daily balance of $75,000 or higher. No minimum balance is required to earn dividends. Inspired Plus Checking is a variable rate account. The APY may change after account opening. APY is accurate as of the last dividend declaration date. Fees could reduce earnings on the account. Inspired Plus Checking requires an initial minimum deposit of $10, monthly direct deposits totaling $450 or more, an active digital banking registration, eStatements within 90 days of account opening, and a monthly fee of $9 (nine dollars). If requirements are not met and maintained, the account will be converted to a Basic Checking Account, which may be subject to different terms, conditions, and restrictions, and access to BaZing® will be removed.

©2024 Wheelhouse Credit Union. Federally Insured by NCUA.