A couple of years ago, we received a lot of money as a Christmas gift from our parents. That gift shocked us because we weren’t expecting that extra income. Adrenaline started running through my body as I thought of what we could do with this money. We were saving for a car, so that’s where we used it. Having a goal helped me calm down. It was great to know where to spend the money so we didn’t regret how we spent it. Even though the timing of bonuses, gifts, or inheritances is often unexpected, you can plan how to spend the extra income when you receive it.

I think all of us would like extra income, but do you know how you would spent it? Would you save it for retirement? Would you spend it on a vacation or a purchase? Would you pay down debt? It’s good to think about this ahead of time so that you know how you would spend extra income.

When Ty changed jobs in November, all of his accrued vacation pay was paid out to him from his previous employer. We didn’t expect that he would change jobs and receive all that money at once. We hadn’t been able to save for Christmas throughout the year, and we were considering using some of our emergency fund for Christmas. When he received that extra income, we paid for Christmas. I was glad that we didn’t have to use emergency fund money because I don’t consider Christmas an emergency, but we weren’t sure how we were going to pay for it.

I have noticed that unexpected income is often followed by an expense. Have you noticed this? Maybe you received a gift and then the washer broke. I have seen this happen enough times in my life and in the lives of others to see a correlation. A few years ago, my friend and I discussed this and how it can feel discouraging. She had learned to appreciate that money comes when you need it. I decided that I wouldn’t let myself be discouraged anymore when this happened. She helped me to learn to be grateful for extra income even if it needs to be used for bills.

After my family had saved an emergency fund, the unexpected repair expenses didn’t use the extra income anymore. I really don’t like to spend our emergency fund - just ask my husband. He teases me about having an emergency fund that I "won’t use even for an emergency.” I reply, “If I spend it, I won’t have it for an emergency!” Anyway, I might still choose to use extra income for an unexpected expense, but having an emergency fund gives me options to pick which money to use.

The purpose of this blog is to help you reach your financial peak. Each week I’ll give you a financial exercise to do. This week’s exercise was fun for me. I hope you will do it! And, I hope you enjoy it. I want you to make a wish list. Prioritize from the most important or most urgent financial goal down to the least urgent goal.

Here is my Extra Income Wish-List:

  1. Fund Roth IRAs. We are allowed a yearly limit of $5,500 to contribute to our IRAs, and when the deadline passes, our chance to contribute for that year passes too.
  2. Pay off our mortgage. If you are thinking that these first two items are pretty boring goals, you are right, but a financial planner once told me that paying off debt and saving for the future will open up options later on. Since these boring goals will free up and create money, I keep these boring wishes as my #1 and #2 priorities.
  3. Alaska vacation. My sister’s family moved there last summer. She posts amazing pictures from their outings. We would love to see these places in person, and we also miss her family a lot and want to be with them. If you ask my kids what the favorite part of any vacation was, they will say, “playing with cousins.” They even said this about Hawaii!
  4. California vacation. My kids love LEGOs. We dream about going to LEGOLAND, Disneyland, and the beach near San Diego. We went to Disneyland six years ago and had a great time - even my reluctant husband loved it! The two youngest children haven’t been and would like to go.
  5. Spain vacation - Viva España! I miss Spain and really want to go back with my family. We have a goal to take my kids when they finish their Spanish Immersion program. We have kept our vacations frugal and have really enjoyed camping and visiting sites in Utah, but are hoping to do more national and international travel as our kids grow.
  6. Car for my husband. His 1997 Jeep is a champion! It doesn’t owe us anything, but the interior is falling apart, and he doesn’t plan on restoring it. We are saving for a new vehicle but if a lump sum of extra income came in, it would be nice to put here.
  7. Braces. We will need these for our children in the future. Our dentist recently suggested that my oldest get a consultation for braces.
  8. Furnace. Another boring goal that will rob my emergency fund eventually.

I often say that we can’t buy everything that we want, but we can do anything. Staying focused is challenging for me. This exercise helped me define what I would do with extra income. Now, I’m ready for unexpected and extra income. It’s welcome anytime!

Saturday, 25 February 2017 16:39

Best Times to Buy

When you’re mulling over a major purchase, the right price can often tip the scales. If you’re patient, willing to research and time your buys just right, you can save quite a bit of money. Here are the best things to buy during each month for the rest of the year!

January: "White sales"

With the holidays over and winter setting in, department stores lure shoppers with "white sales," making this the best time to buy linens. Of course, just as with clothing, keep an eye out all year round, since retailers will put last season’s stuff on sale when new products come out.

February: Prepare for winter

Now’s a great time to take stock of your existing cold weather gear. If you’ve got a coat that’s seen its final winter, now’s a great time to replace it. Retailers are looking to clear out the last of the season’s merchandise to make room for spring clothes, so you can snag a deal on thermal clothes. You can also find a bargain on heaters and humidifiers to make your house more comfortable.

March: Get in shape

If you’re looking to reboot your New Year’s weight loss resolution, March is a great time to pick up exercise equipment at a discount. Treadmills and ellipticals are past their peak buying time, so retailers are looking to get rid of them. Sports equipment, like golf clubs and athletic wear, are also facing deep discounts.

April: Tech out!

Japanese manufacturers’ fiscal year ends in March, so they’re typically ready to roll out new product lines. If you’re OK with being a year behind the latest and greatest, you can pick up a fully functional digital camera, laptop computer or big-screen TV in April. Tax refund-themed sales may also make it cheaper to upgrade your technological goods.

May: Around the house

Now that the weather’s getting nicer, many home improvement shops will begin running sales on tools and other supplies. It’s also graduation time, which means dorm-stocking essentials will get some discounts. Check out basic pots, pans and cooking appliances in May.

June: Think thrifty

Everyone’s gotten a chance to get their spring cleaning done. That means thrift stores are stuffed with donated second-hand goods. Be on the lookout for bargains of all sorts, but especially for used furniture and clothes.

July: School supplies

The end of July marks back-to-school time, which means this is the month retailers start to gear up for school shopping. Look for promotions, like tax-free days, if you’re in the market for a computer or peripheral. Otherwise, you can stock up on pens, paper and other standard office essentials.

August: Beat the heat

If you’ve managed through the heat of the summer with a busted AC, August may provide some much-needed relief. Major appliance retailers are looking to shift their inventories from cooling to heating. Look for discounts on window AC units, dehumidifiers and other cool appliances.

September: Big-ticket

The new models of most major appliances start to roll out in October and November, making September an excellent time to grab last year’s model. If you need a new dishwasher or refrigerator, try to hold out until September. Also, new Apple accessories, like iPads and iPhones, typically come out in November or December, so September can be a great chance to upgrade your device, too.

October: Cars and cruises

The new model year begins for cars toward the end of summer, so there are a lot of leftovers from the previous year that need to go. Dealers are desperate to move inventory, so you can get a good price on the current year’s models. October is also a quiet season for cruise lines, so many of them run specials and sales during the month.

November: Game on

Christmas season is in high gear, and major retailers are competing for gamer bucks. Expect to see the best bundles with the hottest games for the lowest prices in November. Whether you’re trying to surprise a gamer in your life or just get the newest games for yourself, November is the time to buy.

December: Swimming

It may seem like eons away, but if you buy a pool now, you can get a great discount on next summer’s fun. There are a few smaller sales during the summer, but you’d have to keep a sharp eye out to catch them.

What’s your best deal-nabbing tip? How do you find the lowest prices for the best stuff? Share your bargain hunting wisdom with us in the comments!

SOURCES:
http://lifehacker.com/5973864/the-best-time-to-buy-anything-during-the-year
http://www.consumerreports.org/cro/money/best-time-to-buy-things/index.htm
http://www.businessinsider.com/the-best-time-to-buy-almost-anything-in-2017-2016-12/#july-7

Published in Blog

Over the weekend I bought Valentines for my family. Those are the first of the many gifts that I will buy this year. Budgeting helps me enjoy gift giving and helps me give more meaningful gifts.

The budgeting category of gifts can be challenging. It really is a subcategory that requires more planning. It’s not like my phone bill category that I allocate money and then pay it. Gifts need their own detailed plan within the budget plan.

Gifts and I have a love/hate relationship. I love giving gifts - especially when I find the “perfect gift” that will mean a lot to the person who is receiving it. Long before the Internet, I remember ordering gifts by phone. My sister and I were watching TV and saw an infomercial for a classical rock CD. She got excited and said she wanted it, so I sneakily wrote down the phone number and ordered it. Her eyes lit up when she opened it. That was so cool! I also love receiving gifts - especially surprises. I hate when I feel obligated to give a gift and can’t find one. In the past, I felt like I need to give someone a gift at Christmas because they gave me one, instead of graciously accepting what they gave. I’m trying to eliminate giving out of obligation, but I admit it is still a struggle.

Budgets make gift giving fun because it helps you avoid feeling regrets or other bad feelings. Here are steps to create your giving plan for this year:

Step One

Leave some flexibility in your gift budget. I’ve realized that there are some gifts that I’ll want to give that I can’t predict. I leave some flexibility in my budget for the baby showers, wedding showers, and graduations which will inevitably come up. We budget $20 a month to our miscellaneous “giving” category, so that we have some flexibility to give. Including this has been key to our gift budget.

Step Two

Personalize your gift giving category. Make it work for you. When I give small gifts like the Valentines that I bought, I include them in my groceries. I keep it simple if it is minor, but for big gifts, I plan them out. There is no right or wrong way as long as it is your way! Just figure out what your way is. I learned to do what is right for my family.

Around our 10-year anniversary, I started to feel pressure to go on a big trip. When I thought about why I felt that way, I realized it was because my cousin and his wife had just posted pictures from their 10-year anniversary trip, but we didn’t have the money budgeted for that and didn’t even really want to do that. So, we didn’t. It’s cool that my cousin wanted to do that and had a great time. I was able to feel happy for them and feel content that we didn’t spend money we didn’t have on a trip we didn’t really want to do. By personalizing your gift budget, you give the way you want to give and can feel content.

Step Three

Plan to save for the gifts that you can predict. Many of the big gifts that we give are predictable, like Christmas and birthday gifts. All of my family’s birthdays fall in the first 7 months of the year. I like this, but I have to plan for it. Some years I save throughout the year for birthdays and Christmas. This year, I don’t have the money saved, so I’m budgeting birthday money for the first six months. My husband is paid bi-weekly. I figured out when the 3rd paychecks of the month will fall, and designated those to go towards Christmas this year and birthdays for next year.

There are a lot of ways to save for gifts. Look at your personal situation to figure out how to save for those. Would it work best to put it all away at once or save every month? If you are self-employed and have a busy season, it could make sense for you to save for all your gifts during that time. Wasatch Peaks has a Christmas Club Account and Budgeter Accounts that could be a great tool to do this. I have used a spreadsheet or budgeting software to make electronic envelopes and set aside the money for birthdays so that I don’t spend it. Thinking through these details has relieved so much stress.

Step Four

Don’t just give because you feel obligated. When I do this, I feel bad afterward. My mother-in-law asked us not to give her anything for Mother’s Day except a homemade card. This was very hard for me because I love her so much and really wanted to give her a gift. She knew this and told Ty that she would be mad at me if I did something. I learned a lot from this. If we can think of something she would enjoy, like pictures of our family, we give them, and she graciously accepts them.

Express love through gifts. We can’t buy love, but we can buy gifts, and if done in the right way, they can help express love and strengthen relationships. When we were dating, Ty made me a DVD with songs to go with it. He also gave me a watch. The DVD meant a lot to me because it was so thoughtful. And after 15 years, I still have the watch (it just needs batteries). These are gifts that last. Since that time, I remember only one other Valentine's gift. Instead of focusing on Valentine's Day, we try to show love all the time. It’s so fun to pick up a favorite treat for my husband while I’m at the store. We aren’t anti-Valentine's Day - if you buy the heart balloons, big stuffed teddy bear, and heart shaped chocolates, that’s cool with us! My husband has gone to Walmart the night before Valentine’s Day for entertainment. He loves to watch dazed shoppers searching for a gift.

Step Five

Give what you can afford to give. Often, the best gifts are the gifts that mean the most to the receiver. These gifts are heartfelt, and not because they are expensive. They are often super simple and cheap, but require understanding what would mean the most to the receiver.

Almost 2 years ago, I attended a youth conference with a group of youth and adults. We got to know each other really well on that trip. One of the leaders served as our cook. At lunch time one day, he found out that I love eating the ends of the bread. On the way home from this youth conference, I found out that my husband had be fired unexpectedly and without cause. This was an emotionally hard time for us. We really needed support as Ty & I clung to each other and our young family. One morning soon after, I opened my door and on the porch was a bag of bread heels! I knew who had left them. I’m sure that this unconventional gift that didn’t cost much more than the trip down to the bread store. Most people wouldn’t get emotional or appreciate a bag of leftover bread heels, but that gift is one of the most thoughtful, unique, and meaningful gifts I have ever received. Tears come as I think of the kindness of that dear mentor!

Gifts can be a major or a minor budgeting expense. It’s up to you! Budgets are personal. You can make your gift budget as small or as large as you want it to be.

I have received a lot of gifts over the past 4 decades and I really appreciate those gifts. Budgeting has improved my gift giving! It makes it less stressful and more fun. The work it takes to create gift budgets has been so worth the reward.

In 2006, my sister got married. On the day before the wedding, I was asked to run a few errands to pick up some last minute items for her reception. I bought some music. I also bought a cardboard cutout of President Bush (which we turned into a cutout of my brother who was unable to attend). Lastly, I bought some decorations. A few days after the wedding, I checked my account and saw THREE overdraft fees for $25 each, which totaled $75. When I had made those purchases I knew that I had money but didn’t realize that it was in our savings account and not our checking account. The overdraft fees cost much more that the items I purchased.

I learned a lot of lessons from this experience.

First is to plan (aka budget) for parties. Because it was my sister’s wedding, I really hadn’t planned to spend money besides her gift. By planning, you can avoid costly fees and spending hangovers/aches. It was nice of me to want to help out and run the errands for my mom who was very busy, but I should have made sure that I could afford them or honestly said that I couldn’t.

If I could afford them, I needed to make sure that I had the money in my checking account. The items I bought were not that important for the party. We could have gone without them or my mom could have paid for them.

Secondly, I learned that mistakes can teach us. I haven’t had an overdraft charge since that day over 11 years ago because I decided that I would never let that happen again. At the time, it seemed like a very expensive mistake, but looking back, it was a cheap mistake that has saved me a lot of money because I decided to change. This mistake inspired me to become a budgeter.

Although I’m not perfect at budgeting, I have improved so much. Parties are all about celebrating something: life, friendships, and accomplishments. I don’t want the celebration to leave me with regrets. When you follow a budget, you enjoy the party before, during and after. By sticking to the plan, you feel like you do after a workout - you feel good.

Budgeting for a party does not have to mean that has to be cheap.

For example, a wedding budget could be $5,000 or $20,000. If you have a large budget, you can do an expensive party. If you have a small budget, then it will be a less expensive one. Both can be great, but the budget will determine the party. By spending what you plan to spend, you feel less stress and can really enjoy the experience and the memories which come out of it. I’ve been to wedding receptions that were expensive and some that were not expensive. Both were great because they were what that couple wanted. Some of my favorite parties have been the inexpensive ones. The memories made were priceless.

I’m not much of a partier. It’s probably because a lot of parties involve late nights and I like to go to bed early, but if you are a partier that is great. I saw a commercial for the upcoming Super Bowl parties. If you are a fan, you are counting down the days to watch the Patriots and Falcons face off in the Super Bowl this year. You might be planning how you’ll cheer on your team.

There are several ways to budget for parties.

Answering a couple of questions will help you decide the best way for you to plan the finances for your parties.

  1. Are parties a regular expense for you? What traditional parties do you have? Because it isn’t a huge expense for me, and because I usually bring food for parties, I use money in my food category to pay for most party expenses. Birthday parties are our biggest party expense, and we budget for them as part of the birthday, so I don’t have a party budget category, but that would be a great idea if it is a regular expense for you and if it is a substantial amount.
    Christmas and birthday parties are easy to predict because they are always on the same day. A lot of parties are annual parties. However, parties like weddings are fairly predictable in some ways, but the timing isn’t always predictable.
  2. Which of these parties do you plan on hosting or attending this year?
    *Birthday Parties
    *Super Bowl
    *Easter
    *Halloween
    *Christmas
    *New Years Eve
    *Dinner
    *Baby Gender
    *Baby & Wedding Showers
    *Weddings
    *End of school
    *What other parties do you attend?
  3. What expenses will you have in conjunction with each party? Budgeting always starts with what you know. If you have those parties annually, how much did you spend on it last year? This gives you an idea of what to budget this year.
    Decorations can cost a lot or a little. I have a friend who is very talented at making decorations. She made decorations with cheap materials from the dollar store. She makes party games with household items. She can do great parties on a small budget. I don’t like to spend a lot on decorations. I value great food rather than great decorations. Food costs can also range. Are you planning on catering the party or making the food? What about presents? Many of the parties I attend have some kind of present involved.

Parties are a great way to enjoy life and make incredible memories. Budgeting for these parties will help make them successful and allow you to party on without regrets!

Monday, 09 January 2017 16:39

To Pay or Not to Pay for Kids Expenses?

My family officially has our first pets!!! We’ve have had butterflies, rolly pollies, and other insects, but on Saturday, we bought three colorful guppy fish. My four-year-old stared in wonder at the fish tanks full of many kinds of fish. For Christmas, we gave our kids gift cards to pay for their fish. I hadn’t planned on the cost of the rocks and decorations for the tank. Those ended up costing four times more than the fish! As our kids started picking out the decorations for their fishes’ home, I was not sure how much to spend or what money to use. The decorations cost $10-$40 a piece. One piece of coral, which my son wanted, cost $35. I told him that he would need to use his money if he wanted to buy that. He put it back, and we got enough decorations for the whole tank for the price of that one decoration. I decided we would use our Christmas money to pay for the decor since they were part of their Christmas gift. I learned that I should have considered and planned for the cost of accessories of the tank.

Our fish buying experience got me thinking about how we, as parents, decide what we will buy for our children and what we let our children buy. This wasn’t the first time that we had this situation come up. In fact, it comes up frequently. We could go overboard either way: make them pay for everything or buy everything for them. There is no fixed rule: every family decides what they will do. Here are a few issues that we consider:

Are my children learning how to work? If the answer is yes, I am more likely to want to pay for more of their expenses. If the answer is no, I am less likely to pay for their expenses so that they can learn to work.

Are they learning to be good stewards of money? I want to be generous to them. However, if they spend their money thoughtlessly, I don’t feel it is wise to give them money. They will never have enough money if they don’t manage it.

Are they acting entitled and bratty? Recently my oldest daughter got her money ready to pay for a field trip. I was glad that she was taking responsibility and was willing to pay for her own expenses. Because she did not act entitled, I really wanted to pay for the trip. I told her that she didn’t have to pay for it and expressed how proud I was of her. In contrast, last week my four-year-old threw a fit in the car. On the way home, we went through the Wasatch Peaks drive through to make a deposit, and she wanted a sucker. Even though it was free, I did not get her a sucker. I told her that throwing fits is not the way to get what she wants from me. If she had calmly rode in the car, I would have been more likely to get her a sucker. She learned. A couple days later, we went to the credit union again. She had been calm and obedient, and she got her sucker.

As with many aspects of parenting, for me it depends on the attitude of the child and the situation as to whether I will pay for expenses. We are learning as we go, and enjoying all that we are learning together.

What are some things that you consider before paying for expenses? What teaching moments have you had or received from your parents?

Tuesday, 27 December 2016 19:34

Get Up When You Fall Financially

This morning was hard to get up. My husband's alarm went off and I woke up to use the bathroom. My body felt sore. I felt the effects of the cookies, bacon, and chocolate covered popcorn, which I ate yesterday. I felt cold as soon as I got out of my bed. I wanted to go back to sleep. I felt gravity pulling me back to my warm bed. I thought of all the work ahead of me today. Except for the bathroom, every room looks like it experienced a tornado. Christmas was a busy day for my family. I visited 3 families, attended two church services, and had a sick child. The house was now a disaster zone. This can also happen financially over the holidays.

Somehow, I found the strength to walk past my bed without getting back into it. Somehow, I meditated and planned my day. This was a HUGE victory for me today. I think it was because Christmas gave me the belief that I can change. Seeing friends and family and feeling loved inspired me to keep trying. Experiencing kindness and generosity inspired me to want to keep moving forward. Even though I overspent, I can recommit. Even though the house is a mess, we can restore order one item and one room at a time. Sometimes we don't feel like waking up financially, but every day is a new day. If we mess up and give in to a purchase we didn't plan on, or miss a budget meeting, we can start again any and every day. In the big picture, it's not really going to matter that I spent a few more hundred dollars than I wanted to spend, as long as I keep trying.

During this holiday, several of my friends and family have told me that they want to get on top of their finances. They want to budget. They want to plan for taxes. They want to invest. These friends and family have asked my advice on budgeting and asked what app or system they should use. Some of them face huge obstacles in doing this, so I don't want to minimize how hard it can be to change financially. I will compare it to my experience with exercising.

I started exercising regularly a couple of months ago. At the gym, I am surrounded with healthy and strong people. I think about what they had to sacrifice to build the muscles that they have. It is a long and gradual process, and it can't be faked or sped up. There is no shortcut. I can't just be stronger because I want to be. For the first time, I have been weight lifting with a bar and weights. I started with just the bar and am adding small amounts. I can't just put a 35 pound weight on the bar and lift it. I have to sacrifice, plan, and build up the strength. I have to commit. On Christmas Eve I went to a hard interval training class. The teacher pushed herself and admitted it was hard, but at the end she encouraged us and played inspiring music that talked about getting back up and try again. I left feeling so inspired to celebrate my victories and keep trying.

There is no magical app that will make me in shape or get my friends to budget. It doesn't really matter what app you use. There are a lot of good tools, but there is no magical app that will force us to be disciplined. However, exercising at the gym helps inspire me. I believe I can get stronger.

Consider this blog to be your financial gym. Come here to believe that you can change, and surround yourself with people who are growing stronger physically and believing that they can improve. Happy New Years. Enjoy the holiday!

Wednesday, 21 December 2016 21:42

Help! I Overspent On Christmas!

It is so easy to go overboard on Christmas. If you have kids, you want everything to be perfect for them. You want to build priceless memories, so spending any amount seems worth it. If you're just getting started, you want to impress your family with how together you have things. Giving extravagant gifts to your family members seems like a great idea ... until you're staring at a huge credit card bill in January.

However it happened, it's important to approach this problem rationally. Constantly blaming yourself won't fix the problem. The important part now is to right yourself financially. You can't take back gifts and return them at this point. You have to deal with the situation that's in front of you.

Fortunately, you're not alone. Wasatch Peaks Credit Union is here to help. Check out these four ways you can patch up your finances and have things right before summer.

Budgeting advice

It can be very tempting to make only the minimum payments on the credit card you used to buy Christmas. Unfortunately, it's also the best way to ensure you're in debt for all the Christmases from here on out.

Making minimum payments on credit cards prolongs the length of time you're in debt. It also makes the total amount you pay for your debt skyrocket. Making just the minimum payment adds an extra $175 to a $10,000 balance at 21% APR.

What you need is an aggressive debt repayment plan. The question you should be asking yourself isn't, "What's the least I can pay on this debt?" Instead, identify the most you can afford to pay. Wasatch Peaks can help with informative guides and worksheets on household budgeting.

Making an extreme budget is usually not a good choice, but in this case, it's essential until you get yourself out from under that holiday-fueled debt. Make some sacrifices and get ready to tighten your belt for a little while. Yeah, coming up with an extra $35 or $50 a month is tough, but it's the easiest way to get things moving.

Refinancing major purchases

If you went overboard on one or two major purchases, like a car for a teen, it may not be credit card debt you need help overcoming. Slick dealers offer crazy-sounding incentives like zero down and zero percent financing on cars to entice people to give cars for Christmas. Unfortunately, once you've signed on the dotted line, you may see you're in for more than you can handle with a car payment.

Wasatch Peaks can help. Our auto and other major purchase loans often feature rates that are better than dealerships. You may need to finance over a longer term to manage the monthly expenses, or you may just need to restructure to pay less now. Either way, you'll find more favorable and flexible terms with us than you will at the dealer.

Debt counseling

Does reading those credit card statements fill you with a dizzying sense of despair? Wasatch Peaks can help you make sense of them.

Wasatch Peaks offers debt and budget coaching to help you gain a better understanding of your rights and responsibilities. You can also come up with a realistic plan to pay off your debt and avoid falling into the same trap next year.

Personal loans

Instead of making dozens of minimum payments, wouldn't it be nice to focus your debt into one manageable plan? A debt consolidation loan can do just that. Best of all, it can save you money in the long run by lowering your interest rate and monthly payment commitment. Rather than paying a credit card APR, you can get the lower fixed rate on a personal loan.

Although collateral, or something to secure the loan, can help get you a lower interest rate, it isn't necessary. All you need is some basic personal information and a willing partner, like Wasatch Peaks. Wasatch Peaks offers a variety of Personal Loan programs for emergencies, bill consolidation or other uses. Our loan specialists can help you organize and simplify your payments, working toward a debt-free life.

Feeling buyer's remorse after a big holiday spending spree? Let us know about it in the comments. If you've got a system to stay on budget, help your fellow members and share your wisdom!

SOURCES:

Published in Blog

We are planning our winter break, which starts next week! Here are a few of our ideas that I hope will help you enjoy your break from school or work without breaking your financial plan.

Give gifts that will provide experiences

For the past few years we have gone sledding on New Year’s Day. We gave our kids new sleds or tubes for Christmas. This has been so much fun. We also have given memberships to children’s museums, dinosaur museums, state parks, and national parks that we can use all year long but especially over the break. This year, we are giving them a membership to a local aquarium.

Give gifts that develop talents or hobbies

If you have readers, a large book is a great gift for the winter break. My daughter likes making bracelets, so one year we bought her a loom to use to make her bracelets.

Give a trip and items that go with it

One year, we gave our kids a staycation to Midway, and we gave them swimsuits with a certificate to swim in the Homestead Crater. Cameras, dvds, snacks, and clothes could also be given with a trip. I know a family that plans to go to Disneyland, so they could buy Disney themed gifts to use on the trip.

Visit museums and other local events

We went to a really neat free aerospace museum over the break. We’ve also gone to special art exhibits. A few years ago, we decided that we don’t need to go far away to go on vacations.

Visit family and friends

My kids love to play with friends, but life is so busy that they don’t get to play as often as they would like. So, a simple playdate is one of their favorite activities to do over the break. Oftentimes their cousins will visit, and they love sledding or playing with them. One year they made snow cones with real snow. Another time we had hot chocolate and donuts after sledding. This is a great memory. The winter break often gives time to be with family and friends.

Cook meals that you don’t normally have time to cook

I remember cooking a lot over the holiday break. My mom used to make pull apart bread. Ty’s mom’s specialty is cinnamon rolls. Cooking with the family can provide a lot of memories.

See the lights

Many cities have light displays within an hour of where we live. We love to meet up with friends and see the lights. One year a friend took us to one that we could drive through. Since we had a baby, that was a great one to avoid the cold. We have great memories seeing the lights.

We hope that you have an memorable winter break and holiday and you make memories with your families and friends! What other activities do you like to do over the break?

Q:

It’s my turn to host my family for the holidays. How can I entertain the crowd without spending a fortune?

A:

Hosting a holiday meal is one of the stressful parts of any holiday. Sure, it’s great to help everyone get together under one roof as part of a fantastic tradition. On the other, though, feeding many people can put a serious strain on your budget. With holiday gifts to buy, a strain like that really can’t come at a worse time!

Fortunately, it’s possible to be a great host and a great saver at the same time. It’s not easy, but you can put on a great holiday meal without breaking the budget. Try these 3 handy tips to save this year!

Plan


If there’s a law written in a personal finance stone tablet, it’s “always make a plan.” It doesn’t need to be detailed, but it should identify your needs for a project and how you intend to meet them. For a meal, that should include both what you intend to put on the table and anything else you need to make your guests comfortable.

Obviously, the earlier you start making your plan, the better off you’ll be. Having a plan in place lets you take advantage of the rotating grocery specials. You can incorporate more seasonal produce, meaning you’ll cook a better tasting and more nutritious meal at a better price. The plan also lets you make a budget for your holiday meal spending while not having to put big shopping trips on credit cards. The memories of a wonderful family meal should stick around for years; a debt to pay for it all should not!

Delegate


The sheer volume of tasks that go along with hosting a holiday meal can quickly get overwhelming. Beyond the meal, you need to clean and tidy up, decorate, and make sure your house is stocked with essentials, like hand soap and toilet paper. Even listing all the steps involved can get exhausting!

That’s why it’s important to recognize the tasks that need your individual attention and separate them from the tasks that can be done by someone else. While you may be doing most of the cooking, outsource the meal planning to a family member. Give them the guest list and ask them to help you come up with recipes that will satisfy the crowd. You can also get kids involved in making and placing decorations, which may help get them in the holiday spirit as well. While it’s likely too imposing to ask guests to bring toiletries as part of a potluck, you may be able to fold that shopping into your ordinary shopping and avoid extra last-minute trips.

By delegating responsibilities, you make the task of putting together a wonderful time more manageable. This decreases the temptation to find a quick, easy and potentially expensive, solution at the last minute. Budgets tend to explode most often when there’s a serious time or energy crunch. Avoid that crunch by getting help wherever you can.

Substitute

While everyone loves a nice holiday roast, cuts of beef big enough to serve an entire family can easily cost $200 or more. Instead, look for seasonal specialties, like spiral cut ham. You can also get good prices on turkey breast or whole chicken, both of which can easily feed an army without draining your checking account. If you have the time, slow-cooking cheap cuts of pork (belly or shoulder) can make ham or bacon that’s tastier than what you get at the supermarket, but for a lower price. It will cure in the fridge for several days, and then needs to be cooked. A smoker is best for this process, but a standard grill can work in a pinch.

You can use the same home cooking ingenuity to save on side dishes. One of the best ways to feed lots of people without breaking the bank is to use root vegetables, which are cheap and filling. Rubbing parsnips, potatoes, sweet potatoes or carrots with salt and pepper before throwing them in the oven for 40 minutes on medium heat can turn ordinary produce into delicious sides. Serve these instead of more expensive, less nutritious, canned or frozen vegetables.

Finally, don’t forget to substitute other people’s cooking for your own. Guests like to feel included in the preparation process. Ask your guests to bring desserts or sides, while you focus on getting your main dishes ready. This will save you both time and money.

Don’t forget that the best things about the holiday are free. Time spent with friends and family, telling stories and making memories, is more important than how much food you put on the table. Your guests will remember the shared experience of the holidays more than what was on their plates, so focus on being gracious and calm while making your guests feel welcome.
Happy holidays!

What’s your best holiday budget survival tip? Do you have any go-to tips or tricks that saves on costs? Let us know how you host with the most (without spending the most) in the comments!

SOURCES:
http://www.foodnetwork.com/recipes/homemade-bacon.html
http://www.goodhousekeeping.com/life/money/advice/a19540/budget-friendly-holiday-cooking/
http://money.usnews.com/money/blogs/my-money/2015/11/12/6-ways-to-save-money-on-holiday-meals
http://christmas.organizedhome.com/get-cooking/frugal-feasts-save-money-holiday-meals

Published in Blog
Tuesday, 03 November 2015 20:51

"Warm the Soles" with Us this Holiday Season

Last year, Wasatch Peaks Credit Union donated 567 pairs of new Nike® shoes to school children from eight local elementary schools in Weber County as part of their annual “Warm the Soles” fundraising campaign. Thanks to the generosity of members like you, $15,833.00 was raised for this excellent and very worthy cause. Local children in need were given a gift-wrapped pair of Nike® athletic shoes and a little stocking filled with candy. Wasatch Peaks Credit Union is looking forward warming the soles of local kids this holiday season!

Any contribution you can make will warm the soles of children in our local community whether it’s $5, $10, $30 or more! There are many ways to give:

  • Online at wasatchpeaks.com
  • At any Wasatch Peaks Credit Union Branch
  • Online Banking Member to Member Transfer: Log in, choose Member to Member transfer under the Services tab, enter account 51847, choose Savings, First three digits of first name: was. Enter amount and submit.
  • By mail. Print and fill out the form here and send it to: Wasatch Peaks Credit Union • 4723 Harrison Boulevard, Ogden, UT 84403
Published in Blog
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