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AFCU & You

Category: Executive Staff

Finances for Couples

Cynthia Chafe on June 5, 2017 | 0 comments

Of all the things to discuss before marriage, finances are the least exciting. Statistically, money is the top reason couples argue and financial arguments are among the top predictors of divorce.

So, how can you avoid becoming a statistic? Here are some ideas from the experts:

Talk To Each Other

   A 2013 poll by the National Foundation for Credit Counseling found 68% of engaged couples have negative attitudes about discussing money. To 45%, it’s “necessary but awkward,” and 7% say it’s “likely to lead to a fight.” Five percent predict it would call off the wedding.

The result? Couples don’t talk finances. A Fidelity survey found that over one-third don’t know their partner’s salary, of which 72% think they communicate “very well” about finances.

It’s not surprising: What’s romantic about debt, budgets or taxes? Nobody can ensure newlywed happiness, but experts agree: Don’t wait.
Discuss taxes now. If you’re both employed, the “marriage penalty” may cost you more; consider marrying in January. But if one spouse earns the majority, you’ll enjoy a “marriage bonus” and a December wedding might be wise.
Talking about money now is important, but so is how. SmartMoney found that over 70% of couples talk about money weekly. The problem? “Most of us don’t know how to talk about money,” says Mary Claire Allvine, certified financial planner. “People tend to be emotional and reactive, not strategic.”

Whether you talk money weekly or monthly, agree on a system and stay open to change.

Get Started

Start easy: “What’s your first money memory?” “How did you spend your allowance?” Then, go further:

•  “Are you a spender or saver?” – If one saves and one spends, create a budget considering both styles. Studies show that men and women spend differently. Women tackle daily expenses (groceries, utilities, clothes); men make larger purchases (TVs, cars, computers). Amounts might be equal, but perceptions differ. About 36% of partners don’t discuss big purchases; that’s a recipe for disaster.

“Are you in debt?” – Your spouse’s debt doesn’t become yours, but it affects your choices. Heavy credit card debt complicates home buying. Make reducing debt a priority.  A TD Ameritrade survey found 38% of partners unaware of the other’s debts.

• “What are your financial goals?” “Where do you want to be in five or 20 years?”   – Goal-oriented people progress toward savings and investing targets faster. Decide on the targets: buying a home, starting a family, being debt-free. List your goals, then share and plan together.

Know what’s important to each other: things or experiences? A house or saving for retirement? Clarify these values early on in the marriage.

Trust Each Other

A Money   survey revealed that those who trust their partner with finances feel more secure, argue less, and have more fulfilling love lives. That trust isn’t common among newlyweds. “We’re intimate with our partners in so many ways before marriage, and yet money remains off the table,” says Paula Levy, marriage therapist.
Be honest. If you made a foolish purchase, own up to it. Some 40% of partners have lied about the price of a purchase. Lying about money has huge repercussions.

Support one another; finger-pointing or retreating won’t help. Instead, work together on a plan.

You’re Still Individuals

Celebrate differences. Your bargain-hunter should do the spending while you invest the savings. Choose a monthly amount each can spend, no questions asked. Money claims the average is $150.
A joint bank account has pros and cons. SmartMoney found 64% of couples put all their money in joint accounts; 14% kept everything separate. Many newlyweds choose both: yours, mine, and ours. Calculate shared living expenses and then contribute your portion of those costs.

Ask For Help

If money conversations are tough, hire a professional. Act now to ensure money won’t prevent your wedded bliss.
 

Category: Executive Staff

Smooth Walkers

Cynthia Chafe on May 22, 2017 | 0 comments

The AFCU Team continues to support the AEA Walking Club on their “Smoothie Walks” to Jamba Juice on Rosecrans Avenue. This recent walk took place on a beautiful spring day. The cool breeze along with the healthy, frozen juice treats kept us walking at a brisk pace! Aerospace Federal Credit Union is happy to promote a healthy physical and financial lifestyle.

Category: Executive Staff

Receive $100 for Switching to AFCU Checking

Jeri Smith on May 9, 2017 | 0 comments

Open an AFCU Fee-Free Checking Account, make a direct deposit of $500 or more and make 5 debit card transactions by July 15, 2017 and you will receive $100 deposited into your new AFCU Checking Account.*

Your AFCU Checking Account not only comes with absolutely NO FEES, it also comes with AeroAccess, our Online and Mobile Banking feature that includes MoneyDesktop, Check Deposit, Bill Pay, Person-to-Person Payments and Debit Card Cashback Offers, which allows you to earn free money for using your debit card! Click here to apply.

*In order to qualify to receive the $100.00, AFCU members must open an AFCU Checking Account. The Checking Account must be new, with no prior checking history at AFCU for the member. The AFCU Checking Account must have received at least one recurring direct deposit of $500.00 or more and at least 5 debit card transactions between May 8, 2017 and July 15, 2017. Once the direct deposit and 5 debit card transactions have been confirmed, the $100.00 will be deposited into the AFCU Checking Account after August 21, 2017. Offer subject to change at any time without notice.

 

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Category: Executive Staff

Finances for Couples

by Cynthia Chafe
on June 5, 2017

Of all the things to discuss before marriage, finances are the least exciting...

Benefits of an Internship

by Marketing Dept.
on January 23, 2015

When you graduate from college, having some experience under your belt is a huge advantage to your job search.

Ready to Refinance Your Auto Loan?

by Jeri Smith
on March 30, 2017

Some bills can’t be changed. For other bills, though, a little legwork can make a big difference in your monthly payment...

Four Reasons to Buy a Home in 2015

by Mortgage Dept.
on May 1, 2015

Having a little piece of the world to call your own has always been a cornerstone of the American dream and it all begins with home ownership...

Category: Share

Holiday Dinner

on December 18, 2014

The holidays are a great time for families to come together under one roof while sharing good times and good food.

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The information provided by Aerospace Federal Credit Union is for informational purposes only and does not constitute personal financial, investment, or tax advice. For advice on your particular financial situation, you should consult with your personal financial, investment, and/or tax advisors. The opinions and statements of authors and commenters on this Blog are not the opinions or statements of the Credit Union or the Board of Directors, and the Credit Union takes no responsibility for their content.