GEICO FCU Blog
Make Your Cash Work for You
It's that time of year; many of us may be expecting some extra cash through a lower tax rate or refund, work or another source. After paying down debts and addressing other outstanding financial obligations, why not put that extra cash to work towards a financial goal for you and your family? Here are a few ideas to get you started.
Build, Rebuild or Repair Your Credit History
Improving your credit history can save you thousands of dollars in interest, so if one of your big financial goals for 2018 is to build or rebuild your credit, consider looking into a secure credit card. These types of credit cards work similar to regular credit cards except you make an initial deposit into an account. This security deposit serves as collateral for your credit limit.
GEICO Federal Credit Union reports our members payment histories and can help get you on track to a better credit score with our MasterCard® Secured credit card.
Save for the Holiday Season
Feeling like you didn't save enough for the 2017 holiday season? Be prepared for the 2018 holiday season by opening a Holiday Club Account. You'll be able to set up automatic deposits and earn dividends without having to think about it. At GEICO Federal Credit Union, the funds from these accounts, including dividends, are transferred to your savings account the first business day of November.
Save for Your Vacation
Vacation club accounts are a great way for you to eliminate the stress of saving for your dream vacation. You can set up transfers to the account on a regular schedule and earn dividends while you plan and dream about your cross-country road trip, family vacation, romantic getaway or another travel adventure that has been on your mind. At GEICO Federal Credit Union, the funds from your Vacation Club Account will be transferred to your savings account the first business day of April.
Set the Foundation for an Emergency Fund
Financial experts recommend that you have at least six months of income set aside to weather any financial situation. Building an Emergency Fund is as simple as setting aside a portion of your paycheck in a savings account every month to cover unexpected expenses such as car repairs, medical expenses or home repairs. GEICO FCU can help get you started with our savings accounts and share certificates.
Save for Your Retirement
It's never too soon to put money away for your retirement. In fact, the earlier that you start, the compounding effect will increase. At GEICO FCU we have various types of IRAs that can help you be financially comfortable in your retirement years. Don't forget to discuss the potential tax savings you will have contributing into an IRA.
Start Your Child's Education Fund
The cost of a college education continues to climb so the earlier you start a savings fund for your child or grandchild, the less you will have to borrow for college later. You can sponsor your child or grandchild to become a member at GEICO FCU and establish a savings or share certificate account to assist with their college tuition.
Check Your Interest Rates
Paying down your debt is always a smart move, but what if you owe more than your windfall? GEICO FCU can help you save thousands in interest on the balances that you can't payoff today. We have low interest rates and various types of loan products to help you lower your monthly payments and free up more money for your monthly budget.