121 Financial Credit Union

Need More Money?

Finding money to offset the Social Security tax hike

When the Social Security payroll tax rate was reduced for 2011 and 2012 from 6.2 percent to 4.2 percent, the intent was to put more money in your pocket to stimulate spending nationwide.  Whether or not it worked out quite that way is debatable. However, the rate increased back to the former level in January 2013.  Even if you were fortunate enough to have received a raise this year it’s likely this tax increase wiped out some or most of it. But you don't have to let it ruin your budget. Check out the following tips from the National Foundation for Consumer Counseling to can help you stretch your paycheck.

• Adjust your withholding – if you receive a large tax refund each year you could adjust your withholding to have the extra money each month.  Use the worksheet at www.IRS.gov to calculate the correct number of withholding allowances.
• Pay with cash – people who pay for purchases with cash typically save 20% compared to previous credit spending and never feel deprived.
• Ten dollars from 10 categories – look at your budget and try to carve $10 off of 10 spending categories.
• Clean out the garage or closet – sell the contents and eliminate the need for extra storage.  Savings are even bigger if you have a storage unit and you can eliminate the storage costs by selling the contents.
• Save on insurance premiums – review all your policies and check around to compare rates.  Ask your agent about discounts for loyalty, good driving and bundling of policies.
• Refinance your mortgage – if you haven’t already.  Rates are still at historically low levels.   Call our Mortgage Center at 904.720.1758 for more information on our mortgages.

Keeping to a budget doesn't have to hurt. Just be smart about how and where you spend your money. Do whatever it takes to refrain from impulse purchases, and if you eat out pay a little extra for the dinner portion, split it and box half the meal for later. 

Every dollar you can save will help you stay on track and avoid running out of money before you run out of month.

Find more information on the National Foundation for Consumer Counseling website:  http://financialeducation.nfcc.org

"High Level Of Personal Service" - 121 Financial Credit Union Review

How Loan Pre-Approval Gives You More Buying Power

If you’re buying a home or a car, obtaining a loan pre-approval from your Jacksonville credit union can significantly ease the process. A loan pre-approval is basically a way to get approved for a loan, without actually obtaining one. It will give you a precise measure of your financing options as you pursue your purchase.

Knowing What You Can Afford

With any big-ticket purchase, it’s crucial to know your price range. A loan pre-approval gives you an upper limit on what a financial institution would be willing to lend you. You’ll know about your interest rates, down payment requirements, and potential loan amount before you step onto the car lot or begin browsing the real estate listings. This will allow you to narrow down your choices and avoid disappointment from the inability to obtain financing.

Improving Your Negotiating Leverage

Obtaining a loan pre-approval can improve your negotiating position for both vehicle and home purchases. Home sellers and real estate agents appreciate loan pre-approvals, because they lower the chance of financing issues later on. You may also be able to bargain down a home price once a seller knows your true upper price limit. On the car lot, pre-approval will help you avoid many of the sales gimmicks of car dealerships. You’ll be able to focus on the price and condition of a car, rather than your ability to obtain affordable financing.

Easing the Buying Process

Because loan pre-approval involves an extensive check of your financial background and credit rating, it can speed up your actual loan application process later on. Your lender will simply need to check your credit and income profile one more time to ensure nothing has changed since your pre-approval was arranged.

If you’re seeking pre-approval for your next loan, contact 121 Financial Credit Union. Our members trust us to provide honest and thorough financial evaluations in the loan pre-approval process. Call us at (904) 638-8026 to schedule a meeting with a financial expert.

"Very Professional" - 121 Financial Credit Union Review

"Exceeded My Expectations" - 121 Financial Credit Union Review