CU1 Education

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How to Make a Budget for Beginners: A Step-By-Step Guide

A budget is a plan you make to decide how much you should spend and save based on your income. Making a budget—and sticking to it—can set you up for financial stability by helping you spend less and save more. But we all live busy lives and have unique goals. It can be hard to create a budget that works.

What is a High Yield Savings Account?

When you are saving for your goals, every penny counts. While all savings accounts earn interest, which helps your balance grow, certain accounts pay dividends at a higher rate. These are known as high yield savings accounts.

What Is the Difference Between a HELOC and HELOAN?

Your home is an asset, and its value can help you reach other financial goals sooner. A Home Equity Line of Credit (HELOC) and a Home Equity Loan (HELOAN) are both forms of borrowing that use the equity in your home as collateral.

What Is a High Yield Checking Account?

Most people use a checking account to manage their everyday finances—to pay bills, receive a direct deposit paycheck, make purchases, and more. But certain types of checking accounts, known as high yield checking accounts, can also help you save money.

What Is a Savings Account?

You can use a savings account to put funds away for large purchases, emergencies, life events, and more. Plus, this type of account earns interest, which will grow your savings to help you reach your goals.

Learn the essentials about savings accounts—and how to find the one that best fits your needs—below.

How Do I Start Building Credit?

If you want to qualify for a loan to buy a house, a car, or another expensive product or experience, you need credit.

The world of credit, credit reports, and credit scores can seem intimidating—especially if you are just starting out—but you can start building credit right now and work towards funding your financial dreams with these tips.

What Is a Share Certificate (CD)?

A share certificate is a temporary savings account offered by a credit union that—just like a certificate of deposit (CD) at a bank—saves a sum of money with a locked-in interest rate over a fixed period of time. Even if interest rates go down, your CD’s rate stays the same, so you keep saving at a competitive rate.

5 Ways to Use ATMs for Everyday Banking

Did you know that Credit Union 1 technically never closes? CU1’s fast, high-tech ATMs are a secure way to bank on your schedule and complete transactions just like you would at your local branch. Some are even available twenty-four hours a day and seven days a week.

What Is an Emergency Fund?

The world is unpredictable, but you can prepare for the unexpected with an emergency fund. Having an emergency fund can set you up for financial success by helping you cover home and auto repairs, medical expenses, and more.

What Is a Credit Report?

Your credit report tells you and potential lenders about your financial health—including your debts and their payment history—and can mean the difference between your loan or credit card application being accepted or declined.
Discover how credit reports represent your finances and how to use your credit report to get the credit you want, stay on top of debt, prevent fraud, and more.

5 Ways to Save With an Auto Refinance

If you have an auto loan and want to save money, consider refinancing. Loan refinance is when an existing loan is given new terms and conditions that are better suited to your needs, with either your current lender or a new one.
Understanding how refinancing works and what the benefits could be can help you decide if refinancing your auto loan might be the right solution for you.

What is Inflation and What Can I Do About It?

Inflation affects almost everyone by increasing prices throughout the economy, but it doesn’t have to be scary. There are steps you can take to save money, lessen inflation’s impact on your finances, and help ensure a stable financial future.

5 Ways to Pay Off Your Debt Sooner

Paying your debt off early means less stress and more money that you can put toward your other financial goals. While delaying repayment for another day is tempting—especially when you have other financial commitments—tackling your debt sooner rather than later will save you money in the long run.
Here’s five tips to help you pay off your debt sooner.

What is CO-OP Shared Branching?

Credit Unions guide members towards a bright financial future with hands-on support, making banking better with a personal touch. This means, if you’re a member, you are the priority.
But this does not come at the cost of convenience, either: credit unions that opt into the CO-OP network operate on a massive scale rivalling that of big banks. Access to 24/7 ATMs and Shared Branches nationwide allow for banking needs to be met anytime, anywhere.

5 Ways Digital Banking Makes Managing Your Finances Easier

Your financial institutions are always at your fingertips, thanks to computers, smart phones, and tablets. Digital Banking makes managing your everyday finances effortless. Here are five ways you can use Digital Banking to your advantage to stay on top of your money management and work toward your larger financial goals.

What’s the Difference Between a Credit Union and a Bank?

When it comes to managing your finances, there are options beyond traditional banks—credit unions. Credit unions are financial institutions that offer similar services but operate differently than banks. Curious if a credit union might be right for you? Understanding the differences between credit unions and banks can help you make an informed choice based on your financial needs and goals.

How to Avoid Common Checking Account Mistakes

Checking accounts are an important tool for managing day-to-day finances. So it’s important to understand how a checking account works so that you can use it effectively and ensure that you do not make any of the common mistakes that can lead to unnecessary fees. Below are a few of the most important ways you can get the most out of your checking account and manage your finances with confidence.

Auto Refinancing 101: Rev Up Your Savings

Auto refinancing can be a savvy financial move for car owners who want to save money on their auto loan. Whether you're looking to lower your monthly payments, reduce the amount of interest you pay over the life of the loan, or simply find better member service with a new lender, refinancing your auto loan can help you achieve your goals. In this day and age, every penny counts, and auto refinancing is just one way to put a little extra cash back in your pocket.

The information in your credit report affects several aspects of your life

The three major credit bureaus are Experian, TransUnion, and Equifax. It’s not uncommon to find different information from each, so it’s important to monitor all three. Review your credit report regularly to ensure its accuracy, become familiar with the information being reported about you, and your credit activity.

Credit Union 1 is celebrating 65 years of helping individuals, families and communities reach their financial goals.

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