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Blog - 1st Community Credit Union

Welcome to the 1st Community Credit Union Blog! Here you’ll find the inside scoop on 1stCCU’s services, personal finance, people, nonprofits in the region, community members and events! There are so many good stories that come out of our work here – the 1stCCU Blog is where these stories will live. Check back often to stay up-to-date with our latest news and articles. Visit the Blog Archive to view more!

Auto Loans: How Much Car Can You Afford?

Planning to buy a new car or a used car is a big decision as it affects your monthly budget and financial situation. Purchasing a car might be one of your major financial commitments, needing you to figure out how it fits within your budget and whether it is affordable. Your budget dictates the price tag to the vehicle you can afford and not necessarily the car you want.

To illustrate, you want to buy a vehicle that costs $40,000/- but your income can only afford a car worth $25,000. Therefore, the car you want is not within your reach, thus, forcing you to reconsider your planned purchase. Non-payment of auto loan leads to your financier repossessing your vehicle. How can you calculate the amount you can afford to purchase your car?

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Financial Tips for First Time Home Buyers

April 2021

For a lot of people, buying a house is the ultimate dream that they hope will come true someday. After all, it’s nice to have a whole place for ourselves.

However, the reality of buying a house is the fact that it’s exorbitantly expensive. In fact, the real estate company Zillow has currently reported that the median home listing price this 2021 is $272,446, and that figure is expected to rise by 11.4% in 2022.

As a result, even though 80% of millennials would love to purchase their own houses, only a few of them are actually able to afford the costs, according to the data from Apartment List.

Despite the daunting statistics, your dream of buying real estate is achievable if you are financially savvy. To aid you in this matter, here are some words of financial advice for you.

Long Term Savings: How to Save for the Future

March 25, 2021

It’s hard to think about saving for the future with expenses due today, coupled with shopping for non-essentials or spending money on other things, such as eating out or going on vacation. While those things are important too, it’s also a smart strategy to think about saving for the future to be able to enjoy life and still meet day-to-day expenses many years from now.

Also, important to consider is that life doesn’t always go as we plan. Job losses, cut hours, injuries, the car goes kaput, major appliance breaks, or an event, such as a pandemic, occurs. Strategically planning for the future with the money we have now is one of the best investments we can make.

Warning Signs of Identity Theft

May 2021

Identity theft is an ongoing issue we all face. It is a persistent problem and, unfortunately, cybercriminals show no signs of letting up. Statistically speaking, identity theft affects approximately 1 in 20 Americans every year. In 2019, 13 million U.S. consumers suffered identity fraud.

It’s important to be vigilant because the sooner identity theft is detected, the less damage ID thieves can do. The following list includes warning signs you may be a victim of identity theft or financial fraud.

The Benefits of Online and Mobile Banking

June 2021

For years, banking was the same. Deposit checks at your nearest financial institution’s branch. Withdraw cash from an ATM. Receive bills in the mail and send them a check for the amount you owe. But the Internet has changed all that. Managing your finances has become so much easier, now that you can do it online or on a mobile device.

5 Ways to Get Out of Debt

August 2021

Eliminating your debt gives you more choices and allows you to take back control of your finances. However, getting out of debt is usually much easier said than done. It takes discipline and attention to detail, but it can be done if you create and follow a plan. Below are just a few ways you can start your journey to becoming debt free.

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