Making Money Personal Triangle Credit Union

As of 2024, U.S. students currently owe $1.74 trillion in both federal and private student loans. That amount is ridiculously high, and students who owe money on their loans are scrambling to pay them off and are hoping that student loans will be forgiven. Unfortunately, this creates a big opportunity for scammers to exploit students. Here's how you can avoid getting scammed regarding student loans.
Links: 
Worried you've been scammed? Contact any of these agencies for help: US Department of Education, Federal Trade Commission, and the Consumer Financial Protection Bureau 
Get identity protection with Triangle's Better Checking account for affordable fraud monitoring and resolution services
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.  
If you have student loans, here's what you need to know about student loan forgiveness scams. They are prevalent, especially with student loan forgiveness in the news. The scam can come in different forms of delivery, with phone calls, text messages, and emails being the most common.  
Here are some tips to spot a student loan forgiveness scam. First, look out for aggressive advertising language. For example, if the message you received wants you to act immediately or if your account has been flagged for investigation, it most likely isn't legitimate. The U.S. Department of Education says that while they might reach out to highlight temporary programs, they wouldn't use aggressive advertising language.   
Another way to spot a student loan forgiveness scam is if it seems too good to be true; it probably is. Some scammers will ask for an up-front or monthly payment while promising immediate student loan cancelation. Most government forgiveness programs require years of qualifying payments and/or employment in a specific field to qualify for student loan forgiveness.  
One common way to spot a student loan forgiveness scam is if they ask for your login information. The U.S. Department of Education has stated that they and their partners will never ask for this information.  
If you are unsure if the message you received is legitimate, check who sent it to you. Scammers can easily spoof messages to look like they are sent from an official source, but making sure is essential. Studentaid.gov has some helpful resources that include a list of email addresses and phone numbers that they use, as well as their trusted loan servicers.  
If you think you have been scammed, there are several options you can take. You can contact your federal loan servicer to ensure there was no unwanted activity on your loans. You can contact your financial institution to stop all payments to the company you think is scamming you. You can also submit a complaint to the U.S. Department of Education, the Federal Trade Commission, and the Consumer Financial Protection Bureau.   
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.     
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.     

Financial Planning can be intimidating and often confusing for anyone new to putting together a sound financial strategy. But if you want to be successful with your money, it's important to know your financials and even better to have someone available to support you along your journey.
In this episode, we're chatting with Brian Luce from Triangle Financial Group about what a financial plan is, why it's important to have one, and how his team can help you get started.
Links: 
Check out Triangle Financial Group resources at trianglefinancialgroup.com
Contact Brian and his team to get started building your financial plan
Try out the Financial Wellness Assessment
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
 

Your credit score is essential. It drives your financial opportunities and impacts how good a rate you’ll get for mortgages, personal loans, and auto loans.   
Most of us know about our credit score and are likely looking for ways to improve it, so knowing what impacts it the most is the first step in improving our credit outlook.  
Links:
View the Investopedia article
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Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.   
If you’ve followed our previous episodes or read any of our articles, you probably already know that a credit score is determined by several different factors.   
In order to keep your score in good shape, it’s critical to understand the different factors contributing to that number and how to maintain them properly.   
A lot of this maintenance is our responsibility, so when we decide to work with a lender to borrow money, we should make sure our credit scores have been properly attended to.   
According to Investopedia, all three bureaus, Experian, Equifax, and TransUnion, factor the following weights into their credit scores.   
The two lowest percentages are each weighted at 10% and are 1) any new credit you get and 2) the types of credit you have or credit mix.  
Then there’s the length of your credit history, weighted at 15%.   
The total amount owed is a higher weighted factor at 30%. Finally, your payment history comes in as the highest factor at 35%.   
So, if you want to properly nurture your credit score, you need to pay attention to each of these categories and keep special note of the higher-weighted ones. Most importantly, you need to ensure you make your payments on time.    
Have you or someone you know missed payments in the past? If so, that likely impacted the credit score.   
I’ve missed a few payments before because I got busy in life, and my distracted brain completely forgot that a payment was coming due. Then, the due date came and went before I realized that I had forgotten to pay. This is a big problem and something we need to be on guard against. Something as simple as not paying attention to the calendar can cause this problem.  
If you’ve had this happen in your own experience, or you know someone it’s impacted, it’s important to note how it can affect you. And the real danger here is the price you pay for it. Not only do you get charged late fees, but it gets reported back to the bureaus and factored into your credit score.  
 If you find you’re struggling to remember to make your payments, there is something you can do about it to make sure it doesn’t happen again. Take the time to set up automatic payments. Your financial institution likely provides a tool within mobile or online banking to schedule recurring loan payments. For example, Triangle Credit Union allows members to do so through the LoanPay platform. This tool lets people plan their loan payments in advance, customize the payment amount, set a payment frequency, and even set the duration they want the payments to run.   
If you’re determined to not let your score suffer from hits due to missed payments, then take a few minutes and set up autopay for payment peace of mind and a healthy credit score.  
If there are any other tips or topics you’d like us to cover, let us know at tcupodcast@trianglecu.org. Like and follow our Making Money Personal FB and IG page, and look for our sponsor, Triangle Credit Union, on social media to share your thoughts.    
Thanks for listening to today’s Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.   

Are you often worried or discouraged about economic factors or current events? Not surprisingly, current events can substantially impact how we behave with money.
Many people react to news or events with coping mechanisms, one of which involves overspending. Fortunately, there are ways to keep current events from impacting your mindset and, ultimately, your money.  
Links:
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast. 
If you've heard of Doom Scrolling, the term describes when people mindlessly scroll through newsfeeds and social media feeds, glued to negative headlines. It tends to evoke feelings of anxiety or depression. 
Another term has popped up recently describing a similar phenomenon called Doom Spending. This term describes a person's tendency to mindlessly spend money to cope with stress or anxiety, particularly stress or anxiety due to current events or economic factors. It's a type of emotional spending or even retail therapy. And because so many shopping apps make it easy to scroll through thousands of items, many people may run to those apps to scroll through products and shop for all kinds of things to offset negative feelings.  
Doom Spending poses many problems for those who fall into it. It's dangerous and can wreak havoc on your finances by derailing your financial plan and interfering with your ability to establish beneficial money habits. 
It can also cause you to make financial decisions you may regret in the future, as well as missing out on wealth-building opportunities as they arise. 
If you're susceptible to Doom Spending, you may find yourself shopping through an endless scroll and blowing a bunch of money to help you feel better.  
Remember that your feelings start with what you choose to focus on. Don't focus on all the negative. Remember that headlines tend to be sensationalized and promote what will most likely get a reaction out of you. Scientifically, headlines with negative messaging get more engagement than those with positive messaging. 
If you're engaging in doom spending to cope with stress, here are a few things you can do to guard against it.  
Change your routine. If you're scrolling most often at a particular time of day, say late at night before bed or on your way home from work, you might find that this is the time you feel more likely to spend.  Turn off the media and take a break from your phone. Keep it away from the nightstand, or swap it with a book instead. If you spend too much time on the couch with your phone or in front of the TV, try taking a walk instead to get away from the devices.  
Develop a method to stay on top of spending. Take charge of your money. Set a budget, make a list on paper or your phone, or use a money management app to track your weekly spending.  Knowing how much you're spending is the first step to taking charge of your finances. If you don't know it, you can't control it, and you won't succeed at managing it properly.  
Put your mental energy into reaching financial milestones. Part of the reason people spend money mindlessly is to feel better. But you can also get those feelings when you achieve milestones. Set a savings goal for yourself, like saving your first $1,000 in an account, having a certain amount of money in a retirement account, or paying off some debt. Focus on building a solid financial position rather than slipping into doom spending.  
Budget some of that money for positive purposes. Cut down on impulsive behavior and mindless shopping by planning to spend your money on beneficial things. If you're feeling anxious and emotionally worn, then put some of that money into things that will help bring you mental rest. Instead of spending it on the accumulation of stuff, set some money aside for a unique experienc

Buying a vehicle is one of the most significant purchases you'll make, so ensuring it's protected is very important.
Guaranteed Asset Protection coverage, or GAP, and Mechanical Repair Coverage, also referred to as MRC, are essential in protecting your new vehicle. Keep listening to learn more about these coverages and how to make them work for you.  
Links: 
Learn more about the benefits of GAP coverage and MRC
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter! 
Learn more about Triangle Credit Union 
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.     
First, let's take a look at GAP coverage. Did you know a newly purchased vehicle depreciates the second you drive it off the dealer's lot? Within the first year, most cars will lose up to 20% of their value. If your vehicle is totaled in an accident or stolen and not recovered, you could end up owing more than the vehicle is worth.  
GAP coverage is designed to reduce or eliminate the difference between the insurance settlement and the loan balance. This protection can save you tons of money from sudden out-of-pocket expenses. In comparison, standard auto insurance will only pay up to the value of your vehicle. GAP coverage will protect you from the difference.   
So, how do you obtain GAP coverage? There are several options. First, you can sign up for GAP when you purchase your new vehicle with an auto loan. Triangle Credit Union offers GAP coverage as an additional option to their auto loans. Second, your auto insurance may also offer GAP coverage for your vehicle.   
Now, let's look at Mechanical Repair Coverage, or MRC. This coverage can help limit unexpected, covered repairs as your vehicle ages, potentially saving you thousands of dollars in repairs. MRC includes many benefits, such as car rental reimbursement, 24-hour roadside assistance, and car key replacements. It will even cover travel expense reimbursements when a covered breakdown occurs 100 miles or more from your home and your vehicle is held overnight at a repair facility. 
With vehicles already being a significant expense, it makes sense to be fully covered in case something goes wrong. GAP coverage and MRC can save you thousands of dollars, so if you're thinking about buying a car, you might want to consider getting one or both. Luckily, they're available as add-on options for your new or existing auto loan from Triangle Credit Union!   
One final note. GAP and MRC are also available to purchase out of pocket for those who don’t have a Triangle auto loan or don’t want it as a loan add-on. If you want this valuable coverage for an existing loan, stop by your nearest branch to get started!  
If there are any other tips or topics you'd like us to cover, let us know at tcupodcast@trianglecu.org. Also, remember to like and follow our Making Money Personal Facebook and Instagram to share your thoughts. Finally, remember to look for our sponsor, Triangle Credit Union, on Facebook and LinkedIn.    
Thanks for listening to today's Money Tip Tuesday. Check out our other tips and episodes on the Making Money Personal podcast.    

When it comes to money, there are so many ways to learn vital lessons and techniques that help us make wiser financial decisions.
Whether you're someone who likes to learn about financial topics for fun or tends to learn from experience, becoming financially literate is a goal most of us should strive for. In this episode, we're discussing financial literacy and its crucial role in our lives and society. 
Links: 
Financial literacy stats sourced from this article.
Test your knowledge with the Investopedia Financial Literacy Quiz!
Explore and download our When Dollars Make Sense workbook for kids!
Check out TCU University for more financial education tips and resources! 
Follow us on Facebook, Instagram and Twitter!
Learn more about Triangle Credit Union
Financial Literacy Quiz answers:

Which of these is NOT part of determining your credit score? Marital Status
When you invest in an employer's traditional 401(k) retirement savings plan, your contributions are taxed when you withdraw them during retirement.
What causes inflation? Increases in wages, price of raw materials, taxes, and/or a decrease in productivity
Which of these is NOT a stock market index? New York Stock Exchange
What Does Annual Percentage Rate (APR) Mean? APR is the rate you pay in interest on money borrowed.
True or false: Annual Percentage Yield (APY) is the interest you earn over the course of a full year on money deposited. True
Which home loan allows first-time homebuyers to put down just 3.5%? Federal Housing Administration (FHA) mortgage