Making Money Personal

Triangle Credit Union
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Making Money Personal Podcast

Engaging in real talk about financial matters that affect your life and your community.

  1. 1 DAY AGO

    How the Fed Rate Change Affects Your Finances- Money Tip Tuesday

    Our financial system is kept in balance through the federal reserve assessing and adjusting the federal funds rate. Due to the recent rate change earlier this month, you’ll likely see some new changes coming down the road that will affect your savings and borrowing rates. What do the changes mean for personal finance planning and what financial opportunities could a rate change provide?  Links: Read the Forbes Advisor article mentioned Check out these additional resources for more information about the Fed rate and its impact on your money: MSN: The Fed just cut interest rates. How will your finances be impacted? Forbes: What Happens when the Fed Raises Rates? CBS News: The Fed cut rates for the first time in 4 years. What does that mean for your money? ABC News: The Federal Reserve is finally lowering rates. Here's what consumers should know CBS News: The Fed just made a jumbo rate cut. Here are 5 takeaways on what it means for mortgages and more. Learn more about our financial planning services at Triangle Credit Union Get in touch with one of our Mortgage Originators to learn more about a home purchase or refinance 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 paid attention to financial news recently, you’ll have noticed there was some media attention regarding the Federal funds rate.   On Wednesday, September 18, 2024, Federal Reserve Chairman, Jerome Powell, announced that the federal funds rate would decrease by .50 percentage points, or ½ a percent.   For anyone unfamiliar with the federal funds rate, it’s the rate set by the Federal Open Markets Committee that banks use to lend money to each other overnight. What makes this rate so special is that it impacts everything for us as consumers like any APYs earned on savings accounts to the interest rates we pay on loans and credit cards.   One Forbes Advisor article simply stated, “The fed funds rate effectively dictates the cost of money in the U.S. economy.”   The Federal Reserve regularly meets to assess the economy, reviewing important aspects like inflation and unemployment. During this meeting a decision is made to do one of three things, raise the rate, lower the rate, or keep the rate the same.   It’s not entirely necessary to know all the ins and outs of how the rate is determined and its role in the financial market, but it is important to be aware of how a rate change can affect your finances.  When the fed rate changes, it affects all aspects of the financial market so there are many signs you should recognize when news hits that the rate was raised or lowered.   When the rate goes up you may notice a few of these changes:  Interest rates on savings accounts and CDs go up  Rates for loans and credit cards go up  It can strengthen the dollar thereby attracting foreign investors   It can slow down economic activity and decrease the rate of inflation  Similarly, when the rate goes down, you’ll notice these changes:  Borrowing rates get cheaper, decreasing rates for loans and credit cards  Rates on savings accounts and CDs go down  It can weaken the dollar and deter foreign investors  Boost the stock market and stimulate economic growth by decreasing the borrowing costs for companies  The good news is that there are opportunities for all of us whatever the rate situation. We can use the rate environment to gauge what types of financial decisions we need to make.  This recent rate decrease should spark some considerations for anyone monitoring their financial position.   It may provide an opportunity to tweak some budget items. Pay attention to your interest rates. If they go down, it could free up some cash that you could then reallocate to other budget line items.   Talk to a financial professiona

    4 min

  2. 6 DAYS AGO

    Episode 74: Why Does it Seem So Hard to Buy a House? | Ryan Campbell, Mortgage Originator

    In today's housing market, prospective buyers face numerous challenges that make purchasing a home seem almost unattainable. From high prices to limited inventory, the dream of home ownership feels increasingly out of reach for many. In this episode, we're chatting with Ryan Campbell, mortgage originator, about the strategies and tools buyers can use to finally get that house they've been dreaming of.  Links: Learn more about our affordable 40-year mortgage program Check our current closing costs offer Get in touch with our Mortgage Team Check out TCU University for more financial education tips and resources!  Follow us on Facebook, Instagram and Twitter!  Learn more about Triangle Credit Union

    41 min

  3. 17 SEPT

    How To Keep Your Budget Running Smoothly - Money Tip Tuesday

    When it comes to budgeting, how many of us get started, work through it for a few months, and then stop using it altogether? What is it about budgeting that is particularly difficult to stick with? If you’re struggling with maintaining a budget for longer than a few weeks or months, there are various ways to keep that budget running for years. Links: Check out our Goal Builder tool to help automate saving Watch out Budgeting 101 webinar Triangle Financial Planning 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.    We make budgets to improve our financial situation. And they only work if they’re maintained.   Putting together the budget is the first step and usually the easiest step but after that, sticking to it over a worthwhile period is the real challenge.      There are many reasons why budgets fail. Lack of discipline, lifestyle changes, emergencies, and disorganization can all contribute to losing control of a budget.    With the right strategies, you can turn your failing budget into a successful one that helps you reach your financial goals.    Here are a few ways to ensure your budget gets the attention it deserves.    Set clear financial goals—the more precise, the better. By setting clear short-term and long-term goals, you’ll know exactly what goal to work towards, providing a clear direction and adequate motivation to achieve it.   Create a budgeting schedule. Set aside a little bit of time each day or week to review your budget. Make this your time to focus on your finances. If you want a budget to work, you must pay regular attention to it. Be consistent, show up, and make your budget a priority.  Track your expenses. Keep a consistent and detailed record of every expense you make. Tracking expenses will keep you aware of where your money is going and can help you highlight spending trends that need to be adjusted or tweaked.   Plan for irregular expenses. Life is unpredictable, and many things can pop up out of nowhere. Make sure you’re planning for seasonal or irregular expenses in your budget. These don’t have to be emergencies. Things like birthday gifts, wedding gifts, and shower gifts can all fall under unexpected, irregular expenses.   Use budgeting tools. Various budgeting tools are available that help people put together and regularly manage their budgets. Find these tools and use them to keep your budget running like a well-oiled machine.   Review and adjust regularly. The budget you put together a year ago may not be the same budget you’ll make today. Many things can change over a year, so regularly reviewing and adjusting your budget is essential. Did you get a promotion? Buy a house? Have a baby? All those life changes are significant enough to force you to review and adjust your budget to keep up with the changes in your life.   Automate your savings. Set up automatic savings to keep money funneling towards healthy savings. Saving is often one of the last things people think to do, but it should be the first. Automating savings through tools like direct deposit and even goal-building tools is an easy way to make sure you’re regularly paying yourself first. Stay educated. Keep your financial knowledge up to date. Research, read, listen, and learn. There are so many ways to keep informed of economic news and changes that will impact your budget. You’ll be more enabled, confident, and motivated to run and adjust your budget to improve your financial future exponentially. For news, tools, and trends, check out our vast collection of webinars and financial articles at TCU University and explore the many financial planning services on our website.    Staying on top of your budget can be challenging, but with the right strategies and

    4 min

  4. 10 SEPT

    The Growing Threat of Text Scams - Money Tip Tuesday

    In today’s digital age, text message scams are becoming increasingly sophisticated. These scams can lead to significant financial loss, identity theft, and even compromise your personal data. It’s more important than ever that you learn how to detect the key signs of fraudulent messages to protect yourself from falling victim to these common scams.  Links: Read more about fraud awareness tactics and view recent fraud alerts Learn more about the benefits of Better Checking with ID Protect 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.   There has been an increase in all kinds of scams targeting almost everyone they can. Fraudsters attempt to get unsuspecting victims in almost any way. They’ll use fake ads, fake websites, cleverly disguised emails, phone calls from seemingly recognizable companies and even text messages with links.   The danger of these scams is that with only a little bit of personal information, they can wreak havoc on your life and finances for years to come.  Lately there’s been a large increase in scams targeting individuals, coming specifically through text messages. It’s important to know the signs of these types of scams so you don’t become a victim.  Here are some of the more common text message scams you might run into.  Bank Alerts: Scammers often impersonate banks, sending texts that claim there’s an issue with your account. These messages are designed to create a sense of urgency, prompting you to click on a link or call a number to “resolve” the issue or verify personal information. Delivery Notifications: You might get a text saying there’s a problem with a package delivery. The message includes a link to a fake website asking for personal information or payment details to correct the problem.   Fake Fraud Alerts: Scammers send texts pretending to be from your bank or credit card company, warning you of suspicious activity. They ask that you confirm account details to keep your account secure, but it’s their way of getting your login information so they can access your accounts and steal your money. Prize Notifications: You receive a text claiming you’ve won a prize or a lottery. To claim it, you’re asked to provide personal details or pay a fee. Scammers use your excitement of being a winner to trick you into giving away sensitive information.   Impersonation of Friends or Family: Scammers might text you pretending to be someone you know, claiming they’re in trouble and need money urgently.  Job Offers: You might get a text offering a high-paying job with minimal effort. These scams then ask for personal information to continue forward with the job or they’ll request an upfront fee for job-related training or equipment.   Fake Invoices: Scammers send texts with fake invoices for services or products you didn’t order. These texts then include a link to dispute it that leads to a fake site asking for sensitive information.     Scammers are getting increasingly clever and crafting believable messages disguised to look like urgent alerts from companies and individuals you trust.   It’s more important now than ever to familiarize yourself with these tactics so you won’t be caught off guard next time you’re targeted by a scammer.  So what actions should you take if you get any of these messages?  Don’t act on the message out of fear! These texts rely on the tactic of creating urgency to get you to act without thinking. Don’t follow the prompts or click any links.   Contact your financial institution, the company or individual through an access point you know is safe. Open a new browser and go to the company’s website to get their contact information. If it’s a suspicious message from an individual like a friend or colleague, contac

    5 min

  5. 3 SEPT

    Strategies to Overcome Financial Anxiety - Money Tip Tuesday

    Financial anxiety is a common yet often overlooked issue that affects millions of people all over the world. It can stem from various sources and can significantly impact one’s mental and physical well-being.  Whether you’re struggling with financial stress or looking to support someone who is, understanding financial anxiety is the first step towards a healthier, more secure future.  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’re someone struggling with feelings of financial anxiety, it’s necessary to manage those feelings and overcome them before they take a significant toll on your mental and physical wellbeing.  What kinds of situations tend to cause financial anxiety in many Americans today? Here are a few reasons people might be facing the challenge of financial anxiety.  It can stem from having too much debt. Carrying high balances on credit cards, student loans or even a mortgage can lead to levels of anxiety. Income instability can cause financial anxiety because taking in irregular income makes it difficult to plan out a consistent budget and maintain regular payments from month to month.   Unexpected expenses are another cause of financial anxiety. When sudden costs come up like medical bills, car repairs, home repairs or more, it can cause a disruption in your financial stability that can significantly increase your stress. A lack of overall savings is also a cause for financial anxiety. If you don’t have enough money set aside for the future it could lead to constant worry.   The dangers of financial anxiety can cause many negative effects on your body and habits. High levels of anxiety can cause physiological responses like insomnia, headaches and racing heart whenever you think about finances. You might also notice behavioral changes like obsessively checking your bank balances, avoiding certain financial decisions, and feeling overwhelmed by small expenses.   Struggling with these emotions and not tending to the root cause can lead to behaviors that negatively affect habits and lifestyle. Some people might practice avoidance by ignoring their bills, statements, and other financial responsibilities. Some might engage in impulse spending by making unnecessary purchases to relieve stress and help themselves feel better. Some may even turn to substance abuse to cope with anxiety and others might face isolation by withdrawing from social interactions to avoid embarrassing conversations about money.  Fortunately, there are many ways to properly manage and overcome the pressures of financial anxiety. Here are a few tactics you can try to minimize financial anxiety and start improving your financial life.  Start with creating a budget and stick with it. This will keep you organized, gives you control and helps reduce your overall feeling of uncertainty when it comes to money.   Get in touch with a financial professional who can assess your current situation, provide some clarity on your financial shape and give you actionable steps that will move you on the right path.   Take time to practice mindfulness and relaxation techniques. Taking time to calm yourself and your mind can improve all kinds of anxiety. Meditation apps and yoga practices are great ways to practice self-care and improve your overall mood giving you more energy and confidence to tackle challenges.   Get on building that emergency fund so you’ll have a comfortable cushion of cash sitting on the side for unexpected expenses and an added sense of security. 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 thought

    4 min

  6. 29 AUG

    Episode 73 Follow-Up: Insights on the Complexities of Entrepreneurship | Adriana Torres

    In this short follow-up segment to our latest episode, Adriana Torres discusses insights from her conversation with Elizabeth Costa about the complexities of entrepreneurship. She highlights the importance of recognizing and overcoming biases, emphasizes that the entrepreneurial journey is personal and non-linear, and advocates for understanding customer problems and providing effective solutions to succeed in business. Links:  The Process Reinvention LLC Contact Adriana: theleanidea@gmail.com Check out TCU University for more financial education tips and resources!  Follow us on Facebook, Instagram and Twitter!  Learn more about Triangle Credit Union

    7 min

  7. 27 AUG

    Tips to Avoid Common Junk Fees - Money Tip Tuesday

    Junk fees are those unexpected, often hidden charges that can turn a seemingly good deal into a costly affair. Whether you’re booking a flight, renting a car, or signing up for a new service, these fees can sneak up on you, adding significant costs to your final bill. Fortunately, there are ways to recognize and avoid many common junk fees if you know where to look first. Links: Find fee-free Triangle ATMs when you're out Check out TCU University for more financial education tips and resources!  Follow us on Facebook, Instagram and Twitter!  Learn more about Triangle Credit Union View episode transcript Transcript: Welcome to Money Tip Tuesday from the Making Money Personal podcast.   Junk fees are known as hidden or unsuspected fees that pop up at the final checkout point raising the final price of the product or service.   If you’re looking for a practical way to cut down on the number of junk fees you pay or avoid paying them entirely, then it’s worth it to recognize the most common types of junk fees.  Some of the more common fees people end up paying are as follows:   Service charges for event tickets   Resort fees at hotels  Late payment fees  Overdraft fees  Termination fees  Out of network ATM fees  So how does one avoid paying additional junk fees when purchasing a product or service?  When it comes to purchasing items like event tickets, there aren’t too many ways to avoid service charges and fees. The best thing to do is to make sure you’re aware of the cost of the fees beforehand so you won’t be surprised at checkout.   When it comes to resort or hotel fees, make sure you explore the listing before you purchase and read all the booking information. Get a good understanding of what’s included and what’s not. Will you need to pay extra for wifi, breakfast, certain amenities? Make sure that you’ve reviewed all the information when you purchase so you’re fully aware of all the additional charges you might have to pay when booking.  For late payment fees, the most important way to avoid paying them is to, you guessed it, avoid missing payments altogether.  The best way to make sure you no longer miss payments is to stay organized and set up automatic payments. With online and mobile banking you can use bill pay tools to easily automate payments to different payees. Setting this up will ensure your payment will be sent on time every month and you won’t get slammed with additional fees. It’ll also help your credit score!   An overdraft fee is a charge imposed by a bank when you spend more money than you have in your account, causing your balance to go negative. This fee compensates the bank for covering the shortfall and allows the transaction to proceed. To avoid overdraft fees, set up overdraft protection with your financial institution so the missing funds will be drawn from another one of your accounts. Also, set up account balance notifications that will send an automatic message to alert you when your account balance dips below a set dollar amount of your choice so you always know your account balance before initiating a transaction.  Termination fees are another way people get charged extra in ways they didn’t quite expect. Some companies like gym memberships, phone services, internet and more have written contracts where they charge you a fee to cancel your subscription before the contract ends. The best ways to avoid paying too much to cancel a membership is to make sure to review the FAQs and fine print cancellation policy before signing up to learn how much the company will charge to cancel the service.   And our final fee is one you may encounter when getting cash from ATM. ATM transaction fees are common but can easily be avoided with a little planning. Try to find and use ATM locations that don’t charge fees like ones at your banks branch location or others that might be part of an ATM co-op. If you’re a credit union member, your institution

    5 min

  8. 22 AUG

    Episode 73: Learning the Lessons of Entrepreneurship | Adriana Torres

    In this episode we chat with Adriana Torres about the differences between corporate and entrepreneurial mindsets, including the need for calculated risks, continuous innovation, and self-motivation. We also discuss the value of failure as a learning tool as well as some important business resources budding entrepreneurs can use to achieve their dreams.  Links: Check out the business resources from CWE, SCORE and the SBDC,  Start with Why, by Simon Sinek Finding Your Why by Simon Sinek Thinking Fast and Slow by Daniel Kahneman The Lean Startup by Eric Ries Atomic Habits by James Clear The Four Agreements by Don Miguel Ruiz How I Built This by Guy Raz The Process Reinvention LLC Email Adriana: theleanidea@gmail.com Check out TCU University for more financial education tips and resources!  Follow us on Facebook, Instagram and Twitter!  Learn more about Triangle Credit Union View episode transcript

    1h 2m
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About

Engaging in real talk about financial matters that affect your life and your community.

Information

  • Creator
    Triangle Credit Union
  • Years Active
    2018 - 2024
  • Episodes
    102
  • Rating
    Clean
  • Copyright
    © Copyright 2021 All rights reserved.
  • Show Website
    Making Money Personal

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