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Freedom First Credit Union How Much Cash Is Needed to Buy a Home?

Deciding to purchase a home is exciting and a bit nerve-racking. It’s a big decision that can impact your life and finances for years to come. But it also provides the opportunity to improve your home life and build equity in the property.

One of the most common questions prospective buyers ask is, how much cash is needed upfront? While a first mortgage will handle most of your financing needs, it’s these initial costs that keep homeownership at bay for so many.

The following guide outlines the upfront and ongoing costs prospective homeowners should prepare to cover as they progress through the homebuying process.

Freedom First Credit Union Age-Based Strategies for Using Your Tax Refund

Receiving a tax refund is exciting and can give you a much-needed financial boost. However, it’s important to remember that this isn’t just free cash. Your tax refund is essentially money you lent to the government, which is now being returned to you. So, it’s in your best interest to use this money wisely.

How can you spend this money so that it helps improve your financial position? The answer to that question will largely depend on your age. The following suggestions explain how to effectively use your tax refund based on your current life stage.

Freedom First Credit Union Why You Should Keep Your Credit Cards Active

When you work diligently to pay off a credit card, nothing is more satisfying than seeing the balance hit $0. It’s a eureka moment – filled with accomplishment and freedom. And your next desire may be to shred the credit card and close the account. But is that the right move?

Freedom First Credit Union Smart Ways to Save for Retirement

Retirement is an aspiration we all hope to reach – sooner rather than later! However, if you’re just starting your career journey, retirement can seem like a lifetime away. For others, it’s right around the corner, and you may be wondering if you’re genuinely prepared, financially speaking.

Freedom First Credit Union Which to Fund First: Emergency Accounts or Investments?

So this pay period looks to be a great windfall. You’ll have that extra bit to sock away for a rainy day. When we ask people what they plan to do with the extra money, many of them tell us that they plan to invest it toward their retirement.

Freedom First Credit Union Pros & Cons of Saving vs. Investing

One of the most popular questions people ask is whether they should save their money or invest it. The simple answer: both. While investing your money traditionally earns more than a savings account, there are risks and downsides.

Before you jump straight into risk-based investments, it’s essential to understand the pros and cons of both options

Freedom First Credit Union How to Save on Your Next Vacation

Everyone deserves a nice vacation. It’s your chance to get away from the daily grind, relax your mind, and create memories with your friends and family. While the destinations to choose from are limitless, your budget is most likely not.

Whether traveling cross-country or across continents, there are many ways to save money while on vacation. Here are 15 tips to help ease your vacation planning and make your hard-earned money go further.

Freedom First Credit Union What Not To Do With Your IRS Tax Refund

What Not to do With Your IRS Tax Refund

When you receive your tax refund, learning how to spend it wisely is your best bet. But you should also learn some of the ways you shouldn't be using it. Below, we've provided you with ideas on how to use your IRS tax refund and some ways you should avoid.

Freedom First Credit Union How to Maintain Your Savings in the Coming Years

In a roller-coaster-type fashion, consumer saving and spending have seen their ups and downs during the Covid-19 pandemic. First, when the pandemic started, not only did spending on travel come to a screeching halt, but entertainment rapidly declined, as did in-person shopping. In general, people were spending less of their money, preferring to hold onto their cash partly or fully due to the unknown. Then, as the pandemic continued, government stimulus payments started hitting consumers’ accounts, and many people decided to safeguard these payments too.

This scenario resulted in a rise in consumer savings. However, that shift in consumer saving over spending is starting to reverse course as a result of a few key drivers, making it harder to maintain the savings you built. 

Freedom First Credit Union New Year, New Money Habits: How to Stick With It in 2022

If you’re like most people, you likely start each year with a list of resolutions to help you improve various aspects of your life. The list may include resolutions to help you become more physically fit, further your career growth and improve your personal relationships. Another category of resolutions you may make centers on those that affect your finances. 

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