HRCCU Blog

When you get paid, there are 2 programs that you pay into as mandated by the federal government: Medicaid and Social Security (also known as FICA). There’s no doubt that you’ve noticed this pulled from your paycheck every pay period, and of the two programs Social Security is by a significant margin the more expensive, with the current withholding rate sitting at 6.2% of your gross income--compared to the 1.45% withheld for Medicare. 

This decade has been ten years of significant technological change, continuing the trend that started in the 1960s, accelerated rapidly during the 1980s, and into the 2000s. One huge piece of that change which has been dubbed by some as the “Information Revolution”, has been the integration of communications devices into day to day life on a near-constant basis. Personal computers are frequently the device we work on every day, and we spend much of our free time on mobile devices utilizing apps, sending texts, or checking emails. This technology is nearly all-encompassing and has touched nearly every person and industry in the world--and banking is no different. 

Successful budgeting can be difficult, even when you’re only thinking about things on a month-to-month basis. Things can get overwhelming when you start thinking about budgeting in the long-term for bigger expenses. For example, like a future home, paying for college, or retirement- in the future. But it doesn’t have to be! In fact, long term budgeting isn’t fundamentally all that different than short-term budgeting; it just requires a little bit more work and commitment. Here are a few tips for creating a long-term budgeting plan that can keep you on track for those big purchases you want to make down the line. 

There are many ways you can incorporate proper spending habits into your lifestyle! Increasing your salary and putting away money into savings aren't the only ways to do so. Learning when you should spend and how you should spend it will influence your ability to reach your financial goals. With a little discipline you can set yourself up to these five good spending habits to carry yourself into the new year. 

Cryptocurrency had a groundswell of popularity as a part of the cultural conversation about our rapidly shifting digital era a few years ago, and continues to be a topic of conversation today. Perceptions of cryptocurrency vary: the rise of the so-called “self-made billionaires” who were early investors in cryptocurrency like Bitcoin had some proclaiming that this new form of digital finance was the currency of the future, while others view it as nothing more than a fad. 

The holidays can be a great time of year. Spending time with friends, family and other loved ones and celebrating one another before the year turns over can be valuable experiences. Still, despite the best intentions it’s no secret that the holidays also come with a particularly heightened amount of stress often spurred by the financial burden linked to this time of year. 

When it comes to footing the bill on larger expenses there are usually two routes that you can go: you can pay in a lump sum (one large payment) or in installments of payments (usually on a monthly basis.) Each has certain benefits and certain drawbacks. While they are available options for each person your own personal money situation will be the biggest determinant in whether or not you are choosing to pay off an expense as a lump sum or in smaller installations. But how do you know which makes the most sense for you? 

If you’re just starting to really get into budgeting money you may be in a bit of a frustrating situation. You want to be an absolute pro but you don’t know where to start. Don’t fall into despair quite yet. Becoming a total mastermind at budgeting takes a little bit of practice and patience, but if you follow these steps you’ll be an expert budgeter in no time! Here are our 4 tips on becoming a budgeting mastermind. 

Home ownership has a lot of perks: you can make renovations and stylistic changes at your leisure. You don’t have to rely on a landlord to make house repairs, and in the long run it’s a better money investment than renting. On top of all of that, if you own a home you can also be eligible for a couple of different unique sources of cash flow. Most notably the access to home equity loans and cash-out refinancing. Both options are exceptional to have in your financial toolbox, but it’s important to understand the different types of utility that they offer, so that you can ultimately understand which is the right option for you.