April is Financial Literacy Month, an we’re empowering our members with the knowledge they need to achieve their goals at every age and every stage of life.

When it comes to Spring cleaning, it’s time to start thinking outside the box. This spirit of renewal applies to more than just your closet! Spring is an ideal time to dust off your finances and tidy up your budget. Maybe your tax returns have motivated you to increase your emergency savings for the year ahead, or perhaps you need a refresher on the New Year’s resolution you made to improve your credit score? Whatever your situation, now is the perfect time to get your financial house in order. These four strategies can help you get your personal finances in check and maintain a strong foundation for the rest of the year.

1) Clean Up Your Credit

Your credit score can have one of the biggest impacts on your financial life – so don’t let it collect dust! Did you know you can check your credit score for free with each of the three credit bureaus? Staggering your requests every four months allows you to keep a regular eye on your credit report. Once you know your score, you can set goals to continue to improve your responsible credit habits.

2) Pay Your Bills on Time

In today’s digital age, there are various mobile payment options available to help you to get ahead of your bills. Set up online banking and use automatic bill pay to save yourself the hassle of mailing checks, and protect against the costs of missing a deadline. Additionally, many retailers, banks, and credit unions allow you to pay your bills in real time via mobile payment technology.

3) Protect Your Accounts

With the prevalence of digital transactions, it’s important to protect yourself from consumer fraud and identity theft. In fact, nearly 3 million consumers reported fraud in 2017 alone. Regularly checking your credit score (see #1) for errors and unauthorized transactions is one simple strategy to protect your identity.

4) Save for a Rainy Day

Rainy day funds protect against more than the weather. Did you know that 78% of Americans do not have enough savings to cover unforeseen expenses? Saving doesn’t have to be hard, although it does take discipline. Small adjustments in your daily routine can make a big difference in your ability to cover emergency costs or meet a payment due date. In addition, many savings vehicles will pay you interest on the money you have deposited, which will help your money grow over time.

No matter where you start your financial Spring cleaning, incorporating these tips and tactics into your routine will give your personal finances a fresh start.

This post was developed as part of our partnership with EVERFI, Inc.

What is elder abuse?

Elder abuse can be defined as “a single, or repeated act, or lack of appropriate action, occurring within any relationship where there is an expectation of trust which causes harm or distress to an older person.”** These abuses can be physical, mental, psychological and even verbal.

As a person ages, their health, mental and emotional stability begins to deteriorate. The decision-making process can be hard for them and because of this some people may seek to take advantage of their weakened state.

Financial elder abuse

Some things to watch out for with elder financial abuse are things like:

• Suspicious changes in wills or power of attorney
• Financial activity the person couldn’t have done herself
• Bills not being paid
• Significant withdrawals or unusual purchases

If you see you any of these signs or suspect that someone is a victim of elder abuse please reach out other family members or the Eldercare Locator abuse hotline: 1-800- 677-1116. If you or an elder needs immediate assistance, then please call 911.

*http://www.aginginplace.org/guide-to-recognizing-elder-abuse/
**https://www.helpguide.org/articles/abuse/elder-abuse-and-neglect.htm

Advantages of buying a home:

• When you purchase a house, you purchase an asset that typically increases in value. A house you own can be sold or rented at your discretion. Once the house is completely paid off, all you will need to worry about is paying property taxes, homeowner’s insurance, and the upkeep. Your home’s value can even allow you to take out a home equity line of credit which can help you consolidate debt, pay for college tuition, or cover remodeling costs.
• Owning a house lets you be your own landlord. There isn’t a contract saying you can’t put holes in the wall or can’t paint a room. You can do whatever you want as it is your property. Additions and upgrades can even serve to increase the value of a home.

Disadvantages to buying a home:

• Maintaining a home is not cheap. When your air conditioning goes out, you are the one who will have to contact the repair company and cover the cost of the bill. The cost of upkeep, like yard work and cleaning, along with the cost of repairs, such as broken windows or leaks, will add up in time.
• Buying a home generally means you are going to be living in that same spot for a while. You can’t just move whenever you please. If you want to change locations to be closer to a new job, you would need to go through the home selling process. Depending on the housing market in your area, this could take months or even years.

Advantages to renting a home:

• When renting a house or apartment, maintenance is generally free. When a sink won’t stop dripping or your air conditioner is making a strange noise, you can contact your landlord and they will work with the repair company to get the issue fixed. Most of the time, unless you did do something to cause the damage, the landlord will be footing the bill.
• It’s easier to get up and move spaces while renting a property than it is when you own a property. If you keep yourself in a shorter lease, you have the option to move around. Renting a home or apartment lets you experience living in a certain area so if you are thinking of buying a house, you can know what the area is like before fully committing.

Disadvantages to renting a home:

• As a renter, you typically have a detailed contract to follow which stipulates what you can and cannot do. Most of the time, the contract does not allow for remodeling of any kind. Painting, laying down new carpet, or even putting holes in the walls for hanging pictures is frowned upon.
• When you are renting, that means you are spending money on a house you don’t even own. The homeowner owns that property and can do whatever they please with it. You are simply living there and helping them pay for their mortgage.

If you are interested in buying a house or considering if you can afford one, stop by Oklahoma Educator’s Credit Union and an OECU team member will be happy to talk to you about financing options for buying a home.

Fontinelle, Amy. “Pros and Cons of Renting vs. Owning a Home.” Investopedia, Investopedia, 27 Mar. 2018, www.investopedia.com/articles/personal-finance/083115/renting-vs-owning-home-pros-and-cons.asp.

OECU is a Equal Housing Opportunity Lender.

1. Phishing Scams

Phishing emails are disguised to look like legitimate emails that trick you into believing they are real. These emails will often ask you to respond with personal information or have you follow a link to an insecure website. To combat these fraudulent emails, you should always make sure to verify the email. If you ever receive an email from a company and aren’t sure if it is a phishing scam, play it safe by not clicking any links and by calling the company directly to verify the email.

2. Scareware Scams

Scareware scams are pop-up advertisements claiming a malicious virus is installed on your computer and the only way to remove it is to buy a ‘full version’ of their software. In this situation, don’t purchase the software. Instead, take your device to a local computer store and they can verify whether you have a virus or not and can assist you in cleaning up your computer.

3. Greeting Card Scams

Greeting Card scams can be misleading because how could something so friendly be so harmful? If you receive a greeting card from an unknown sender DO NOT open it. Immediately delete it or mark it as spam. These emails can contain links that lead to Trojans and other malicious software that can harm your computer.

4. Hijacked Profile Scam

E-mails aren’t the only thing you should be weary of. Social media sites should also have you on guard. Any friend requests or messages from unknown profiles should not be accepted. Do NOT click on links from profiles that are mere acquaintances or that seem out of the ordinary. This could be how the initial profile was hacked in the first place and could be trying to hack yours!

5. Online Romance

Looking for love online has become extremely popular in recent times; however, even in the realm of love people still fall victims to scams. Do not send money or buy items for any one you have met online. Also, if you intend to meet in person make sure it is during the day at a public place for safety reasons.

• Landesman, Mary. “Don’t Be Fooled by One of These Common Online Scams.” Lifewire, 8 Oct. 2018, www.lifewire.com/top-online-scams-153134.
• Heidel, Jaime A. “10 Common Email & Internet Scams – How to Avoid Them.” Money Crashers, www.moneycrashers.com/common-email-internet-scams/.
• Chianis, Alexia. “3 Common Internet Scams & How to Avoid Them.” SafeWise, 5 Mar. 2018, www.safewise.com/blog/internet-safety-avoid-online-scams/.

Entering college can be scary, but there’s nothing more anxiety inducing than thinking about being financially stable. During orientation week, banks and credit card companies may be offering credit cards specifically for college students. If you’re wanting to build credit, this is a great option for you! The interest rates for beginner cards are typically low and you may have a little while before interest hits. Make sure you read the fine print and are responsible enough to keep up with your payments.

2. Stick to a budget

Saving and budgeting is hard, but it isn’t impossible. Take time to sit down and evaluate your income and reoccurring expenses. Make sure your necessities are covered while also giving yourself some funds in case of emergencies. It might be a good idea to set money aside as fun money for trips or nights out too.

3. Save early and often

It’s easy to head straight to the mall after pay day, but consider pulling some money out every check for bills and savings before anything else. When the first of each month rolls around you should have enough money to pay your bills and other expenses.

4. Take advantage of student perks

Being a college student is usually synonymous with being broke. Even if you’re not, the stereotype comes in handy because a lot of companies give discounts to students. Websites such as Unidays.com and StudentBeans.com offer student discounts to hundreds of items and websites! All you need to verify your status is a student email account from your university.

5. Pay less for textbooks

Textbooks are expensive, there’s no doubt about it. To combat high prices, ask people who have taken the class before and see if they will sell you their book at a reduced rate. Don’t want to buy text books? Amazon allows you to rent books for a flat rate fee!

6. Get organized

Use a planner to write down specific events happening such as birthdays, concerts, or game days so you have an idea of what you’ll be spending. This will help when creating a budget so that you can take part in these events without over extending your financial resources.

7. Look at On-Campus events

Many universities offer free campus activities such as concerts and movie nights! Go to your school’s website or activities pages to see what looks interesting to you!

For more information, check out this link here: www.debt.org/blog/2012-12-0710-financial-tips-college-students