Acacia Federal Blog

College Grads: 401(k) Mistakes

acaciaadmin — Thu, 23 May 2013 20:54:40 +0000

As this year’s high school and college graduates enter into the workforce there a number of concerns that will be on their mind, having a 401(k) may not be one of them. Many organizations offer employee-sponsored 401(k) plans, which an employee may make salary deferral contributions on a post or pretax basis. These plans offer a variety of benefits to help one to build a nest egg for their eventual retirement. Below are a number of snags that can affect the future performance of your retirement funds.

Not having or contributing to your 401(k). Of workers with the ability Continue Reading »

College Grads: Tips on How to Manage Your Student Loan Debt

acaciaadmin — Fri, 17 May 2013 15:14:25 +0000

Around the country, colleges, families and friends gather in celebration of the hard work and achievements of the class of 2013. While textbooks and tests as the graduates have come to know them go away, new assignments with strict deadlines will appear in the form of managing student debt, making payments on time and living within one’s means.

If you were to combine the total amount of all student loan debt, the tally would roughly be “between $902 billion and $1 trillion”, according to American Student Assistance (ASA). The amount owed by the average student amongst the 37 Continue Reading »

Tips On Buying A New Home

acaciaadmin — Fri, 10 May 2013 15:37:56 +0000

As mortgage rates and home prices remain low, now may be a good time to explore purchasing a new home.

In the last few years more obstacles have emerged to getting a mortgage, including higher credit score standards and closer reviews of applications. To better prepare you for the mortgage process, we are pleased to offer these tips.

Review your finances. A detailed analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner’s insurance, taxes and condo fees. Factor in Continue Reading »

Tips to Protect Your Financial Privacy

acaciaadmin — Fri, 22 Mar 2013 17:17:58 +0000

While banks use a combination of safeguards to protect customer data, which allows them to detect unusual spending patterns and protect accounts, customers also play an important role in safeguarding their personal information.

Here are three helpful tips to ensure the safety of your personal information:

Create c0mplic@t3d passwords. Avoid birthdays, pet names and simple passwords like 12345. It is also important to change passwords at least three times a year. Because friendly theft — theft by someone the victim knows — is the most common type of identity theft or fraud, don’t share your passwords with Continue Reading »

Spring Break

acaciaadmin — Thu, 14 Mar 2013 16:43:09 +0000

For many College graduates Spring Break is often reminisced as reward for their dedication to hard work. It’s also a time that is remembered for not paying enough attention to finances.

Whether you are planning a trip for Spring Break, already on one, or want to be prepared for any vacation, these tips will help you have the most fun without leaving you with a financial hangover.

Out of Sight, Out of Mind – This is easier said than done, but put away the credit cards. You should have a budget set up for how much Continue Reading »

Excuses…Excuses!

acaciaadmin — Mon, 04 Mar 2013 14:31:53 +0000

Why aren’t we saving more money for retirement? According to a recent poll, nearly 35% of American workers have nothing saved for their golden years. The national savings rate is up, but why aren’t workers applying those savings to retirement plans? Here are some of the excuses we typically offer up to explain why we don’t save more for post-work life — and some rebuffs.

“I live paycheck to paycheck and can’t afford to put anything away.” While it’s a sympathetic excuse, plenty of us are living paycheck to paycheck precisely because we’re not managing our money right — Continue Reading »

Figuring Out Frugality

acaciaadmin — Mon, 25 Feb 2013 16:10:44 +0000

The word “frugality” is typically defined as living poor and barely spending any money, probably because the visual image of being frugal is often associated with that of a miser.

The reality is being frugal has nothing to do with living in poverty while hoarding bags of money. It is not really about sacrificing — although sacrifice is usually required to some degree — and it is not about starving yourself or constantly living under forced deprivation. Instead, it’s really about managing your financial resources.

When you think of someone who is frugal, a coupon-clipper may come to mind. Continue Reading »

Love…and Financial Intimacy

acaciaadmin — Fri, 15 Feb 2013 20:28:20 +0000

It’s the season of love, but before couples start discussing one ‘M’ word – Marriage – they should spend some time talking about another ‘M’ word – Money. After all, taking the next step in a relationship is not only a melding of hearts, but also a melding of finances.

An important component of any romantic relationship is solid financial footing. Consider the following tips as a way to achieve financial intimacy:

Be mine, or yours? Will you and your spouse-to-be keep finances separated or combine them? Consider individual money styles, having one joint savings account and Continue Reading »

Savings Statistics

acaciaadmin — Fri, 08 Feb 2013 17:57:13 +0000

The Corporation For Enterprise Development (CFED) recently released the results from its 2012 Assets and Opportunity Scorecard survey, a comprehensive look at Americans’ financial security. Some of the more interesting findings:

· Nearly 45% of households do not have a basic personal safety net to meet present-day emergencies (job loss, medical crisis) or future needs (child’s college education, homeownership).

· The average amount of revolving debt, including credit cards and lines of credit, is more than $10,700 per borrower.

· More than half of the survey respondents had a TransUnion credit score at or below 700.

· More Continue Reading »

Safekeeping Important Documents

acaciaadmin — Fri, 01 Feb 2013 18:27:31 +0000

We all have important paperwork that needs to be safeguarded: insurance policies, loan papers, marriage documents, medical records, etc. It is important to know where to find these documents when you need them, while keeping them safe during a possible disaster or from thieves and/or hackers.

Here are some common ways to store sensitive financial documents. Each offers pros and cons, so carefully consider your needs before choosing where to store your important documents. Regardless of which storage method you choose, be sure to inform your spouse, attorney, or a trusted family member where they can find your personal Continue Reading »