Welcome to the new expanded digital version of OECU’s quarterly news. Below you’ll find all the same information you received in your September statement, plus a few extra articles and tips! Click the title below to jump to that article. Then click “top” at the end of the article to return to the list of articles.
In This Issue:
Upcoming Events & Holidays
Identity Theft & The Equifax Breach
Savings Made Fun
Teacher Grant Recipients
Stand Out From the Crowd
College Bound?
OECU in the Community
Build Your Own Monthly Budget
Best Things to Buy in October
Show Your School Spirit
50/30/20 Rule
Upcoming Events & Holidays
Monday, October 9, 2017
Columbus Day
OECU Norman – Open 10:00a – 7:00p
OECU Northwest – Closed
OECU Midwest City – Closed
OECU Moore – Closed
OECU Yukon – Closed
October 15 – November 30, 2017
Kidz Only Savings Club Drive
Saturday, October 21, 2017
Fall Festival at OECU Norman
November 1-30, 2017
OECU Annual Food Drive
Saturday, November 11, 2017
Veterans Day
OECU Norman – Open 10:00a – 4:00p
OECU Northwest – Closed
OECU Midwest City – Closed
OECU Moore – Closed
OECU Yukon – Closed
Thursday, November 23, 2017
Thanksgiving
All branches – Closed
Monday, December 25, 2017
Christmas
All branches – Closed
Monday, January 1, 2018
New Year’s Day
All branches – Closed
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Identity Theft & The Equifax Breach
By now, you’ve likely heard the news that an estimated 143 million Americans have had their personal information compromised in the Equifax data breach. While this is certainly cause for concern, the most important action you, as a consumer, can take right now is to monitor your credit activity for fraudulent activity.
A good first step is to request a copy of your credit report from each of the three major credit reporting agencies, Equifax, TransUnion, and Experian. You can obtain a free copy from each once per year at annualcreditreport.com. You might also want to place a credit freeze or a fraud alert.
If you discover that there has indeed been fraudulent activity on your account, you’ll want to take steps right away to minimize the damage. Start by reading up on how to dispute an error on your credit report.
Visit identitytheft.gov and usa.gov/identity-theft for basic information and then consider downloading the FTC’s booklet entitled Identity Theft: A Recovery Plan to drill down into the details of overcoming Identity Theft. A link to this document can be found on the usa.gov website.
Most importantly, remember not to panic if your identity is stolen. Be vigilant in your monitoring efforts and arm yourself with the tools necessary to combat identity theft. Early detection of fraudulent activity will help minimize the amount of damage control required.
Visit the Member Education section for more articles on preventing and resolving identity theft. Follow @OKEDCU on Facebook and Twitter for more helpful finance tips.
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Savings Made Fun
“Tell me and I forget, teach me and I may remember, involve me and I learn.” These words, spoken by Benjamin Franklin many years ago, are still applicable today. Managing finances tends to be one of the greatest struggles young people face when they move out on their own, which is why it is critical that they are taught these skills early in life. Fortunately, Oklahoma Educators Credit Union has the tools to help you do just that as part of our Kidz Only Savings Club account.
When you open a Kidz Only Savings Club account for a special child in your life, they’ll enjoy fun activities, such as coloring contests, special newsletters, prizes, and much more! There’s never been a better time to open a Kidz Only Savings Club account, either. Beginning on Monday, October 16th through Thursday, November 30th, we’ll be launching our Kidz Only Savings Club drive. Every new Kidz Only Savings Club account holder will be entered into a drawing to win a new bike or one of several other prizes! Additionally, every Kidz Only Savings Club member who makes a deposit of $5.00 or more into their account during that time frame will earn an extra entry into the drawing.
There are many wonderful reasons why kids will enjoy saving with Sketch and his friends, but the best reason of all is that your youngster will learn good financial management while having a lot of fun! What are you waiting for? Get your child signed up for a Kidz Only Savings Club account today!
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Teacher Grant Recipients
Oklahoma Educators Credit Union has been helping educators across Oklahoma build their success stories since 2000. Through our Teacher Grant Program, we have impacted countless teachers and students over the years. This year, OECU is pleased to award over $21,000 to 63 different teachers for a variety of creative and innovative new projects. A total of 52 different schools in 24 districts across the state of Oklahoma are receiving funds for use in PreK through 12th grade classrooms.
- Breauna Allison, McCord Elem
- Loni Andrews, Del City Elem
- Connie Baker, Lakeview Elem
- Amy Bixler, Northwood Elem
- April Boatright, Wright City Pub Schools
- Shannon Brackeen, Broadmoore Elem
- Mariann Brown, Kingsgate Elem
- Wilma Bunting, Broadmoore Elem
- Lyndal Caddell, Curtis Inge Middle
- Susan Caddell, Noble High
- Samantha Carlson, Purcell Intermediate
- Pamela Charvat, Yukon Middle
- Cathy Colvin, Kelley Elem
- Sally Cortez, Deer Creek Middle
- Kim Davis, Lincoln Elem
- Rayna Kelly Dawson, Santa Fe High
- Marquita Dickinson, Houchin Elem
- Tammy Dillard, Purcell Elem
- Bev Dotson, Curtis Inge Middle
- Charles Dutton, Kelley Elem
- Susan Fowler, Little Light Christian School
- Kim Garner, Yukon High
- Wendy Green, Myers Elem
- Caroline Hatfield, Adams Elem
- Brade Henderson, Crutcho Pub Schools
- Callis Hernandez, Mark Twain Elem
- Lisa Hunt, Apple Creek Elem
- Melissa Johnson, Piedmont Elem
- Sherri Johnson, Centennial Elem
- Jody Lomenick, Edison Elem
- Carole Long, Central Junior High
- Courtney McClain, Moore High
- Marchie Rogena McClain, Whittier Elem
- Mandy McDaniel, Skyview Elem
- Tracy Mendez, Bluejacket Pub Schools
- Lori Merhib, Banner School
- Tamara Moore, Midwest City Elem
- Kandy Myers, Ranchwood Elem
- Lynn Neill, Central Elem
- Jaunema Nutter, Stone Ridge Elem
- Paulet Owens, Crescent Public Middle
- Mary Pelton, Southmoore High
- Susan Phillips, Winding Creek Elem
- Rachel Punneo, Independence Elem
- Donna Ridgley, Fairland School
- Joyce Roberts, Elk City High
- Lori Salyer, Cyril Elem
- Tami Sanders, Midwest City Elem
- Judith Schuman, Barnes Elem
- Carol Scott, Mustang Valley Elem
- Linda Sharp, Winding Creek Elem
- Amanda Smith, Kelley Elem
- Ambra Smith, Del City Elem
- Keri Smith, Independence Elem
- Samantha Spagnola, Northridge Elem
- Larissa Speer, Rollingwood Elem
- William Mitchell Tindell, Norman High
- Glenda Verser, Sunset Elem
- Jackie Wall, Wellston Elem
- Michelle Waters, Wayne High
- Kim Whaylen, St. James the Greater
- Rebecca Whitson, Northmoor Elem
- Pat Younts, Kelley Elem
Stand Out From the Crowd
College Bound?
by Oklahoma College Assistance Program (OCAP)
Planning for college is a multifaceted process that doesn’t have to be intimidating to students and their families. Below are five key steps to consider when planning for college, along with free resources that help students navigate the path to higher education.
- Explore test prep. Entrance exams play a big role in college admission. ACT or SAT prep courses help students have more confidence when it’s time to take the test. Free practice exams are available at OKcollegestart.org under the College Planning tab. OKcollegestart.org also provides resources to help students identify the campus that will best meet their educational needs. When comparing colleges, it’s important to consider the campus size and location, overall cost, programs offered, and student support services.
- Complete the FAFSA. FAFSA, the Free Application for Federal Student Aid, is the form that helps determine student eligibility for federal financial aid, such as grants, student loans and work-study programs. Completing the FAFSA is the first step in the financial aid process for every family, because many state scholarships require a completed FAFSA and colleges and universities use it to determine eligibility for institutional financial aid, too. Complete the FAFSA after Oct. 1 each year, beginning with your senior year of high school and for every year you need financial aid in college. For more information about completing the FAFSA, visit StartWithFAFSA.org and to complete the form, visit FAFSA.gov.
- Seek free money. Students should treat applying for scholarships and grants like a full-time job. When applying for scholarships, pay attention to deadlines and explore different funding sources, such as civic and community organizations, Native American tribes, religious organizations or programs that offer benefits to military families. Many of these processes begin well before the senior year of high school, so being proactive is a necessity. Check out UCanGo2.org for more scholarship tips and resources.
- Borrow wisely. If free money (grants and scholarships) doesn’t fully meet your financial need and a student loan is necessary, it’s crucial to take steps to borrow wisely. Because student loans must be repaid, they should be the last financial aid tool you consider. If you must borrow, explore all your options to find the loan that best meets your needs. Federal student loans typically have more flexible repayment options than “private” or alternative loans. Keep your student debt as low as possible by borrowing only what you need to pay school expenses. Learn more about borrowing smart from the start at ReadySetRepay.org.
- Plan for costs. Paying for college includes covering tuition, books and fees, but what about daily living expenses and occasional splurges? With a little bit of effort and creativity, it’s possible to live a rich life on a college budget. Visit OklahomaMoneyMatters.org to learn how to avoid common spending pitfalls and craft a plan that will help you pay bills, have fun and save for the future while earning your college degree.
It’s never too early to start planning for college. Visit UCanGo2.org to download grade-specific college planning checklists (grades 6-12). Each checklist outlines detailed steps students can take throughout each school year to get ready for college.
The Oklahoma College Assistance Program (OCAP) is an operating division of the Oklahoma State Regents for Higher Education that provides college access, aid awareness, financial literacy and student loan management programs and services that benefit students, parents, schools and community partners.
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OECU in the Community
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Build Your Own Monthly Budget
Click the image below to open a full-size PDF that you can print and use.
Best Things to Buy in October
As we roll through the seasons, it’s important to keep an eye out for sales on items and plan your purchases to take advantage of clearance prices and other discounts. Each month, we share the top items to buy on social media as part of our #MoneyTipMonday series. Follow @OKEDCU on Facebook and Twitter for more helpful finance tips.
Best Things to Buy in October:
- Perineal Plants and Bulbs
- Denim
- Vehicles
- Halloween Costumes
- Camping and Outdoor Supplies
- AC Units
Wait Until Black Friday to Buy:
- TVs
- Big Appliances
- Cookware
- General Electronics
Show Your School Spirit
50/30/20 Rule
We all know that one of the key steps to being financially stable is creating and sticking to a solid budget. For some, this may seem simple enough, but for a lot of us, this task is much easier said than done. To help simplify the process, Harvard bankruptcy expert, Elizabeth Warren, and her daughter, Amelia Warren Tyagi, coined the 50/30/20 Rule in the book they co-authored together, “All Your Worth: The Ultimate Lifetime Money Plan”. The mother-daughter duo explains the 50/30/20 Rule in the following 4 steps:
- Step 1: Calculate Your After-Tax Income
This amount is what you earn after taxes have been deducted from your paycheck, including state, local, federal, Medicare and Social Security taxes. If healthcare is automatically deducted from your check, simply add it back in. If you are self-employed, your after-tax income equals your gross income, minus your business expenses and the amount you set aside for taxes. - Step 2: Limit Your Needs to 50%
No more than half of your income should be allocated to necessity’s, or “needs”, and those should be defined as any payment that would severely impact your quality of life should they not be payed. This includes housing, groceries, utilities, health & car insurance, etc. - Step 3: Limit Your Wants to 30%
In theory, this sounds fantastic, but don’t run out and buy the newest gadget or those new shoes you’ve been eyeing! Some examples include: unlimited texting, making cosmetic repairs to your vehicle, warm clothing for the winter, etc. When trying to assess whether you are classifying this payment as a “need” or a “want,” consider this: buying bread is a need, but buying cookies or candy is want. - Step 4: Spend at Least 20% on Savings & Debt Repayments
Allocate 20% of your after-tax income for savings for retirement or emergency funds, and debt repayment. If you carry a credit card balance, your minimum payment should be classified as a “need”, and any extra you can allocate toward your bill should be classified as a “debt repayment”.
Sources: https://blog.mint.com/saving/the-minimalist-guide-to-budgeting-in-your-20s-072016; https://www.thebalance.com/the-50-30-20-rule-of-thumb-453922
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