Financial wellness 2015

Thursday, March 5 and Sunday, March 8, 2015

Financial Wellness

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Plan your financial

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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What you need to know about the FAFSA As a part of the BMI Federal Credit Union® promise to “make banking personal,” we strive to give you the answers to important financial questions pertaining to your education and your children’s. If you are enrolling yourself or sending a child to college within the next month or the next several years, it is necessary for you to become equipped with the basic facts about the FAFSA. The Free Application for Federal Student Aid, or FAFSA, is a mandatory prerequisite to receiving governmental assistance for a college education.

Whether you are interested in applying for grants or federal student loans, you must complete the FAFSA each year to determine your eligibility. In most cases, financial aid is given on a first-come first-served basis. Applying early means, you will have the best shot at the most financial aid possible. Even if you are a little late this time, plan to apply as early as January 1, 2016 for next year’s financial aid. Read below to find out some common answers to frequently asked questions about the FAFSA as well as clearing up a few wrongful assumptions parents and students often have about this critical step.

Q: Do I have to fill out the FAFSA my sophomore year?

Yes! The FAFSA is a yearly requirement to obtaining federal aid. Eligibility for federal student aid does not carry over from one award year to the next.

You must complete the application each award year in which you are or plan to be a student to determine your eligibility.

Your eligibility for financial aid can differ from year to year for various reasons, including your family’s financial situation and the number of your family members enrolled in college.

Q: Is there an age limit for completing the FAFSA? No. You can apply for and obtain federal aid no matter your current age.

Funds from federal student aid programs are awarded based on financial needs, not based on age.

Q: Do I need to have extremely good grades to get federal assistance for my education?

The FAFSA is a step you take to

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help pay for college, not to gain admission.

The majority of programs that give federal aid will not consider your high school grades when making decisions about your eligibility.

While maintaining good grades and standing in college will help you to continue being eligible for aid each year, you do not have to meet a certain criteria when applying initially.

Q: If my parents are wealthy, does that mean I cannot qualify for federal aid?

The truth is that federal student aid programs do not have a cutoff when it comes to your parents’ income. Eligibility is determined through a variety of

factors and not only financial wealth.

If your parents are offering to finance a portion of your education, you may still need additional funds to cover the remaining costs.

Options like unsubsidized Stafford and Parent Plus loans can help you to cover these costs and are not based on financial need. Do not make assumptions about what you will get – fill out the FAFSA and find out.

Q: If I pay for financial advice, will I be able to get more federal student aid?

Many programs and companies offer empty promises regarding how much money they can get you in aid. In reality, you can get terrific help from your high school career counselors and the financial aid office of your college at no

cost. Plus, the Certified Financial Counselors at BMI Federal Credit Union are happy to assist our members with your financial aid questions free of charge!

Q: If I support myself, is my parents’ information necessary for completing the FAFSA? Whether your parents’ information needs to be included for FAFSA completion is based on your dependency status. You must answer specific questions on the application to determine if you are dependent or independent.

Independent students do not need to use their parents’ information.

Most students will need additional funding, so after you have exhausted federal loan options consider a private loan like our Credit Union Student Choice Loan. It is important to compare loan details to make sure you are getting the best deal on your student loan. Be sure you read the fine print and compare fees, terms and repayment options (not just rates) when comparing student loans. Read more about how to choose student loans and the financial aid process in general by visiting bmifcu.studentchoice.org.

Have more questions? Attend one of our free upcoming ‘How to Prepare, Pay and Stay in College’ workshops on March 11, 7 to 8:30 p.m., at the Dublin Community Center or March 12, 7 to 8:30 p.m., at the Westerville Public Library. Sponsored by CU Student Choice, these free workshops will include information on the various types of financial aid including scholarships, grants, federal and private student loans and practical advice on the application process. Register today at www.bmifcu.org/workshops.

BMI FCU is open to everyone who lives, works, worships or attends school in Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware or Morrow County. This credit union is federally insured by the National Credit Union Administration. Additional coverage up to $250,000 provided

by Excess Share Insurance Corporation, a licensed insurance company. Equal Housing Lender. BMI Federal Credit Union, BMI FCU and We make banking personal are all registered trademarks of BMI Federal Credit Union.

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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When you clean out your desk – Local credit union clears up don’t forget your retirement money! confusion surrounding credit scores

By Mareion Royster When you leave a job for a new position or even for retirement, you may not want to leave your retirement money in the company plan. Your vested funds are yours to keep, and there are important reasons to consider transferring them into your own individual retirement account (IRA).

Many people miss out on opportunities for better results or less stress because they believe it’s not worth moving their money. Here are three questions to consider: How much control will I have over my invested money?

Traditional IRAs often provide more investment options and flexibility, compared to employer-sponsored plans. It can be easier to select investments that align with your personal time horizon, risk tolerance and preferences. Your financial advisor can tailor the account to fit you. Your employer’s account likely has more limitations.

Another concern is what happens to your funds if there are changes at your former company (for example, if the organization is bought or merged).

Your vested funds are always yours, but your connection to and understanding of how the retirement plan is handled can become complicated.

If the need arises, it could also be easier to access your funds, if your retirement savings are in your own individual account.

Can my funds perform better combined with my other accounts?

Does this sound familiar? …

“There’s not even enough to fuss with.”

Don’t dismiss the power of compounding returns! Make sure you understand how you can make the most of whatever funds you have saved.

Speak with an investment professional to determine if adding that small sum to your other savings has the potential to do better for you as part of your overall plan. Rolling those smaller funds into your current account also is crucial to ensuring the way those funds are invested still fits your circumstances and goals, later.

If your amount is indeed too small to invest independently, it may still be beneficial to transfer it into a depositbased individual retirement account at your bank.

Does the person in charge of my money know me?

Rely on an investment advisor to keep vigilant watch over your retirement savings and guide you in what’s best for you and your family over the years.

When you roll funds from an old account into an individual investment account like a traditional IRA, you have the freedom to choose an investment professional who makes you feel comfortable and confident. This person is employed by you, in a way, and his or her service continues and follows you regardless of your employment.

Mareion Royster is an Assistant Vice President and Trust Officer at The Park National Bank.

Investments are not: FDIC insured, not bank guaranteed and may lose value.

Imagine a time in the early 1900s where the only way to pay for goods and services was with cash or through bartering. There were not ATMs at every corner, and certainly not little plastic cards through which one had incredible buying power.

While financial service industry improvements have made life more convenient in the last 100 years, managing credit is still a concept where most people need guidance to be successful.

“It’s one of the topics that seem to create the most confusion with our audiences,” said Cathy Beaber of Hilliardbased Credit Union of Ohio, in regards to financial education surrounding credit.

Beaber is a financial counselor for the credit union, which offers 14 free financial education programs and services for all ages, including credit score review, budgeting, pre-mortgage credit counseling, debt management, money management, and a variety of financial literacy workshops throughout the year.

“Our free credit score workshops are always the highest attended, even though people may have anxiety about having a bad score,” said Beaber. “It’s normal. That’s why we help educate about the actions that affect their score and how quickly it can be improved.”

Here are Credit Union of Ohio’s tips for those who want to understand and improve their credit score.

Request your credit report annually.

It’s free to check your report once a year from each of the three credit bureaus.

Write a reminder on your calendar every four months to request one at annualcreditreport.com.

Know what to review on your credit

report. Make sure all information concerning your identity is correct.

Next, check for any unfamiliar accounts or late payments. Make sure your account balance to available limit ratio is accurate and that all of your accounts are listed.

Understand your FICO score. Your FICO score (Fair Issac Corporation Score) will not appear on your free credit report but you have the option to purchase it. Most financial institutions, including Credit Union of Ohio, will provide it when asked, free of charge.

FICO Scores range from 300 to 850 points; a score above 640 is considered good, but an even higher score will ensure receiving the best interest rates on loans.

Make your payments on time.

The largest portion of your credit score (35 percent) is based on your payment history.

Keep credit card balances below 30 percent of your credit limit. Your credit score is based 30 percent on amounts owed. If your balances run over 30 percent of your limit, that may lower the score.

Complete actions that help your score. Length of credit history, new credit and mix of credit make up 35 percent of your score. Responsibly maintaining a variety of credit will improve your score.

Remember the seven year rule.

A negative action will appear on your account for seven years, even if you have cancelled and closed the account.

Make your credit decisions wisely.

For more credit tips or to schedule a free credit score review, visit http://cuofohio.org.

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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Finance your home improvement projects Many homeowners recognize that improving and maintaining a property makes a home more livable for its inhabitants and more attractive to prospective buyers when the time comes to erect a “For Sale” sign in the front yard.

But a well-maintained home also provides additional benefits. According to the United States Department of Housing and Urban Development, home improvements not only raise the values of individual homes, but they tend to raise neighborhood standards as well. Home improvements can create jobs and help local communities flourish economically.

Maintaining a home can be a costly undertaking. Home improvement projects can be expensive whether homeowners hire professionals or tackle renovation projects on their own.

The following are a handful of options homeowners can consider as they look for ways to finance renovation projects.

• Paying outright: Paying for the renovations upfront and in full is perhaps the simplest way to finance a project.

Homeowners who have the cash to pay for renovations outright won’t have to worry about interest rates or balloon payments.

• Mortgage refinancing: Some homeowners tap into their home equity to cover home remodeling projects.

Refinancing a mortgage means paying off the debt owed and starting over with a completely new loan. Refinancing comes with various fees and can cost between 3 and 6 percent of the loan’s principal.

• Home equity loans and lines of credit: Both of these options are commonly referred to as second mortgages.

When homeowners apply for home equity loans or lines of credit, they are borrowing against the equity value in their homes. A home equity loan is a term, or closed-end, loan. It is a onetime sum that will be paid off over a set amount of time with a fixed interest rate and the same payment each month. This is a one-time loan from which a person cannot borrow further.

A home equity line of credit, or HELOC, is like having a credit card. It’s possible

to borrow a certain amount for the life of the loan, which is a set time specified by the lender. During this time, homeowners can withdraw money as it is needed up to the value of the line of credit. HELOCs typically have a variable interest rate that fluctuates and payments can vary depending on the amount of money borrowed and the current interest rates.

• Title I property loan: Residents of the United States with limited equity in their homes may qualify for an FHA Title I loan. Banks and other lenders are qualified to make these loans from their own funds, and the FHA will insure the lender against a possible loss. Title

I loans can be used for any improvements that will make a home more useful and livable. They cannot be used for renovations deemed luxury expenses.

• Borrow against retirement funds: Some people opt to borrow against a 401(k) plan, IRA or another retirement fund. If the retirement plan allows a loan without penalty, it can be another way to secure funds. Because it is the homeowner’s money, there will be no credit check required and less delay in getting the funds. Borrowers should keep in mind that taking a loan against a retirement account will usually result in a lower retirement balance than it would have been had they not bor-

rowed money from the account - even after the funds have been repaid.

• Credit cards: Credit cards are an option when improvements are not expensive. Individuals with excellent credit ratings may qualify for cards with a nointerest introductory periods of several months or more. These cards can be a good way to pay off moderate improvements in a short amount of time.

Many home renovation projects require homeowners to develop a home improvement budget. Homeowners are urged to explore all options and find the least costly loan method and the one that will present the best possibility for avoiding debt.

What to look for in a teen’s first car Passenger capacity Another factor to consider when shopping for cars for teenagers is passenger capacity. The more seats there are in a car, the more friends teens can pack into their vehicles. Numerous teenagers in a car at once can prove distracting to the driver, and that distraction can pave the way for an auto accident. Steer clear of minivans, SUVs or other vehicles that feature a third row of seats, as teens may be unable to stay focused on the road with so many passengers in tow.

Many parents contribute money toward the purchase of their teenagers’ first car. But even those who don’t help kids finance the purchase of their first vehicle may still want to offer some advice as their teens start to look for the car they will no doubt remember for the rest of their lives.

Different drivers need different things out of their vehicles, so a car that might be perfect for adults will not necessarily be the best fit for teen drivers without much experience traversing the nation’s roadways. The following are a few factors to consider when helping teens find their first car.

Size Teenagers have little to no experience behind the wheel, so it’s best that they not drive cars that are especially small or large right away. According to the National Highway Traffic Safety Administration, young drivers between the ages of 16 and 17 are significantly overrepresented in fatal crashes. The NHTSA suggests such drivers’ immaturity and inexperience plays a significant role in that overrepresentation.

So parents likely do not want their

children in the smallest car possible, as such vehicles may not protect teens as adequately as slightly larger vehicles in the case of an accident. In addition, very large cars, such as pickup trucks or SUVs, can be difficult to control and are best suited to older drivers who al-

ready have years of driving experience under their belts. A mid-size sedan is big enough to protect teens and their passengers in the case of an accident, and such vehicles are small enough to handle easily.

Under the hood Few teens would not light up at the sight of a muscle car awaiting them in the driveway. But cars that accelerate quickly and those with substantial horsepower and high-performance engines may tempt teens to speed or spark the development of poor driving habits. Look for a vehicle with modest acceleration instead of an imported sports car that teens may be too immature and inexperienced to handle.

See CAR on page 7

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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The Business Services and Solutions Team lightens the load for business owners MOLLY PENSYL, Business Development Manager, Holbrook & Manter Reducing overhead costs, saving time, increasing efficiency- all of this sounds appealing to today’s business owner. Especially to closely held, family-owned businesses where the owner or owners wear several different hats when it comes to the day-to- day operations. All of these things can happen for a business when they partner with an accounting firm to handle all, or some of their accounting needs.

The term “outsourcing� can be so off putting, but it doesn’t have to be when it comes to hiring an accounting firm, which more and more businesses are doing. Businesses that work with firms like Holbrook & Manter quickly come to learn that their accounting work is performed locally, by expert level professionals. The work can be done remotely from the Holbrook & Manter offices, on the cloud or at the business location — whatever is most comfortable and beneficial for the business owner.

From payroll to closing the books, to compilations and tax preparation and filing, all of these services can be performed by Holbrook & Manter professionals. The list of available services goes on and on, and the business owner, as they should be, remains in the driver’s seat. They choose only the services that will lighten their load.

With Holbrook & Manter performing these services, the business saves on

the overhead of having an hourly or salaried person on staff that is responsible for them. They also don’t have to worry about the panic that could set in if an on-staff accountant must take some type of leave or vacates their roll all together. Often times, Holbrook & Manter can perform in a partial day, what it takes an in-house employee many days to complete.

Some businesses have accounting staff members that they would like to keep on board, but perhaps they could use assistance in certain financial areas.

For example, the in-house staff may do the payroll, but needs some help with taxes or even collections. Or, maybe the in-house staff has accounting software such as QuickBooks, but they don’t know how to properly use it.

As QuickBooks Certified Pro Advisors, Holbrook & Manter can provide training and the most efficient best practices for transaction processing. Holbrook & Manter’s Business Services and Solutions Team can work in-tandem with current staff on just about anything Whether all of the businesses accounting functions are being performed by an outside firm, or just a few, one thing that should never be sacrificed is the quality of service. So many

Holbrook & Manter’s Business Services and Solutions Team

of these functions can be performed remotely, or even in the cloud, but that doesn’t negate the fact that the firm must invest in the purpose and success of the business. Working with Holbrook & Manter’s Business Services and Solutions Team is an investment in a relationship that allows the business owner to trust qualified professionals with their accounting needs, so they can concentrate on the reasons why they went into business in the first place.

Common mistakes made on home renovation projects Home improvement projects can turn a house into a home. Homeowners plan scores of renovations to transform living spaces into rooms that reflect their personal tastes and comforts.

Homeowners going it alone may find things do not always go as planned.

In fact, a Harris Interactive study found that 85 percent of homeowners say remodeling is a more stressful undertaking than buying a home.

But homeowners about to embark on home improvement projects can make the process go more smoothly by avoiding these common pitfalls.

Failing to understand the scope of the project Some homeowners don’t realize just how big a commitment they have made until they get their hands dirty. But understanding the scope of the project, including how much demolition and reconstruction is involved and how much time a project will take can help homeowners avoid some

of the stress that comes with renovation projects.

For example, a bathroom renovation may require the removal of drywall, reinforcement of flooring to accommodate a new bathtub or shower enclosure and the installation of new plumbing and wiring behind walls.

So such a renovation is far more detailed than simply replacing faucets.

Not establishing a budget Homeowners must develop a project budget to ensure their projects do not drain their finances. If your budget is so inflexible that you can’t afford the materials you prefer, you may want to postpone the project and save more money so you can eventually afford to do it right.

Without a budget in place, it is easy to overspend, and that can put you in financial peril down the line. Worrying about coming up with money to pay for materials and labor also can induce stress. Avoid the anxiety by setting a firm budget.

Making trendy or overpersonal improvements Homeowners who plan to stay in their homes for the long run have more free reign when it comes to renovating their homes. Such homeowners can create a billiards room or paint a room hot pink if they so prefer.

However, if the goal is to make improvements in order to sell a property, overly personal touches may make a property less appealing to prospective buyers. Trends come and go, and improvements can be expensive.

If your ultimate goal is to sell your home, opt

for renovations that will look beautiful through the ages and avoid bold choices that may only appeal to a select few buyers.

Since 1919, Holbrook & Manter has been helping family-owned and closely-held businesses thrive. With locations in Columbus, Dublin, Marion and Marysville, their Business Services and Solutions Team are equipped to serve businesses across central Ohio.

Contact Holbrook & Manter today so you can begin spending more time working on your business, instead of in your business.

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Forgetting to properly vet all workers It is important to vet your contractor, but don’t forget to vet potential subcontractors as well.

Failing to do so can prove a costly mistake. Contractors often look to subcontractors to perform certain parts of a job, and it is the responsibility of

See PROJECTS on page 7

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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Rebounding from a late start to retirement savings Some people do not have the ability to begin saving for retirement early on. Others may have brushed retirement savings aside for so long that they are now worried that it’s too late to begin socking away money for retirement.

While it’s best to start saving for retirement as early as possible, the good news is that it’s never too late to start planning for retirement.

If your 40th birthday has long passed and you’re finally thinking ahead to retirement, consider these catch-up strategies.

• Research tax-advantageous retirement savings plans. A financial planner can point you in the right direction, or consult with your employer about employee programs. Deposit money into a 401(k) or 403(b) plan or another retirement vehicle. Jump on any opportunities when your employer matches invested funds.

Investigate an IRA and find out if there are any government incentives.

Depending on your age, you may be able to deposit more money into such accounts than

other investors.

• Cut back on expenses. Cutting back on unnecessary expenses is a great way to save more money for retirement.

Figure out where you can save some money you can then allocate to retirement savings.

Maybe you can reduce insurance coverage on an older car or raise your deductible? Downsize cable packages or skip that costly cup of coffee on the way to work. Perhaps it’s time to look for a smaller, less expensive home or a compact car instead of an SUV. Any money saved now will benefit you when the time comes time to bid farewell to the workforce.

• Delay your retirement. Many people who retire find themselves bored and looking for ways to fill their time, and as a result more and more people are delaying their retirement, which also gives them more time to save for that day when they do call it quits. If you want to work less, discuss and negotiate a phased retirement with your bosses that allows you to stick with your employer

but gradually work fewer hours until you retire completely. You may be able to work part-time for several years and retire when you’re most comfortable.

• Consider more aggressive funds. Even if you are 50 you still have a few decades before retirement, which leaves lots of time to grow your retirement savings. But you may want to consider more aggressive funds that can help you catch up more quickly than less aggressive investments. Just know that aggressive funds may also leave you susceptible to substantial losses.

• Don’t amass debt. If you’re saving for retirement but only paying minimum balances on your credit cards, then you’re not really saving.

Pay down credit card debt before you begin to set aside money for retirement.

Delaying retirement planning may mean you have to work a little harder to build up a solid reserve. But by following some financial tips and persevering, you can still enjoy retirement with security.

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Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

Build a travel budget Many men and women dream of vacationing overseas, where they can experience another country’s culture and history. Such trips tend to be expensive, but travelers who develop a budget in advance of their trips can still make the most of their vacations without compromising the spirit of the trip.

Building a budget in advance removes some of the sticker shock that can hit travelers once they arrive on foreign soil.

Budgeting requires some research, and that research can shed light on what travelers can expect to pay for things like food and transportation. When done correctly, travelers can even have fun building a travel budget, as it can help them plan for a more enjoyable trip that won’t fall short because the money has run dry.

• Start saving early. If you already know when you will be leaving, then you can start saving immediately. Putting aside as little as $20 per week for spending money on your trip can add up to a significant amount of money by the time you embark on your trip. Set up automatic transfers at your bank so you can make weekly contributions to a vacation savings account. If it means skipping a night out once a week, then so be it. You will be glad you made that sacrifice once you arrive at your destination.

• Consider an allinclusive vacation. If you have yet to book your vacation but you know your budget is likely to be tight, an all-inclusive vacation might be just what you’re looking for.

Such vacations include lodging and all meals and beverages and may even include some activities arranged by the resort.

Many people find it convenient and stress-free to book an all-inclusive vacation because the cost of the trip is paid for upfront, often well in advance of their departure dates. So by the time you arrive at your destination, all you need to worry about is relaxing and having fun.

• Set aside some money for keepsakes. Many people want to buy keepsakes from their trip, so don’t forget to set aside some money for such souvenirs when building your travel budget. Don’t go overboard when allotting money for souvenirs, as you probably don’t want to buy unique but expensive home furnishings that won’t blend well with your existing home décor. Your photographs can serve as reminders of your trip; set aside only a small amount of money for souvenirs so you have more to spend on activities and dining out.

• Plan a night in. If your trip will last a week or longer, plan a night in at the hotel. You can relax by the pool at night instead of hitting the town, and this respite from the nightlife can save you money and help you recharge your batteries.

Many resorts offer nightly activities free of charge to guests, so take them up on these offers on nights you plan to stay in.

• Give yourself some wiggle room. Once you have created a budget, make sure you have left yourself some wiggle room in the case of an

emergency or another unforeseen expense.

Leaving some wiggle room protects you from having to rely on credit in the case of an emergency, and it also gives you more peace of mind on your trip.

Building a vacation budget might not be the most enjoyable part of traveling, but it’s necessary for travelers who know they do not have unlimited amounts of money to spend on their trips.

CAR

Continued from page 4 Wear and tear Teens’ first cars are often preowned vehicles, and such cars may have significant wear and tear on some important safety features. Wear and tear may not be a reason to avoid purchasing a preowned vehicle, but parents may want to replace the brake pads and tires on recently purchased preowned vehicles. Brake pads in strong condition may prove the difference between avoiding an accident or getting into one.

In addition, poorly inflated or worn down tires pose a safety risk to teens and their passengers. If such features seem to be worn down, replace them before letting teens hit the open road on their own.

Teens will remember their first cars for the rest of their lives. Parents can ensure those memories are positive by finding a car that teens can handle comfortably and operate safely.

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Know your saving options Everyone knows the importance of having money saved, but we also know that sometimes life can get in the way.

Unexpected expenses such as family or health emergencies, being laid off from a job, car problems or simply needing a new furnace can quickly drain a savings account without proper planning. Here are a few options to help grow your savings.

1. Find the savings account that’s right for you: Most banking institutions offer many different savings accounts with different interest rates, and it’s important to find the one that fits your plan. Perks such as automatic savings transfer or higher interest rates based on the amount in your account are just a few things to consider. At Telhio Credit Union, the “Own the Change” program allows you to sweep debit purchases rounded up to the nearest dollar into your savings account – like putting your spare change in a jar and then earning interest on it!

2. Consider a Health Savings Account: During a health emergency,

finances are the last thing you want to worry about. Health care costs can accumulate quickly, even after your insurance covers some of the expenses.

Health Savings Accounts (HSAs) can help offset most, if not all of your outof-pocket expenses, and can be used for you, your spouse and your dependents.

3. Get higher rates by saving more over time: If you can afford to place your money in deposit for a set period of time, a certificate of deposit might be right for you. Money markets and high yield checking accounts are also good options. Telhio has outstanding rates on these products. More information is available at telhio.org.

Telhio Credit Union is open to everyone who lives, works, worships or attends school within Franklin, Fairfield and Delaware counties and surrounding communities. Founded in 1934, Telhio is a not-for-profit financial cooperative where its members are also its owners. Telhio offers six branching offices throughout central Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Additional coverage up to $250,000 provided by Excess Share Insurance Corporation, a licensed insurance company.

PROJECTS Continued from page 5 homeowners to vet these workers.

Expecting everything to go as planned Optimism is great, but you also should be a realist. Knowing what potentially could go wrong puts you in a better position to handle any problems should they arise.

The project might go off

without a hitch, but plan for a few hiccups along the way.

Overestimating DIY abilities Overzealous homeowners may see a renovation project in a magazine or on television and immediately think they can do the work themselves. Unless you

have the tools and the skills necessary to do the work, tackling too much can be problematic. In the long run, leaving the work to a professional may save you money.

Home improvements can be stressful, but homeowners can lessen that stress by avoiding common renovation mistakes.

Financial Wellness sales director: Doug Dixon retail sales manager: Heather Kritter production & design: Chris Lutzko Annie Steel account executives: April Clausi Gail Fullerton Michelle Rettig Kevin Shockey

Thursday, March 5 and Sunday, March 8, 2015 Financial Wellness is a special advertising supplement to ThisWeek Community News. Financial Wellness is not responsible for opinions and views expressed in the paid advertisement in the business profiles. All real estate advertising herein is subject to the federal Fair Housing Act, which makes it illegal to advertise “any preference, limitation or discrimination because of race, color, religion, sex, handicap, familiar status, or national origin, or intention to make any such preference, limitation or discrimination.” We will not knowingly accept any advertising for real estate which is in violation of the law. All persons are hereby informed that all dwellings advertised are available on an equal opportunity basis.

Financial Wellness | Thursday, March 5 and Sunday, March 8, 2015

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