MCUCD text
February 2015Vol 6, Issue 2
mcucd collage
TOGETHER
We can make a difference
Message From MCUCD

Three years ago, I joined the MCUCD team. During the first week of my AmeriCorps service, I fell in love with credit unions-- financial cooperatives, which value people before profit.  

 

Over the last few years, I have worked with amazing credit union folks across the state, like Julie Meister from Missoula FCU who offers small loans to members facing financial hardship and Char Sherman from Park Side FCU who counsels members through financial rough patches.

 

And it is no surprise that people love their credit unions right back! Most often, those individuals who were offered small loans, kind assistance, and counseling during hard times become the most loyal, life-long members.

Cooperatively,

 

Jami   

In This Issue
Making a Difference
My Free Taxes
Tips from a Financial Counselor
February Consumer Topic
Quick Links  

Join our Mailing List!

 

Like us on Facebook

Follow us on Twitter

Making a Difference 

Small Loans For a Rainy Day 

 

Unexpected expenses are facts of life, but if you are unprepared, they can inflict serious damage on your finances. Fortunately, Montana's credit unions offer safe, affordable small loans for just such occasions. Locally-owned and not-for-profit, most credit unions will make loans as small as $300 -- enough to help members weather the storm and get on with life. 

  

Missoula FCU launched the "Payday Alternative Loan" in December of 2007. "At the time, Missoula had numerous payday loan/title shops and we saw that there was a great need to help those folks that were getting caught in the cycle of payday loans which often put them in a worse financial position than they were originally," reports Julie Meister, Vice President-Branch Manager.  

 

"Over the last seven years, we are proud to have helped so many of our neighbors get out of a variety of tough financial situations and help educate them to get back on track and become solid, bankable members." Their small loans, starting at $100, have been used during the holidays to help purchase Christmas presents, for auto repairs so members can continue getting to work and transport their families, and used as travel expenses for funerals etc.     

 

"A few loans have been done for members who needed the money for medications when their Medicare had paid the maximum benefit but they were stuck still needing to fill their prescriptions. We helped a gentleman with a loan who used the money to purchase a motorized cart to help him get around better due to failing health."

 

Credit unions do not make a profit on these small loan products. They do this because credit unions are not-for-profit cooperatives established to improving the financial well-being of their members. Credit unions look at the long-term relationship with the member, looking to become the borrower's primary financial institution and meeting more traditional financial needs as their situation improves. Or as Julie Meister at Missoula FCU puts it, credit unions do it to give their members a hand up through their financial hardships.  

   
My Free Taxes             
Prepare and File Your Taxes for FREE

Did you know that free tax help is available? Thanks to MyFreeTaxes.com, if you earned $60,000 or less in 2014,
you can   file your federal and state taxes online free! It's easy! Get started at MyFreeTaxes.com, today.

 

Or, if you made $53,000 or less, free in-person help is available at a location near you. Visit www.montanafreefile.org for more information on free tax sites across Montana. Keep more of your hard-earned money!

Tips from a Financial Counselor
Char Sherman Helps Members Through Rainy Days

Char Sherman is an account representative and financial counselor at Park Side FCU. She has been with the credit union since January 2011. She received her FiCEP certification in April of 2013. She offers the following advice to members going through financial distress.

 

Take advantage of resources in your community. There are a lot of state and federal resources available for people who are facing financial hardship and having trouble paying the bills. Check with the United Way or Chamber of Commerce in your area to see if they have a list of service and benefit providers in your area. 

 

Emergency savings accounts should be untouchable (not easily accessible). Make sure emergency savings accounts do not have a debit card attached to them, and that the funds are only used for emergencies. With couples, make sure both agree upon what is considered an emergency and that both names are on the account so that one person doesn't use the funds without the other's knowledge and consent.

 

Any savings is better than no savings. While some people recommend having enough savings in an emergency savings account to cover a year of expenses, this can be intimidating for beginners. Savings goals will vary by individual situations. Encourage the savings novice to start saving for one month worth of expenses. Once they see their savings start adding up, they will be motivated to save more. A great goal to shoot for is 10% of take home pay.

Topic of the Month
  CRC Graphic

Maintaining an emergency savings account may be the most important difference between staying afloat or sinking in debt. Visit the MCUCD consumer topic of the month page during the month of February for tips on saving for emergencies. An emergency fund will not only provide the money to pay for unexpected expenses, it also gives "peace of mind." 

  

Every month our resource "package" includes a newsletter article, poster, featured resource, and resource guide for this month's topic, as well as access to past consumer resource packages.