Consumer Tips

The following is presented for informational purposes only. 

Do The Math

Just like everything else in your finances, deciding how to best use your money is all in the calculations. Take a look at your debt and calculate exactly how much it will cost you to pay it off. Be sure to include any interest, fees, and penalties into these calculations. It’s important to get a clear picture of your debt so that you can make the best decision for your finances. 

Try using the debt calculator over at Credit Karma. It’s a handy way to see how much your debt is costing you, and how much you can save by increasing your payments.  

Next, take a look at your after-tax rate of return on any investments you may be considering. Unless you’re investing in a tax-free bond or a tax-sheltered account, you will most likely need to pay taxes on your earnings, which could decrease your actual return, so keep that in mind. 

Since the question is whether to repay debt or make an investment, you want to compare two numbers: the difference between the cost of your debt (primarily interest charges) with this hypothetical additional payment and the cost of your debt without any extra payments; and the potential return on your investments.  

We want to know if putting this pool of extra money into debt will save us more money than it could earn as an investment. That’s not the whole story, of course, but finding those two numbers will help provide an objective, numerical baseline for your decision. 

Examine Your Financial Situation

If you’re carrying a lot of high interest credit card balances, paying off these debts may be the better way to go for now. Paying off those debts will not only save you money (that you can later invest), it can also help improve your credit score. If you’ve been struggling to balance your finances because of debt payments and building strong credit is a priority for you, then debt repayment is definitely the smart option. 

If your debt is manageable and your interest rates are low, however, investing some of your funds might be a wise option. Especially if those investments are part of a long-term savings plan and you manage your risk. 

Before making the final decision though, it’s wise to make sure you have ample emergency funds set aside. When it comes to investing, the funds you set aside are usually difficult to access, at least for a period of time. And if you have to withdrawal those funds early, it may come with a penalty that could eat into your returns. 

Consider Another Option

There’s one other option you can consider and that is finding a middle ground. Use some of your funds to pay down debt, especially the high-interest loans, and some to invest. This way you can achieve both goals at once. Budget for paying down your debt with as much as you can manage each month so that you can get it paid off faster and avoid interest fees. Then start investing by taking advantage of your employer’s savings plan, like a 401(k), where your employer matches some or all of your deposits. This way you can deposit twice as much into your investment account while still paying off those heavy debts and increasing your credit score. 

When it comes to making a decision to repay debt or invest, look at all options, do the calculations, then make the decision that works best for your financial future.  

If you need more help understanding how to tackle your personal debt, consider speaking with a certified credit counselor. Counseling is free and includes an objective review of your finances, along with suggested resources and next steps to help you reach your goals.
 

Union Plus Credit Counseling 

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

How Does Pet Insurance Work?

In many ways, pet insurance is similar to other types of insurance. Different levels of coverage will be available, and premiums will vary based on the plan selected. Some plans cover only accidents and injuries, while more expensive plans will provide more coverage. Most plans have a deductible, which means you will have to pay a certain amount of the medical expenses. Like any insurance policy, the best scenario is never actually having to use it.

How Much Does Pet Insurance Cost?

The cost of pet insurance will depend on a variety of factors such as the age of your pet. Older pets may also have a pre-existing condition that may not be covered. In general, older pets have higher premiums simply because, like older people, older pets usually require more medical attention. If a pre-existing condition is excluded, however, pet insurance can still help pay for future medical expenses.

Your pet’s breed will also affect the cost of premiums. This is because some breeds are more prone to certain health issues requiring medical attention. Even though premiums may reflect this likelihood, insurance may be even more necessary since your pet is more likely to need medical care.

So Should I Get Pet Insurance?

Just because your pet might not be a “new” member of the family or catches every bug at puppy day care, you can tailor your plan to fit your needs. Pets Best allows you to find the right plan for your pet. By fine tuning your coverage, reimbursement, and deductible levels you can get the best match. There are also flat rate Accident Only plans, because even small levels of protection offered by pet insurance can be invaluable in an emergency.

Consider all of these factors when deciding which pet insurance plan is best for you, your pet and your budget. Investing in pet insurance is investing in your pet’s future health, and provides invaluable peace of mind.

Here are some quick and easy ways to tell if there might be an underlying issue with the home. Obviously, if you sense something might be wrong, you will need to pay an inspector (or a special service company) to investigate and confirm an issue.

Foundational

• Cracks in the driveway, foundation or sidewalks
• Drainage systems not pointing away from the house
• Yard sloping towards the house
• Standing water near the foundation
• Trees with roots close to the foundation
• Cracks in the walls
• Windows or wall corners not square
• Gaps on top of interior doors when closed

Water or Mold

• Musty smell
• Cracks around windows
• Peeling paint
• Leaking faucets, bath tubs or toilets
• Water stains on the walls
• No bathroom ventilation
• Missing tile caulk

Roof

• Ceiling stains
• Missing, cracked, curled or warped shingles

Electrical

• Lights that flicker or short-out
• Main panel condition (rusty or damaged in any way)
• Exposed wires

Plumbing

• Water stains in bathroom around plumbing
• Low water pressure
• Drains empty slowly
• Noises when you turn on the water
• Bad odor by the sink

With these tips, we hope you’ll be able to spot any big issues before your closing day. And, as always when you decide you’re ready to buy a home, don't forget your Union Plus benefits:

• The Union Plus Mortgage Program offers competitive interest rates on a wide range of mortgage options, plus special benefits including hardship assistance for union members. 

• With the Union Plus Real Estate Rewards program, you could get $500 for every $100,000 in home value if you use a real estate agent approved by SIRVA.*

But don’t worry, there’s good news. Just like making monthly payments on your credit card, you can make payments to the IRS to take care of your tax debt before they take more aggressive action. 

There are a few things to keep in mind when it comes to paying the IRS. 

Continue to File

Even if you can’t pay what you owe, you still need to file your taxes. Not filing can add more penalty fees on top of what you’ll be charged for paying late. Not filing your tax return on time can add an extra 5 percent to your unpaid balance every month up to a maximum 25 percent penalty. If what you owe is significant, this penalty can make it much more difficult to repay. 

Don't Take Drastic Measures 

Owing money to the IRS doesn’t mean you have to file bankruptcy to deal with it. Especially if what you owe it less than $10,000. Many people feel like the IRS will take aggressive action immediately and they have no other choice. That’s not the case. The IRS will first ask you to pay and offer you a few opportunities to do so. Avoiding those requests will leave them no other alternative than to go after your funds so don’t ignore them. Instead, try to work with them. 

Consider a Loan 

Taking out a personal loan with a low interest rate to pay off your tax bill in full may be a better option than setting up a repayment plan with the IRS. Their penalties and interest rates will be much higher and cost you more money in the long run. Plus, a loan company won’t have the ability to be as aggressive when seeking repayment. 

Pay With a Credit Card 

If possible, pay your bill, or at least a large amount of it, with a credit card with favorable terms. Even if you can’t pay the whole bill on your credit card, reducing what you owe will make it easier to work with the IRS. Just make sure you have a plan in place to manage the credit card portion of the debt. 

Request an Installment Plan 

If all else fails, you can set up an installment plan directly with the IRS. Applying for a payment plan is easy to do through the IRS website.  

You have three options: short-term repayment (repay within 120 days), long-term repayment with direct debit payments (repay within 72 months), or long-term payment without direct debit payments. 

Short-term repayment is for debts (penalties and interest included) of no more than $100,000 and costs nothing to set-up. Long-term repayment plans are capped at $50,000 and come with a set-up fee: $31 if you agree to monthly direct debit payments and $149 ($43 for low income participants) if you pay by another method. 

Keep in mind that interest fees, just as with your credit card or a personal loan, will continue to be applied so most of your payment will go toward interest in the beginning.

Make a Compromise 

If you owe back taxes and have continued to file your taxes every year, you may qualify for an Offer in Compromise. This will allow you to work with the IRS to reduce the total amount you owe and pay it off in one payment. The IRS will analyze your ability to pay based on your current employment, income, and debt. They will then work with you to settle your debt for an amount they feel is fair based on your financial circumstances. 

If you’re concerned about your ability to pay any amount to the IRS, consider speaking with a certified credit counselor first. Credit counseling is free and is a helpful tool for anyone struggling to balance their income with their expenses and debts. It’s also nonprofit and unbiased, so you can feel confident that the advice you are given is in your best interests.

Union Plus Credit Counseling 

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

The golden years of our lives are not called golden for nothing, and while Robert Frost warns us that “nothing gold can stay,” studies have shown that we can, in fact, take certain steps to lengthen the duration of our golden years and keep our minds sharp. In fact, genetics account for only 20-30 percent of our aging process, while lifestyle accounts for 60-70 percent, with nutrition being the most influential factor. If we make smart choices, filling our plates with smart foods, we can keep our bodies and minds resplendent throughout our golden years.

Entrees: Fish and Turkey

Fatty fish, such as salmon, herring, mackerel and sardines, are some of the most potent proteins we can consume to help support healthy brain function. Chocked full of Omega-3 fatty acids, consuming fatty fish decreases the risk of Alzheimer’s Disease. People aged 65 and older who ate fish three or more times a week had a 26 percent decline in their risk of dementia. In addition, the consumption of these fish can decrease your risk of suffering a stroke. In fact, adding these fish to your diet can also help increase your memory as you age. Because fatty fish contain the mineral selenium, consuming them may help keep your mood balanced, as well. Diets low in selenium correlate with higher instances of depression, leading researchers to surmise that maintaining a higher level of the mineral can help support mental health.

If you’re not a fan of seafood, turkey is another adequate source of selenium, proven to help boost mood. While turkey’s tryptophan content has long been infamous for causing the all-too-familiar Thanksgiving Day food coma, tryptophan is actually quite misunderstood. Instead of making you tired all on its own, it produces serotonin, an anti-depressant that helps regulate your sleep cycles. Without tryptophan, the brain cannot produce serotonin, which helps with memory, transmitting impulses between nerves, sense of well-being and mood balance.

Sides: Broccoli and Beans

Both turkey and seafood pair well with broccoli, a superfood associated with a decreased risk of Alzheimer’s, as well as with helping to maintain “crystallized intelligence,” or the skills and knowledge you have acquired over and applied throughout the span of your life. Broccoli is also a good source of lutein, a plant pigment that embeds in cell membranes and protects your neurons. The consumption of lutein helps preserve our telomeres, essentially protective caps on both ends of our chromosomes that help safeguard the genome from degradation with age.

High in protein and low in saturated fat, beans make another smart food choice for brain health. They contain folate, iron, potassium, magnesium and choline (a B Vitamin), just to name a few nutrients. Consuming beans can increase acetylcholine, a neurotransmitter that assists with maintaining involuntary bodily function. Beans can also help stabilize glucose, which your brain needs but cannot store.

Garnishes: Berries, Walnuts and Avocado

Traditionally, we think of the major food groups as including carbohydrates and starches, fruits, vegetables, proteins, dairy and sweets. The MIND diet (Mediterranean-DASH Diet Intervention for Neurodegenerative Delay) lists berries as their own, standalone food group, though fruit is not included as its own category. In a recent study, the motor skills and learning of older rats who consumed blueberry extract improved to match the ability of much younger rats, implying that people who consume blueberries may be able to reverse cognitive decline resulting from age. Berries contain anthocyanin, a phytochemical that reduces damage from free radicals, radiation and inflammation, thus also helping reduce your chances of Alzheimer’s by protecting the brain from “oxidative stress.” In addition, like broccoli, berries provide antioxidants that preserve telomeres.

Walnuts provide omega-3 fatty acids, polyunsaturated fats that are good for your heart. They also provide omega-6, Vitamin E, folate, Vitamin B6 and magnesium, all found to boost mood and decrease memory loss.

Like berries, avocados can help decrease your chance of Alzheimer’s. They contain monounsaturated fat, which lowers the bad cholesterol linked to the development of Alzheimer’s, and increases blood flow to the brain. In addition, consuming avocados helps lower blood pressure, and so also decreases risk of hypertension, a condition that often contributes to cognitive decay. In fact, lower blood pressure supports overall brain health.

Drinks: Milk and Lemonade/Fruit Juice

Milk provides Vitamin D, low levels of which are associated with depression, and Vitamin B12, a lack of which causes low levels of S-adenosylmethionine, used in the brain to process chemicals that balance mood. Milk also provides thiamine, which the body cannot produce on its own. A thiamine deficiency can cause Korsakoff’s syndrome, a condition that affects memory and balance, and can cause ataxia (lack of muscle coordination), and other symptoms.

While we’re often warned against indulging in too many sugary drinks, an occasional lemonade or fruit juice can provide us with a natural form of glucose that helps the body process sugar from carbs, and temporarily boosts memory, alertness and mental ability.

Dessert: Chocolate

If you’ve ever needed a reason to justify eating more chocolate, here it is: The Vitamin E found in dark chocolate decreases cognitive decline with age. In addition, dark chocolate contains caffeine, which improves focus and stimulates endorphin production, thus kick-starting a sense of well-being and a feeling of happiness. Along with Vitamin E and caffeine, consuming dark chocolate provides you with flavanol, an antioxidant that increases blood flow to brain.

The Smart Plate: A Meal to Power your Brain

After all this talk of food, your stomach might be growling. Here’s how you can create your own smart plate for dinner tonight. First, include a fist-sized portion of fatty fish or turkey garnished with one-quarter avocado, sliced thinly. According to Carol Sorgen’s article, “Eat Smart for a Healthier Brain,” available on WebMD, because avocados contain high levels of fat, experts recommend eating only one quarter to one half of an avocado daily. As a side, include a small portion of broccoli garnished with chopped walnuts. You can also add nuts to cereal, yogurt, desserts, and meats. The experts in Sorgen’s article recommend consuming one ounce per day. They also recommend eating half a cup of beans daily, so go ahead and add a scoop to your plate, right beside your broccoli. For dessert, enjoy half an ounce to one ounce of dark chocolate (the daily recommendation), shaved over a quarter cup of blueberries. Sorgen’s nutritionists recommend consuming one cup of fresh, frozen or freeze-dried berries a day. Oh, and don’t forget to wash it all down with a tall glass of milk!

This article is brought to you by The Hartford, provider of the Union Plus Life Insurance plans.
Group coverage is available for your family in the event of the unexpected. Learn more about valuable Life insurance benefits and union rates here.

That seems like a lot to spend for just one evening. There has to be a better way to enjoy a date night without breaking the bank. Here are some great ideas for fun dates that you can enjoy in the afternoon or evening without blowing your budget

1. Go for a bike ride. A lot of cities offer inexpensive bike rentals you can use to ride around town. Or better yet, take your own bikes downtown. This is a great way to see your city in a new way. You can travel places you can’t get to in a car. Pack a picnic and a blanket in your backpack and enjoy an afternoon outside. Or go for an evening ride to enjoy some star gazing.
    
2. Go to a sporting event. Most major cities have amateur teams. It’s just as fun as a professional game but tickets are a lot cheaper. You can get tickets to a local game for as little as $5. Most stadiums offer snack and beer specials too. Or go to a local high school football game. The game is cheap and so are the snacks at the concession stand, but the game is full of energy and cheering.
    
3. Have dinner with friends. Instead of meeting friends out for dinner at an expensive restaurant, invite them over for a potluck and game night. Invite two or three other couples and have everyone bring a dish to share. After dinner, enjoy a game of Pictionary, Charades, or team Monopoly.
    
4. Go ice skating. Outdoor rinks in the winter are romantic and beautiful, and often inexpensive. You can even go skating in the summer, just find an indoor rink in your area. Many rinks offer special “date night” events with discounted pricing. After skating, curl up at home in front of the fire with some hot chocolate for a good chat.
    
5. Go sightseeing. Most people don’t bother to check out all the sights and attractions their local area has to offer unless they have out-of-town guests to entertain. Decide to be a “visitor” in your city for a day and visit the local attractions. A quick Google search will help you find free and low-cost museums, walking tours, and other attractions to check out. Make a list of the places you want to go and print out information about them so you can be your own tour guide.
   
   
   Enjoying time together doesn’t have to mean spending lots of money. There are so many options for inexpensive date nights if you just look for them. What will you do this weekend?

Union Plus Credit Counseling 

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

Organize and Disregard

Before you put your home on the market, you should start organizing for your move. Not only will you get a head start on move day, having an organized home will help keep your house in order for showings. Do some of the heavy lifting now and disregard things you don’t think you’ll be moving. Remember that people are going to try to envision what their lives will be like in your home, so the less clutter and personal items – the better.

Store

Think about renting a storage unit in order to clear out some of the clutter from your home. If you’re not ready to get rid of things, a storage unit could be a good compromise.

Have a Plan

Work with your real estate agent to create a plan for showings. Ask that they schedule them for during certain days/times, that way you are able to clean and prep your house for those specific time slots.

Buy Storage Tubs

After you organize your home, consider having a few empty storage tubs available in your garage or a closet that can be used to hide clutter or items at a moments notice. Even if you set aside certain showing times with your realtor, there will be one-off times when a buyer won’t be able to accommodate your request.

Clean

Know that during this time, you will need to clean your house more frequently than usual. If you don’t have time to do this, you might want to consider hiring a cleaner to help you every few weeks during busy times. The goal is to keep up with it, so you don’t have to do a deep clean before every showing. Be sure kitchens, living rooms and bathrooms are cleaned well – as those spaces are very scrutinized by buyers. And above all else, try to enjoy the adventure. Even though keeping your house “show ready” can be a difficult task – the prospect of moving onto your next adventure will make it all worthwhile.

Are you in the market for buying or selling your home?  Check out the Union Plus Real Estate Rewards Program.  You can  earn $500 cash back for every $100,000 in home value when you use a real estate agent, approved by SIRVA.

No Savings 

If you don’t have an emergency fund, or have very minimal savings, you have nothing to fall back on if you should miss a paycheck or have an unexpected expense. And if you’re living paycheck-to-paycheck, any unexpected expense can put you behind on your bills. 

Stress with Unexpected Bills 

Does opening the mailbox fill you with dread? Are you wondering what will be there today that you’ll need to pay for? If an unexpected bill causes a strong emotional response, like anger or fear, then your finances are headed for trouble. Having an emergency fund will help to eliminate this dread and give you a little more confidence when you go to the mailbox. 

Money is Always on Your Mind 

While we all have days of worrying about an upcoming expense, if your thoughts are consumed on a daily basis with worry about your finances or how you will handle your bills, you have a problem. 

Hiding Purchases 

Most of us are guilty of hiding a purchase from someone because we don’t want them to know we bought a new pair of shoes or something else we really didn’t need, but if this is a habit, something’s wrong. Do you hide your non-essential purchases on a regular basis? If so, it’s probably because you know you didn’t need it and you really can’t afford it so you don’t want anyone to know. 

Only Making Minimum Payments 

If you’re struggling to make just the minimum payment on your credit card bills or loans, there’s a problem. These types of loans are high interest and will cost you more the longer it takes to pay them off. If you can only manage the minimum payment, it’s time to look at your debt. 

Using One Debt to Pay Another 

It’s one thing to pay your utility bills with your credit cards to earn points, but if you’re doing it because you don’t have the cash to pay them, that’s a problem. Not only are you going further into debt, you’ll end up paying more with the interest rates on your credit card. 

Your Card is Declined 

If your credit or debit card is declined when you try to make a small purchase, you’re clearly in trouble. You’re maxing out your credit cards and running your bank account down to its last dollar to get by. This is a big red flag that more financial trouble is coming because it only gets worse from here. Once you’ve drained your accounts and maxed out your cards, how will you pay your bills and buy groceries? 

If you can relate to any of these early warning signs that you’re carrying too much debt, it’s time to get a handle on your debt. Consider working with a debt and budget counselor or getting a second job if necessary.

Union Plus Credit Counseling 

Union members can get a no-obligation money and credit assessment from certified, experienced consumer credit counselors though Union Plus Credit Counseling. Powered by the non-profit Money Management International (MMI), your free session will cover a complete financial review, assistance in budgeting, advice for working with creditors, and more.

• Cryptocurrencies aren’t backed by a government or central bank. Unlike most traditional currencies, such as the dollar or yen, the value of a cryptocurrency is not tied to promises by a government or a central bank.
   
• If you store your cryptocurrency online, you don’t have the same protections as a bank account. Holdings in online “wallets” are not insured by the government like U.S. bank deposits are.
   
• A cryptocurrency’s value can change constantly and dramatically. An investment that may be worth thousands of dollars on Tuesday could be worth only hundreds on Wednesday. If the value goes down, there’s no guarantee that it will rise again.
   
• Nothing about cryptocurrencies makes them a foolproof investment. Just like with any investment opportunity, there are no guarantees.
   
• No one can guarantee you’ll make money off your investment. Anyone who promises you a guaranteed return or profit is likely scamming you. Just because the cryptocurrency is well-known or has celebrities endorsing it doesn’t mean it’s a good investment.
   
• Not all cryptocurrencies or the companies behind them are the same. Before you decide to invest in a cryptocurrency, look into the claims the company is making. Do an internet search with the name of the company and the cryptocurrency with words like review, scam, or complaint. Look through several pages of search results.

Simplified Issue Term Life Insurance often has age-banded premium rates that change when you reach the next age bracket. Acceptance into the plan is based on a few quick health questions, but no medical exams or tests. For the first few years only deaths due to an accident may be covered. But once through the exclusionary period, all causes of deaths could be covered.

Term Life Insurance would be most valuable if you have a lot of recurring payments; homes, cars, education, all require financial resources and planning. Term Life can offer higher coverage levels that helps protect the lifestyle you are building with your family. In the event of your passing, your family can use the money from the insurance in any way they need.  

Accidental Death Insurance may be a better choice for people with fewer obligations; houses paid off and an empty nest, or people just starting out on their own. Accidental Death policies are usually guaranteed issue – simply enroll and pay your premium to get coverage – because they only pay benefits for death due to a covered accident. The lower coverage amounts – and premium rates – can still give you the additional peace of mind knowing that you will not leave unpaid debt or expenses if the unexpected happens. And, here again, your beneficiaries can use the cash benefit in any way they need.

Considering insurance as part of your financial planning makes sense no matter where you are in your life. Helping to protect your family and assets with insurance can give your family more financial security and give you more peace of mind. 

Go to www.unionplusinsurance.com for more information about the insurance offers available to you as a union member.