Seminars & Workshops
Financial literacy is our mission, find out more about this value added member benefit!
- Understanding Your Credit Score
- How To Establish Credit
- Paying Down Debt
College expenses add up quickly, take advantage of this member scholarship!
For a copy of the scholarship application, visit the Guidance Office of any high school in Androscoggin County, request an application by emailing us, or stop by one of our branches in Auburn, Lewiston or Turner. Only completed applications will be reviewed by the scholarship committee. Once applications have been reviewed, the scholarship will be awarded based upon the information gathered through the application process. Completed applications must be submitted to one of the Community Credit Union branches - 144 Pine Street, Lewiston, 40 Stanley Street, Auburn or 1025 Auburn Road, Turner. Completed applications must be submitted by the first day of April during the student's senior year in high school. Applications may be mailed to the credit union office, addressed to the Community Credit Union Scholarship Committee. Any applications postmarked after that date will not be accepted.
Managing your personal finances is a tough job, use these tips to help you be successful.
Who Needs An Emergency Fund?Everyone needs an emergency fund! An emergency fund is money that is set aside to cover unexpected financial events in life that come your way. These unexpected events can be stressful and costly.
What Is Your Net Worth?Net worth measures the difference between what you own and what you owe. Knowing your net worth is part financial fitness checkup (how am I doing?) and part planning tool.
As long as your assets are more than your debts, you have a positive net worth. Your goal, from one year to the next, is to make that positive difference grow.
Among other things, knowing your net worth helps you see if debts are in line with assets, if investments are growing, and even if you need more disability or life insurance to shield your assets.
Your Money is Safe With UsEvery year there are financial institutions that struggle, some even fail. This may have you wondering if your money is safe at Community Credit Union.
We're pleased to say, "ABSOLUTELY"!
Credit unions are a place where consumers can feel confident knowing that their money will be there when they need it. The National Credit Union Administration (commonly referred to as NCUA), is the federal government agency that charters and supervises credit unions.
NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF). Your shares in Community Credit Union are insured by the NCUSIF, which is backed by the full faith and credit of the United States Government.
The NCUSIF provides all members of a federally insured credit union, including Community Credit Union, coverage for their share accounts. Individual share accounts including regular shares, money market accounts and share certificates are insured to at least $250,000.00. Joint share accounts are insured separately to an additional $250,000.00 per person. Furthermore, Individual Retirement Accounts (IRAs) are also insured to at least $250,000.00.
Not one cent of insured savings has ever been lost by a member of a federally insured credit union. This is truly an example of how credit unions can exist to benefit their members, an advantage no other institution can offer. The confidence in this security is reflected in each credit union member. According to consumers, the local community and member focused philosophy of credit unions make them among the most trusted organizations throughout the USA. In a survey conducted by the National Cooperative Business Association, consumers responded that they believe co-ops (credit unions and other cooperatives) are far more pro-consumer than for-profit organizations. Two-thirds of those questioned in the survey believe credit unions are also more trustworthy than for-profit organizations because they are owned and governed by the people that utilize their products and services, have members on their board of directors and are locally owned and controlled.
So, if you are wondering whether your money is safe at Community Credit Union, we are proud to say YES!
Easy Ways To Build Savings If you're finding it hard to save on a regular basis, there are simple steps to follow that may work for you. It will require a little discipline on your part, but we think you're up to it.
Pay Yourself First If you spend all of your money, you'll have nothing left to save. Since you pay your bills every month, make a subtle change by paying yourself first before you pay any bills. Transfer $25.00 to your savings accounts or whatever amount you're comfortable with each month, you will be able to save before running out of cash. Deposit this amount into your savings account.
Paper or Coins? Try this: spend only paper currency and save your coins. They really do add up.
Direct Deposit and Payroll Deduction Set up Direct Deposit of your net pay into your checking account. Then set up Payroll Deduction of a portion into savings. It's automatic. You don't have to think about it. You'll never miss the money.
Take Advantage Of Others Take advantage of savings services that others offer. Clip and use grocery coupons, then set aside the actual amount saved. Use restaurant and department store coupons. Take advantage of sales. Shop at discount stores.
Start Saving With Our Savings Options Ask about our Share Certificates, Money Market Accounts, Vacation and Holiday Clubs, IRAs and other savings possibilities. We'll show you how they'll help you build your savings easily.
Four Steps Toward Financial Independence
- Live within your means by limiting spending, especially impulsive or unnecessary buying.
- Build an emergency fund of six months' living expenses that is immediately available to you. If this time period puts an excessive strain on your finances, make it three months' expenses.
- Start saving early in the year as well as in your life. Early starts give your money more time to grow.
- Pay yourself first by saving 10% of your gross income on a regular basis, such as each pay period. Increase this percentage as your income increases. Try payroll deduction for automatic savings.
- 25 - 30% for housing, including utilities
- 10 - 15% for food
- 10 - 15% on transportation (your vehicle)
- 5% for insurance
- 10 - 15% on investments and savings
- 5% on entertainment
- 5% on clothing
- 5% for medical expenses
- 5% for charity and gifts
Expense GuidelinesIt's amazing how much we learn by observing and by doing. Many of us enter independent adult life pretty much on our own, using what we've observed other independent adults doing, and often turning to them or our parents for tips on starting and managing our own "household." Sometimes we just plunge ahead and learn by trial and error, "error" being the operative word here.
What is a reasonable percentage of your income to spend on things? It's hard to say, because "things" will vary from individual to individual. Your personal preferences, needs and lifestyles are major factors in your spending, of course. And where you live will play an important part on how you will manage your income, too.
Following is a set of rough guidelines you can use to determine if what you are doing is right in terms of your expenditures and finances. While these are only guidelines, any starting point is a good way to begin. Keep in mind that the percentages below use after-tax income.