A COMPLIMENTARY SUBSCRIPTION FROM HANSCOM FCU

Free Evaluation Can RAISE YOUR CREDIT SCORE AND LOWER YOUR RATE 2

BOOST YOUR MOOD with a Solid Savings Plan 2

COLLEGE HUNTING? Don’t Miss These Tips 4

MoneyWisdomWinter 2016

2 Winter 2016

Keeping yourself out of debt could benefit more than just your finances. According to a study from the Center for Financial Security at the University of Wisconsin-Madison, a 10% increase in short-term debt, such as overdue bills and credit card debt, was linked to a 24% increase in symptoms of depression.

Here are a few solid tips on how to decrease your short-term debt, which might also improve your mental health:

• Keep a record of everything you spend for a couple months. Then look for expenses to trim, like nights out, a too-large cable package or a daily latte. Apply the savings to your debts.

• Regularly contact your phone, utility and insurance companies to renegotiate your rates. If you’re behind on payments, ask to set up a payment plan.

• Use our Online Access HD for online bill payment. Choose a date to pay – funds come out of your account the same day. Your bills will be paid on time and in full (or at least the minimum for credit cards). You’ll avoid late charges!

BOOST YOUR SCORE to Lower Your Rate

Give Your Mood a Boost by GETTING OUT OF DEBT

A strong credit score pays off, literally, with lower loan rates and higher limits. Knowing and keeping track of your score can help you see where you stand financially and serve as an early warning that you may be headed in the wrong direction with your money.

As a member of Hanscom FCU, you can meet with our representatives at no charge to get your score, review your credit report and discuss strategies to help you raise your score.

You don’t have to be near a branch. We can provide a phone consultation and send you information. If your score could use a boost, follow our advice and you’ll see results.

Here’s the best part: once your credit score rises, contact us and we’ll adjust your rate. No need to refinance or sign a new agreement.

Be a Saver; Take the PledgeStart reducing debt and increasing savings by taking the Savers Pledge during Military Saves Week, February 22-27, 2016. We’ll be presenting programs on good financial habits at our branches on military installations. If you’re not in the service, visit the America Saves website at www.americasaves.org for helpful tips and inspiring stories.

Call us at 800-656-4328 to get started or make a request online at www.hfcu.org/review.

Our financial first aid toolkit will help you get your finances in good shape for the new year. Visit http://go.hfcu.org/financial-first-aid to get your copy.

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MONEY SAVING TIPS

GET IN THE HABIT! Start Saving with CU Thrive

Build Yourself a Safety Net with EMERGENCY SAVINGSIf you’re like many young Americans, a large chunk of your income goes toward paying down debt. Paying off student loans and credit cards as soon as possible is a smart move – you can save on interest payments and improve your credit score. However, neglecting to build an emergency savings fund can be a dangerous oversight. A financial cushion can see you through rough patches like a job loss, medical emergency or car repairs.

What if a couple of crises happen all at once and you don’t have enough cash to float you through? You might be forced to take out a loan, increase your credit card debt or dip into your retirement fund. Any of these options could cost you more than if you had diverted some debt payment to emergency savings over time.

how to build your rainy day fundFinancial experts suggest having three to six months of living expenses in emergency savings. This includes food, rent, insurance and other necessities. If you’re single and don’t have kids, a few thousand dollars will probably do. If you’re a married homeowner with children, you’ll need much more.

Try these tips to boost your savings over time:

• Keep a record of your spending. Set aside money from your paycheck for your essentials, and then eliminate things you

don’t need, such as premium grade gas and a deluxe car wash. Put that extra money into your savings!

• Set up an automatic deposit to your savings. If you wait until the end of the month to scrape up a deposit, you may not find anything left to save.

Want details on how to build a budget and track spending? Get our Build a Budget eGuide at go.hfcu.org/build-a-budget-ebook.

• Find a way to make money on the side, such as taking on a part-time job, a couple of shifts at a restaurant or freelance gigs.

Building up your emergency savings is well worth it for the peace of mind it brings.

Source: May 2015, Journal of Family and Economic Issues.

A penny saved is a penny earned. Who hasn’t heard that saying? A savings account provides peace of mind and can help you enjoy life. But how will you get there? Try these tips:

• Put aside a specific portion of your income each month.

• Round up each purchase and deposit the difference into savings.

• Save every $5 or $1 bill when you get change.

The way you do it matters little. Just get started. Open a Hanscom FCU CU Thrive account to stash your cash.

You’ll earn a superior rate, and after a year, your balance will be transferred to savings. You can renew your CU Thrive account and build on your new nest egg.

Visit www.hfcu.org/thrive for current rates and details.

4 Winter 2016

Visiting a college campus in person can help determine if a school is right for you. It can help you eliminate schools that are a poor fit, and offers insight you just can’t get from any other source.

An important first step is to sign up for a school’s official information session or campus tour. Then, use these off-the-beaten-path tips to gather more material to make choosing a college easier.

• Take a tour online. Browsing around a school’s website should give you the basics (directions, parking information, campus map). Note if the descriptions and pictures online match up with reality after your in-person tour.

• Spend time at the student center or dining hall. A busy “hub” of the campus can provide important insight to student life. Note how students interact. Are they friendly and having interesting discussions? Are they keeping

to themselves and in a rush? Don’t be afraid to approach current students and let them know you are considering going there. Candid feedback can give you a better understanding of campus culture. Grab a copy of the student newspaper while you’re there too.

• Stop by an academic department of interest. Even if you aren’t certain of your field of study, a visit during office hours may allow you to chat with a professor and see how faculty members interact with students.

• Inquire about campus safety. A safe place to study and socialize is important. If you don’t ask, your parents probably will!

• Ask questions at the financial aid department. If you are concerned a school may be out of your budget, the financial aid department can provide information on opportunities such as grants, work-study programs and more.

• Take pictures and notes. Recap your visit as soon as possible. List pros and cons that are easy to compare with any other campuses you visit.

helping you get thereWe know choosing a college is a big investment. We’re here to help. Whether you’re looking to save for college, borrow, or manage your finances once you’re on campus, we’re with you all the way.

MAKE THE MOST of a College Visit

Does Your Teen Need a FINANCIAL REALITY CHECK?

Is your teenager in need of a financial education? If your child is like most American teens, the answer is yes.

optimistic but lofty expectationsFifty-nine percent of respondents in a Charles Schwab survey of 16-to-18-year-olds* believe they'll do better financially than their parents. The teens also estimated earning an average of $150,000 a year once established in a career.

There's nothing wrong with optimism, but even if they earn a high income, today's teens need to prepare for complex financial decisions.

what they don’t knowAccording to the survey, less than half of teenagers know how to budget. Only 35% know how to check the accuracy of a bank statement. Just 32% understand how credit

cards and interest work. Even fewer know how taxes function or what a 401(k) plan is.

looking to their parentsThe good news is that teenagers want to learn. They have concerns about reaching specific goals, such as paying for college and getting a job.

• Lead by example. You are teaching your children with each decision you make. Be responsible with your money, and they will likely follow your lead.

• Encourage attainable goals. Take note of small everyday accomplishments that build good habits. Reward your teen for paying debts on time, saving money for important purchases and reviewing his or her checking statements.

• Be honest. Just because you are a role model does not mean you must be infallible. Share your financial mistakes and consequences

with your children. Being honest with your teen can build a level of respect for you as a parent – and lend credibility to the lesson you are sharing.

You play a crucial role in ensuring your children’s financial maturity. Help them understand financial basics now so they can avoid the consequences of financial ignorance later in life. Open a Hanscom FCU account for your teen and set them on a healthy financial path.

* Source: Charles Schwab 2011 Teens & Money Survey Findings. Insights into Money Attitudes, Behaviors and Expectations of 16- to 18-year-olds. http://www.schwabmoneywise.com/public/file/P-4192268/110526-SCHWAB-TEENSMONEY.pdf.

Download our handy college visit checklist to get the most out of your visit go.hfcu.org/collegevisit.

Grab our teen finance checklist at go.hfcu.org/teenfinance for an easy overview of how to help young people sharpen their money skills.

As a parent, one of your important roles is to help your children learn how to be smart money managers. It will serve them well for a lifetime!

TIPS FOR RAISINGmoney-savvy kidsTIPS FOR RAISINGmoney-savvy kids

PRESCHOOL HOT TOPICS » Identifying coins.

Teach your child to name coins and explain how you earn money and use it to buy things.

ACTIVITY » Trace around the outside of coins and color them in.

GRADE SCHOOL HOT TOPICS » Spending, saving and giving to others.

Use your child’s growing math skills to help you pay cash for items. Set up your child with a piggy bank and savings account and consider starting an allowance.

ACTIVITY » Create a thermometer chart to measure progress toward a savings goal.

MIDDLE SCHOOL HOT TOPICS » Comparison shopping, safeguarding personal information to prevent fraud.

When your child is ready, explain how a checking account works and teach him or her to use the ledger.

ACTIVITY » Put your child in charge of a yard sale.

HIGH SCHOOL HOT TOPICS » Budgeting, credit, investing.

Before your child leaves home, emphasize that using a credit card is like taking out a loan that has to be paid back with interest.

ACTIVITY » Give your teen a monthly budget to manage, such as for lunches or clothes, and allow him or her to make mistakes.

MONEY SAVING TIPS

Apply Now for Our College ScholarshipsWould $1,500 help with college plans? We have up to five scholarships for members based on academic achievement, extracurricular activities, community service and a one-page essay. Financial need may also be considered.

The scholarship is named for former board member John F. Condon, who served the credit union for 26 years.

To qualify, you must be a graduating high school senior and a primary member of the credit union in good standing at the time you apply. Packages are now available at www.hfcu.org/scholarship, at any branch or by calling 800-656-4328, ext. 2203.

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6 Winter 2016

GET SMART with Hanscom FCU

It’s a new year, and many of us are setting goals to get healthier, wealthier or wiser in 2016. If your resolutions include a trimmer budget, stronger savings and financial peace of mind, we can help.

Whether you are next door or across the globe, we have something for you.

seminarsDoes your workplace offer Hanscom FCU as a benefit? We can bring you an educational seminar that includes lunch. We work directly with your contact to present information on saving, budgeting, investing and a variety of topics, all at no cost to you or your company. For details contact our Partner Relations team at 781-698-2093 or email mporto@hfcu.org.

websiteCreate your own financial university at go.hfcu.org. Our blog explores current money topics, providing useful tips, answering common questions and explaining financial tools. Browse by topics, recent posts or sign up for email notices.

Our Help Center, available as a link from our home page, really does help you improve your financial life. Choose our BALANCE program for in-depth explanations of financial topics or confidential, personalized counseling.

Take a course and learn something new – there’s even an optional quiz at the end! Most are also available as podcasts so you can listen in the car or on your morning walk.

stop inOur branch staff can answer questions, give advice and help you make good choices. Make an appointment with a member service representative to make sure you get the most from your Hanscom FCU membership.

Download our financial resolutions eguide for a 12-week financial improvement plan go.hfcu.org/financial-resolutions

Hanscom FCU IN THE NEWSPEOPLE HELPING PEOPLE

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board memorial award provides $1,500 for enlisted air force personnelThe 2015 Board of Directors Memorial Award was presented to the Patriots Enlisted Association on International Credit Union Day. The $1,500 award honors past and present Hanscom FCU board members by recognizing volunteer groups that serve our membership base. Photo courtesy of the U.S. Air Force.

sheila mavropoulos named hanscom fcu employee of the yearSheila Mavropoulos received the Cushman award at the annual employee appreciation event. The award, named for a long-time board member, is given to a staff member who best embodies the ideals of Hanscom FCU. Sheila began working at Hanscom FCU in June 2011 as a teller in the main office and quickly moved into her current role as member liaison at Hanscom FCU’s main office and headquarters. Sheila is a familiar face to members and visitors at our main branch. “She is always willing to go above and beyond, and that was especially true this year,” noted Hanscom FCU Chairman of the Board Paul Marotta.

chairman marotta is honored as a credit union heroHanscom FCU Chairman of the Board Paul Marotta was named a Credit Union Hero by Banker & Tradesman magazine. The award recognizes credit union leaders who exhibit outstanding integrity and commitment to the movement. Mr. Marotta has served as a volunteer at Hanscom FCU since 1978, and has led the credit union as chairman for 22 years.Photo by Amanda Martocchio for Banker & Tradesman.

trunk or treat We had a great non-scary time at the Trunk or Treat event sponsored by the Bedford (MA) Chamber of Commerce. Staff members Ferdousi Faruque and Delroy McDonald got into the spirit, giving out candy to hundreds of costumed kids.

our missionTo provide superior financial service responsive to our members’ needs.

contact usHeadquarters: 1610 Eglin Street, Hanscom AFB, MA 01731

800-656-4328

www.hfcu.org

Download our free app for iPhone® and AndroidTM

Short code for text access: 692667

Routing Number (for direct deposits and withdrawals): 2113-8048-3

NMLS# 410771

To report a lost or stolen ATM & Check Card or Credit Card call: 800-656-4328 Overseas (24 hr): 701-461-0621 (call collect)

board of directorsPaul J. Marotta, ChairmanMark D. Walsh, Vice ChairmanJohn A. Delcore, SecretaryAlan M. Hart, TreasurerTeresa S. ConradHugh W. McNeilRay T. Phillips Frederick C. RyanLawrence S. Rzepecki

statisticsMembers ............................................... 63,851

Assets .......................................$1,103,000,000

Loans ......................................... $889,600,000

Deposits ..................................... $970,800,000

Reserves ..................................... $108,300,000

October 31, 2015

This publication does not constitute legal, accounting or other professional advice. Although it is intended to be accurate, neither the publisher nor any other party assumes liability for loss or damage due to reliance on this material. Websites not belonging to Hanscom FCU are provided for information only. No endorsement is implied. Images may be from one or more of these sources: ©iStock, ©Fotolia, ©Canva. ©2016 Hanscom Federal Credit Union.

1610 Eglin Street Hanscom AFB, MA 01731

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JOIN US at the Annual Meeting

The Hanscom FCU Annual Meeting is a chance to connect with fellow members while enjoying a catered meal, entertainment and a cash raffle. We’d love to see you there on Saturday, May 7, 2016, at Moseley’s on the Charles in Dedham, Mass.

Doors open at 5:30 pm with giveaways, refreshments and a cash bar. The business meeting begins at 6:30 pm. Afterward, stay for a sit-down dinner and live entertainment. Tickets for the meal are just $12 per person.

Order your tickets online at www.hfcu.org/meeting, by phone or at any branch.

Go green. Log in to Online Access HD to sign up for online statements. Learn more at www.hfcu.org/online.

7MAY