Updates from July, 2011 Toggle Comment Threads | Keyboard Shortcuts

  • capfedwomensway 8:09 am on July 20, 2011 Permalink | Reply  

    Who Manages The Money? 

    Last week on ‘What Do You Think’ Wednesday, we asked at what age you opened your first bank account.  67% of our voters said they started banking when they were in middle or high school.  20% responded that they started even earlier, and 13% started their accounts after high school, when they left home for the first time.

    There may be a wide range of opinion on this week’s poll. How do you do it at your house?



    >> Join the discussion. Tell us how you do things in your family.

    Advertisements
     
    • capfed 10:08 am on July 21, 2011 Permalink | Reply

      We had a voter choose ‘Other’. She said, “Share half and half” to our What Do You Think Wednesday question this week.

  • capfedwomensway 9:37 am on July 13, 2011 Permalink | Reply  

    When Did You Start Banking? 

    Reach back into your memory for the ‘What Do You Think’ question this week…



    >> Would you change anything –– maybe start your banking experience earlier? Or did you rush into it too soon? Click Reply above to leave your opinion.

     
  • capfedwomensway 7:43 am on July 11, 2011 Permalink | Reply  

    Weighing the Options: Pay off Debt or Invest? 

    It’s the age old question – Would it be better to pay off my loan or invest for the future?

    Below we take a closer look at a few types of loans.

    Mindy Fetterman, USA Today, in her article Pay off debt or invest?  That is the Question, outlines the purely rate of return argument.  She asks, “If you pay 16% interest on a credit card, could you earn 16% safely and consistently on an investment?”  If you can’t, then the reasonable answer would be to pay off the debt.  She does mention that not all debt is the same and some can be considered, “good debt.”  Examples of good debt could be low-interest student loan, mortgage or margin interest on a brokerage account.  These are considered good debts because the interest could be tax-deductible.  Fetterman does go on to explain that everyone should be investing for retirement, and at a minimum investing in a 401(k) to get your company’s match.  This is where a balanced financial plan comes into play and the decision should be based on what’s best for your lifestyle and long-term financial plan.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

    Now let’s say you don’t have credit card debt, but you have a car loan and could pay it off with the money you have in savings. Do you?  Don Taylor, Ph. D., CFA, of Bankrate.com replied to this question by explaining that by drawing significant funds from your savings to pay off a car loan, you will not save as much interest expense as you think (depending on the cost, maybe around $500).  He says it is a much smarter plan to keep the savings in reserve in case of an emergency.  He does go on to say that if someone does pay off his or her car loan this way, the ideal situation is to use the extra money each month to replenish a savings account.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

    And what about the “good debt” of student loans?  Many graduates start out with a considerable amount of debt, $20,000 or more.  Should this be paid off as soon as possible?  Lis Pulliam Weston, writing for Money Central on msn.com, says graduates should tackle credit card debt first, then other non-mortgage debt and then build an emergency fund, all while saving for retirement.  Once you’ve reached this point, she says it’s time to consider sending extra payments in for your student loans.  These loans typically have lower interest rates, so they aren’t as big a concern as credit cards.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

    Overall, the consensus among financial experts is that paying off high-interest debt is the first priority.  Once that is accomplished, then move on to building an emergency savings account and paying off other personal loans.  Finally, once in sound financial shape, you can look at making more payments to your mortgage or student loan debt.

     
  • capfedwomensway 8:02 am on July 6, 2011 Permalink | Reply  

    Do You Follow A Budget? 

    ‘What Do You Think’ Wednesday this week asks about family budgeting. Do you do it?



    >> So, what do you think? Do you stick to a budget? Do you think it matters? Join the discussion.


    Click here for more information on putting together a household budget.

     
  • capfedwomensway 7:57 am on July 5, 2011 Permalink | Reply  

    Don’t Forget the Mortgage While Away 

    So, you’ve booked your trip, everything is set and you are ready for a little family (or personal) R & R.  But, don’t let your mind drift too far into vacation-mode.  You’ve got to make sure all your regular financial tasks are taken care of, like bills.  The last thing you want to do when you get back from vacation is to find a late fee or missed bill.  No need to fret, though, paying bills nowadays is simple.  Just take a few minutes to review these options, and you’ll be set. The beach calls!

    Use Online Banking
    With online banking and bill pay, setting up automatic payments is easy.  Bills that are the same every month can be set as recurring payments – automatically deducting from your account at your specified date each month.  For others, set up the company as a payee and elect to make single payments of the exact amount that appears on the statement each month.  With this service, you have as much or as little control of when your bills get paid as you want.  The best part is, as a Capitol Federal customer, this service is free.

    Set Up Automatic Payments
    An alternative option is to arrange to have your bills charged to a credit card or automatically deducted from your checking account. This option will require you to set up each of these payment methods with the various companies for which you are billed monthly.  You can check out each of their websites for more details.  The process is a bit cumbersome, but once it’s complete, you’ll enjoy the peace of mind knowing they’re always paid on time.

    Don’t forget the semi-annual or annual bills.
    If you know these are due while you are away, be sure to make arrangements to have them paid.

    If you have any questions about how to set up a True Blue Online® account, or enroll for Online Bill Pay, contact Capitol Federal’s Customer Service at 1-888-8CAPFED or email us at womensway@capfed.com.

    Now that you’ve checked that to-do off your list – enjoy your vacation.


    >> Travel Tip:
    Alert your post office of your travel plans so they hold your mail for you until you return.  This will keep you from having your bills and bank statements sitting in your mailbox for days.

     
  • capfedwomensway 10:12 am on June 29, 2011 Permalink | Reply  

    Online vs. Paper Checks 

    How ‘web savvy’ are you when it comes to bill paying – that’s the question for this ‘What Do You Think’ Wednesday.



    >> What are your thoughts? What are the pros and cons of online bill pay vs. mailing in a check?

     
  • capfedwomensway 11:12 am on June 21, 2011 Permalink | Reply  

    Enjoy the Summer, Keep your Debit Card Info Safe 

    This summer you may find yourself traveling a long distance for a fun adventure, or you may be driving the kids all over town or around the state for different events, such as swimming lessons and little league baseball games. This means using your debit card more often than you usually do – for the purchase of fuel, flights, food and fun. You’ll also find yourself at your local ATM more often. Even though you’re busy, it’s important to take a moment to manage your money and to remember some safety tips when using your card.

    The following are some Consumer Reports suggestions about staying safe this summer…

    • Beware when using foreign ATMs –
      If you see an out-of-order sign on a legitimate ATM, beware of using a nearby ATM. Thieves may have set up a phony ATM to “skim” card data. Consumer Reports also suggests keeping your PIN code separate from your ATM or debit card. Also, when keying your PIN into an ATM or card reader, shield the keypad with your free hand. Do not allow hidden cameras or any person to be in sight of the keypad.
    • Protect your card and information at gas pumps –
      Consumer Reports reported “Card-skimming at gas stations is likely to increase during summer months, especially in vacation areas.” To protect yourself, they suggest using cash or credit cards at the pump, if possible. Should you have to use a debit card, process it as a credit card transaction instead of using your PIN.
    • Update your account weekly –
      Be sure to maintain your account, so should any unauthorized transactions take place, you may report them to your bank quickly. Time is of the essence!
    • What to do with receipts? –
      Do not discard receipts at ATM locations or the gas pump. Keep them until you match the amounts with the transactions, wait for them to clear the bank, then shred the receipts.
    • Your trash may be a treasure to a thief –
      Be sure to shred bank account statements and other financial information prior to tossing them in the trash. Trash is among the top methods used by thieves to commit Identity Theft. Protect yourself – Don’t let them do it to you!

    >> Have you heard of other “card-skimming” scams? Share with the community, so that we all can work to protect our identity.

     
  • capfedwomensway 8:54 am on June 15, 2011 Permalink | Reply  

    Will You Be Pampering Pop? 

    In honor of Father’s Day this Sunday, our ‘What Do You Think’ Wednesday question deals with Dad.


    >> Let’s talk. What are your thoughts on pampering Papa?

     
  • capfedwomensway 8:36 am on June 8, 2011 Permalink | Reply  

    Should Kids Get An Allowance? 

    It is once again ‘What Do You Think’ Wednesday.
    And, today’s discussion can sometimes touch a nerve with people…


    >> So, where do you stand on the allowance issue? Let us know what you think!


    We had some comments on the replies to a few of our poll votes on this question. One voter replied, “and it should be a set amount not driven by the number of chores they complete,” while another said, “if they don’t do their chores, they are ‘fined’ as opposed to earning.”

    What do you think?

     
  • capfedwomensway 10:38 am on June 7, 2011 Permalink | Reply  

    Kids and Money 

    For parents, talking to children about money can be a difficult task. According to a survey released by ING Direct USA, 95% of parents assert they’re accountable for their children’s financial education, but only 29% believe they are excellent financial role models.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

    Here are some lessons to teach your kids about money:

    • Be a money-wise adult.  Personal finance expert Suze Orman states, “The single most important step in raising a money-wise child is simply for parents to be money-wise adults themselves.”  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.
    • Let kids make their own mistakes.  In her article “8 ways to teach your kids about money,” Kimberly Palmer, Senior editor for U.S. News & World Report, reaffirms Finance Professor Lewis Mandell’s belief that allowing children to experiment and make mistakes can provide more useful lessons than anything taught in school.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.
    • Teach the value of money.  When shopping with children, Suze Orman suggests you set limits and don’t make impulse purchases. Make sure there is a pre-determined reason or objective for a trip to the mall.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.
    • Give kids control of money.  Through control of money and trial and error children will learn how to make better decisions and seize responsibility for their spending in the future, according to Leo Babauta of the zenhabits blog.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.
    • Educate them about managing money.  Teach children to plan their money habits while considering the following measures:

            *   Budgeting

            *   Saving

            *   Investing

            *   Paying bills

            *   Reducing expenses

    • Limit allowances.  Most children have no explanation for why they get an allowance. According to Suze Orman, an allowance is “your first opportunity to teach your children to respect money and that it is something that must be earned.” She recommends using the term “salary” instead of “allowance” in order to instill in kids the concept of earning money from work.  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.
    • Teach about dangers of debt.  Educate your kids about credit cards and the dangers of debt before they go to college. Encourage them to stick with a debit card during college. Discussing loans and other debts can help them avoid becoming debt-stricken after graduation.
    • As children get older, limit support you provide.  USNews.com says, “To avoid setting up a cycle of dependence, make sure to limit the financial support you provide. While giving assistance in early adulthood years is helpful, it can also lead to an inadvertent pattern of financial dependence.”  The highlighted link will take you off the Capitol Federal Savings Bank website. Capitol Federal Savings Bank is not responsible for the contents of the site or any further links from such site. Capitol Federal Savings Bank is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement of the linked site by Capitol Federal Savings Bank.

     

    >> Did you teach your kids about how to deal with money?   What works and what doesn’t?  Or are you just beginning to wonder how to approach the topic with your children?  Ask the community their thoughts by replying to this post.

     
c
Compose new post
j
Next post/Next comment
k
Previous post/Previous comment
r
Reply
e
Edit
o
Show/Hide comments
t
Go to top
l
Go to login
h
Show/Hide help
shift + esc
Cancel
%d bloggers like this: