From the Wires
Navy Federal: Strive to Improve Your 'Personal Economy' in 2013
By: PR Newswire
Jan. 16, 2013 06:00 AM
World's largest credit union shares tips to help members save money
VIENNA, Va., Jan. 16, 2013 /PRNewswire-USNewswire/ -- The start of the new year is the time when many consumers renew vows to improve their fiscal means, and Navy Federal Credit Union is helping members make good on those resolutions. The credit union's philosophy of avoiding fees and keeping rates low is helping millions of members cut costs and save money.
(Logo: http://photos.prnewswire.com/prnh/20080117/DC11807LOGO-b )
Navy Federal shares the following expert advice and resources to help members improve their money management and save in 2013:
Review, re-evaluate, replenish
"Map out a smart money management strategy that focuses on avoiding unnecessary fees and expenses," says Claudia Warszawski, Navy Federal Manager, Personal Finance Management. "For example, our Active Duty Checking product is free, and members can earn dividends and receive up to $20 in free ATM rebates each month. This means more money into their accounts and less being taken away by the types of checking fees implemented at other financial institutions."
Warszawski recommends setting aside money towards a rainy day fund and contributing to it each month. It's also essential to save and plan for retirement – no matter your age – and look for additional means to fund your overall wealth. This includes IRAs and employer savings programs such as a 401(k) or Thrift Savings Plan (TSP).
"The sooner you start saving, the more time your money has to grow," says Warszawski. "Navy Federal has savings accounts for all budgets – large or small – and every dollar counts towards increasing your wealth. Additionally, our online features make it easy to establish and manage a Traditional or Roth IRA. Shop around and ask us for recommendations on which savings products are the right fit for you."
Consolidate, control, come out ahead
"Right now, Navy Federal members can save money by consolidating their current credit card balances from other financial institutions onto a new or existing Navy Federal credit card," says Randy Hopper, Navy Federal AVP, Credit Card Lending. "This offer includes no fees to transfer balances and a zero percent intro APR for a year. It's a great way to get relief from high interest rates."
Expenditures are inevitable. Hopper recommends that members make them smart, and make them count. When making new purchases with a credit card, use only one card for larger purchases. This should be the card with the highest rewards potential. For example, Navy Federal's cashRewards card offers cash back and is a great way to put money back into your account.
Rate your rates
"Refinancing is a powerful instrument in getting money back into the household budget," says Jack Gaffney, Navy Federal Executive Vice President, Lending. "Members can bring their loans from other lenders to Navy Federal and lower their monthly payment. Members with auto loans can refinance with no fees and receive $250. Mortgage refi members can receive up to $2,500 in closing costs."
All is well that spends and saves well
About Navy Federal Credit Union: Navy Federal Credit Union is the world's largest credit union with $52 billion in assets, four million members, 229 branches and a workforce of over 10,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information, visit www.navyfederal.org.
Contact: Adam DeSanctis
SOURCE Navy Federal Credit Union
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