How Far Will a Free Checking Account Take You?

Budgeting for the important things in life is essential to enjoying the small things that keep you sane. It’s never fun to worry about spending – especially when those worries prevent you from ever having any fun. Create a budget for yourself to make sure your expenses get paid and remember to set aside a small fund for fun!

Free checking accounts are rare. The money you save from taking advantage of a free checking account can add up to a “fun fund” for yourself. We’ve gathered a list of the top things you can do with the money you’ll save from opening a free checking account with First Choice Federal Credit Union:

1. Save for a New Car

There’s more than just one benefit of getting a car. Not only will you look great driving around a fresh car, but getting a used or new vehicle loan will help build your credit score. You’ll be able to create a payment plan with the money you save with us to find a car you’ll love!

2. Pay Back Debts

If you have a credit balance that is getting too high, pay a larger amount towards your bill this month. It will also help raise your credit and get you one step closer to paying off that debt.

3. Stock Up on Groceries

Going out to dinner can add up quickly. An easy thing you can do with the extra money you’ll have is head to the grocery store. Stock up on meals and you’ll be forced to eat at home and save even more money! Meal planning can be fun to do with friends, too!

4. Invest

The main benefit of investing is the idea of time. The sooner you start investing, the bigger your potential return will be. Young investors have an advantage because compound interest builds greater with time. Remember that with investment comes risk, so always do your research to fully understand your investment before you commit.

5. Enjoy a Night on the Town

No matter how hectic or stressful your day may get, it’s always important to remember to treat yourself. Let’s face it; you work hard! Get some friends together for a night at the movies or dinner and drinks. It isn’t financially smart to make a habit of going out, but treating yourself is a great way to celebrate financial goals. Just don’t go too overboard!


Although it’s important to put money away for the necessities in life, it’s equally important to indulge yourself every once in a while. Everyone deserves to be spoiled here and there! Having a free checking account will put you on the right track to make sure you’re saving for the things you need, but still have enough to spoil yourself!


Contact First Choice Credit Union to get started.

Tax Return or Taxes Due – How to Be Smart at Tax Time

Whether this time of year means a tax bill or a nice tax return in your pocket, it’s a time to be thoughtful about these sums of money. Many people spend their tax return too quickly or fret over where to find the money to pay their taxes. We have tips for both situations.

If You’re Receiving a Return...

1)     Pay Your Tax-related Expenses

Even filing your taxes costs money. Use your tax return to pay your accountant or replace the cost of your tax software. If you’re getting a federal return but owe in state taxes, or vice versa, turn around and pay one with the other.

2)     Add it to Savings

It is recommended to have 2-3 months’ worth of income stashed away in a Savings account. This is highly recommended so that emergency situations—like car repairs, medical bills, or family members in need—can be addressed without affecting your week-to-week cash flow. So if your savings isn’t quite healthy enough, or you need to open a Savings account, use your return to do so. First Choice Credit Union has savings account options to fit your specific needs, so contact us to get started.

3)     Pay off Credit Card Balances

Which of your outstanding balances have the highest interest rate? Interest paid is money out the door which doesn’t pay down the principle balance you owe. Get serious about paying down the debt with the highest rate, and buy yourself some breathing room by putting your tax return toward outstanding balances.

4)     Put it in Retirement or Education Savings Accounts

These are the Savings accounts we often overlook because they’re useful so far in the future. We are creatures of the present, and saving for a moment 10, 15, or 20 years down the road is not exciting, even if it is a huge ticket item. Between college tuition and retirement, the average couple will need well over $1 million. Sound daunting? Speak with one of our representatives about our Education or Retirement Savings options to make a plan for your future.

If You Owe Taxes...

If you’re one of the 20% of taxpayers who won’t get a refund, but an “amount due,” don’t panic. Depending on the amount you owe and your available monies, you’ll find a way. But by all means, do not put it off or ignore it for a few months. IRS charges failure-to-file and failure-to-pay penalties if you are beyond the deadline, and these accrue month over month. So how do you approach this new bill in a smart way?

1)     Save From Now until April 15th

If you’ve discovered your tax bill in February, you still have two months to save up that amount before the April due date. Whether you stay in, eat in, skip Valentine’s gifts, or put off paying for something else, see if you can use this time to prepare for your tax payment.

2)     Pull from Emergency Funds

Remember #2 above? This is one of those situations that could pull from a robust savings fund without affecting your day-to-day. Here’s to savings!

3)     Enter into an Installment Agreement with the IRS

If you owe less than $50,000 and haven’t set up an installment agreement in 5 years, you could fill out a monthly payment request online. You can request a specific monthly payment, which is preferable to putting your tax payment on a credit card with a high interest rate.

4)     Ask for Extended Time

If extraordinary circumstances keep you from being able to pay your taxes on time, you may be able to prove you need an extension. Using the same payment agreement application, you may be able to buy yourself some time.

First Choice Credit Union can help you with any financial services, whether you’re celebrating a refund or glaring at a tax bill. Good Luck this tax season!

2017 Financial Resolutions For Your Age Group

On New Year’s Eve, the world whispers resolutions to each other. Too many of these good intended resolutions are never achieved because they are not specific, attainable, or timely. First Choice Credit Union is here to help with clear, achievable financial resolutions for the New Year geared towards your age group.

18-25 Years Old

At this point, your financial situation is probably pretty bleak. Whether you went to college or not, you are likely starting at zero (or below that). In 2017, your financial resolution should be to open a checking and savings account with a trustworthy bank. First Choice Credit Union is a great option because we offer more competitive interest rates than the big banks do. Also, start building your credit by opening a credit card, paying on your student loans, or applying for an auto loan. At First Choice Credit Union, we offer 36-72 month car loans with up to 100% financing!

26-35 Years Old

Now is the time to save rigorously, even as you are starting to put down roots. Save money for an emergency fund, for a down payment on a house, or even for retirement. Your financial resolution this year should be to save as much of your income as you can. Dollars saved at this point in your life will stretch a long way. So save 3-6 months of your expenses for a rainy day, accumulate enough to put 20% down on a conventional mortgage loan, and take advantage of your employer's 401k retirement plan.

35-50 Years Old

Your New Year’s resolution for 2017 can be a little more fun. You have put in the time saving money, worked hard to earn your home, car, and other possessions. Your financial resolution is to make one of your dreams a reality. Perhaps you have wanted to travel across Europe, or buy a small vacation home, or purchase a seaworthy boat. Make one of your financial wishes come true this year!

50-75 Years Old

As you begin to enter the senior years of life, financial stresses can become all too real. In 2017, be sure you have your retirement situation planned out, your savings growing at a steady rate, and your living will written and filed. If you have questions, turn to your bank or financial adviser for assistance, we are here to help you!

No matter what your age, we hope First Choice Credit Union has helped you find a resolution for 2017 that will make your life better. Achieve success by making your resolve towards something specific, attainable, and timely. All of us at First Choice Credit Union are wishing you the happiest New Year!

How to Hatch Your Own Financial Nest Egg

Many people know the importance of having a nest egg available. Accidents happen, home improvements pop up, and each December, people spends hundreds (if not thousands) on holiday gifts. For Florida residents and anyone who lives along the coast, we also know how important it is to prepare for the inevitable tropical storm to blow in.

The problem comes when we try to begin saving for a nest egg. Spending wisely and staying on budget are, actually, very difficult things to do. Even if the $5 you spend each day on your morning cup of coffee adds up over time, it seems to take far too long to make a lasting impression. You’re left waiting and–worse yet–without coffee.

So how do you do it? How can you realistically save up a nest egg without drastically altering your lifestyle? Check out some of our ideas below:

Conduct a Spending Appraisal

Track your spending closely. For at least a month (the longer, the better) track everything you spend–everything. A spare few dollars doesn’t seem like much at one time, but they add up. The best way to see this is to keep track of it all. Knowing how much they add up and where they are being spent is a crucial starting point in observing your spending. Find extra help on our website with our financial calculators.

Open a Saving Account

And contribute to it regularly. If you are able, set up an automatic withdrawal on your payday. Think of it as paying a bill to yourself. After a few months, you won’t even notice the difference in your paycheck. It might seem silly, but you’d be surprised at how much you can save by stockpiling spare change and loose dollar bills at home, then depositing them into the bank each month.

Comparison Shop

This is one of those tips that seem simple enough, but it is easy to fall into a comfortable pattern of spending more out of convenience. Shop around for the best deals. Try something new, like visiting a new grocery store or researching different insurance options. Complacency and comfort tend to cost people a lot of money without them realizing it.

Work to Reduce High-Interest Debt

If you have a loan or a credit card with an interest rate in the teens, it can be hard to get ahead of the minimum monthly payment. If you have multiple loans or debts, focus your payments on the one with the highest interest, even if it has more of a principal balance than your other bills. It might take you longer to become debt-free, but you will save more money in the process.

Skip Your Yearly Vacation

This one is tough for some people. We work hard, so naturally, we want to play hard. If you are really dedicated to saving, however, skipping a yearly vacation can save you lots of cash. Try instead to have a staycation at home, or choose somewhere less pricey to vacation, such as a local park or campground.

Find a Cheaper Apartment

Another option that may not seem appealing to many people is to move into a less expensive apartment or house. This will save you money right away, but it is a lifestyle change and will require a commitment. Just remember that the commitment is temporary. Think of the money you are saving and search Pinterest for fun ways to decorate a small space.

Starting a nest egg fund can be difficult, but once you make a couple changes for the better, the savings will pile up fast. Commit to making a real change and stick to your plan. You’ll reach your goals before you know it.

If you’re looking for some added financial advice, contact our staff at First Choice Credit Union.

Family Financial Resolutions for 2017

As the New Year approaches, it is time to reflect on and reform your life. First Choice Credit Union wants to help with some positive resolutions you can keep in 2017. These financial resolutions for you and your family are geared towards securing a bright future for your home, health, and happiness.

Save For Retirement

The question of when to start saving for retirement is always answered the same way: yesterday. If you haven't already begun a 401k or similar retirement investment plan, you owe it to your family to get started. When retirement age rolls around, you do not want your children to be burdened with the task of taking care of you financially.

Write Your Living Will

If you have children or a house or anything of importance to pass on when you die, you must write a will. Wills are not very expensive and they can save your family a huge headache if anything should suddenly happen to you. As the saying goes, it is better to be safe than sorry. Writing your will is a financial responsibility often overlooked by young families.

Talk With Your Kids About Finances

It comes as no surprise that the majority of parents do not talk with their children about money nearly often or honestly enough. Your children can learn to be better with money if you make financial conversations a resolution in your home. This article is a great guide to introducing finance and monetary lessons from age 3-18. It even includes activities that will drive the lessons home with your kids.

Create An Emergency Fund

Families can often feel the stress of stretching their dollars. However, if there's one thing it is important to save for, it is an emergency fund of 3 to 6 months worth of your family's expenses. If catastrophe hits your family or the breadwinner loses their job, this emergency fund will ensure your family never feels the extreme stress of surviving on nothing.

These four financial resolutions will help you secure a successful future for your children and life. Do not let another year go by without improving your financial situation! For any questions or help with financial matters, please visit First Choice Credit Union; we love making a difference in our members' lives.

The Many Advantages of Being a Credit Union Member

Credit unions offer many of the same services as banks; chiefly checking, savings, and investment accounts, consumer and mortgage loans, and credit cards, as well as a variety of other services. Have you ever wondered, if banks and credit unions offer many of the same services, what are the differences between these two financial institutions? In honor of International Credit Union Day, which took place on October 20th, take a look below to see some of the stark differences between credit unions and banks:

Community

At a bank, you are more likely to be received with an impersonal greeting and long lines. Even when you are finally received by a teller or banker, you are often subject to rerouted inquiries and you have to jump through hoops in order to get answers to simple questions. With a credit union, which is owned and operated by its members, you are more than a number or a bank account. At a credit union, you will be more likely to be greeted with a friendly smile and by someone who knows you and your financial story.

Better Perks

With an emphasis on community, credit unions typically offer exceptional perks for their members. These perks can range from providing individual health insurance to offering community involvement opportunities to financial advisory courses that can help you control your budget, improve your credit, or help you recover from unexpected expenses and financials downfalls. This makes it clear that credit unions are dedicated to the development and enrichment of its members.

Better Customer Service

With credit unions, customers are always first because the focus is on members, not profit. This is why policies and plans are often more customer friendly than compared to banks. With a smaller community, customer service is bound to be more responsive and personal.

Better Rates

At a credit union, you are more likely to benefit from generally better rates. With no ATM fees, lower transfer fees, a higher rate of returns on savings, lower interest rates, and better overdraft policies, you will save more money than you would with a national bank. These same rates will be higher at a for-profit bank. With higher savings, this can be reason enough to opt for a local credit union.

Greater Flexibility

Credit unions are typically better than banks in assessing borrowers for loans. They are also more willing to work with your credit history than banks. Banks have a reputation for refusing to work with individuals who have blemishes on their credit reports. Credit unions, on the other hand, are more willing to look at that bigger picture work with you in spite of your credit score. If you are looking to refinance or are interested in a mortgage but have poor credit history, a credit union may be the best option for you.

For more information on what First Choice Credit Union has to offer to you, visit First Choice Credit Union today.

Preparing for Bad Weather: Hurricane Matthew

For anyone that lives along the coastline, the threat of hurricanes and tropical storms is very real and a continued cause of concern. Even with the advancements of science and detection tools, we can only give estimates of a storm’s arrival and ferocity.

Hurricane Matthew was the strongest hurricane to hit Haiti in 50 years and is expected to land on Florida’s shores Late Thursday. Florida Governor Rick Scott wants people to leave while they can. He has already declared a state of emergency in every Florida county. In an interview Monday morning, he was quoted to say, "Right now, the projected path is a little off the coast, but it can change at a moment's notice. When that happens, we're not going to have a lot of time to get ready."

Below are some tips to prepare for Hurricane Matthew:

Before the Storm Arrives

It seems likely that many Florida (as well as other states) will be asked to leave their homes. As Bill Karins, meteorologist for NBC News Tweeted Monday that Hurricane Floyd evacuated millions, but remained 100 miles offshore. Matthew is expected to be around 50 miles offshore, so evacuations are sure to follow. You can find updated evacuation zones here. Before you leave:

• Fill your car’s gas tank
• Protect windows with plywood boards or storm shutters
• Secure outdoor objects like grills or furniture—anything that can be moved by high winds
• Learn the evacuation routes—where will you be going and how will you get there. If you  find yourself in an evacuation zone, don’t wait, evacuate immediately!
• Plan for your cash needs. Access to cash could be limited in the period leading up to and after a storm.
• Check local weather reports often; either on radio, television, or the internet. If possible, download an app for your smartphone or device.

If You Get Caught in the Storm

If you have nowhere else to go, cannot evacuate in time, or for any reason find yourself within the storm, follow the following precautions where possible:

• Stay in a secure room away from windows
• Don’t use a landline phone, candles, or electronics that need to be plugged in
• Remain indoors, even when the eye passes over—the storm isn’t over, and you don’t want to be caught outside.
• Prepare the proper supplies such as:
• Fresh water and nonperishable food for three days
• A first aid kit
• A flashlight and spare batteries
• A battery powered TV or Radio and spare batteries
• Any needed medications, as well as pain relievers  and personal hygiene products
• A fully-charged cell phone with extra battery or external charger

After the Storm has Passed

• Report any downed power lines in your area and stay away from them
• Use stored food and water
• Be patient - it may take awhile for things to go back to normal
• Help your friends and neighbors where possible. Not everyone may have had time to prepare

It is not yet determined when and where Matthew will strike. At First Choice Credit Union, we encourage our Members to prepare early. If necessary, we will make every attempt to provide emergency announcements regarding our hours through following TV and radio stations as well as our Facebook Page:

• WPTV Channel 5
• WPBF 25
• WPEC 12
• La Ley and Fiesta
• WRMF
• WIRK

We wish everyone safety during the storm.