How to Spend Your Tax Return Wisely

When your tax return comes in, you are undoubtedly tempted to spend it on some big ticket item on your wish list. Perhaps you have been waiting to buy a new sofa or you would like to take a vacation. The average taxpayer receives a refund around $3,000 and that is a good chunk of change. The wisest ways to utilize that money are listed below.

Pay Off Debt

The number one thing you should do with your tax return is pay off high interest debt. Any loan or debt you owe incurring more than 5% interest should be paid down as quickly as you can. Credit card debt is especially detrimental, as it can make it very difficult to get ahead and bringing down your credit score. Not only will paying off that debt feel like a relief, but you will be grateful every month when your overdue bill does not come in the mail.

Make Home Improvements

The home improvements you should spend your tax return on are the ones which will give you the highest return on investment. These are not improvements like heated tile floors or new kitchen cabinets, they are the kind that will increase your home's efficiency and decrease your ownership costs for months – or even years – to come. Adding insulation to your home's attic if necessary, replacing old appliances with energy efficient ones, or installing new windows are some of the wisest home improvements. In the long run, the money you spent on these improvements will find its way back in your pocket.

Save it For a Rainy Day

The majority of Americans do not have enough money in savings to protect themselves against sudden setbacks. An emergency fund should always hold 3-6 months of your expenses in the event you lose your job, incur medical bills, have a large car repair, or have to pay for something unexpected. First Choice Credit Union has great savings account options and can meet with you to determine how large of an emergency fund you should have.


It can be hard to refrain from purchasing a wish list item with your tax refund! However, if you choose to spend your tax return wisely through one of these three avenues, you future self will thank you.

4 Reasons To Open a Youth Checking Account for Your Child

As more and more young people drown themselves in debt and develop an unhealthy relationship with money, it is evident to First Choice Credit Union that something has to be done. We believe good money management skills start young and that is why we created a brand new account option for our members ages 10 to 18.

Our new Youth Checking account offers features like 4 free ATM withdrawals at Publix, a free debit card, reward program, and even free mobile banking and deposits.  There is no minimum balance required and no monthly fees. Need more reasons to open a checking account with your child? Read on.

Practice Makes Perfect

Your child needs practice spending money and learning what happens when they overspend before they enter the real world. Our Youth Checking account gives them a debit card so they can experience how easy it is to swipe plastic, but learn to avoid spending more than their account holds. Your child can learn financial responsibility now while they have a little so they are better equipped when they someday have a lot.

Financial Education

The youth checking account opens the doors to your child's financial education. Before he or she leaves the house, you want them to be able to handle their own money and spend wisely. Having a checking account will teach them to keep a positive checking balance, encourage earning money to put into the account, and empower your child to learn more about finances.

Debit Card

The major perk of opening a Youth Checking account is that your child will receive a debit card for free. They have probably watched you use cards closely. Now it is their turn to have that responsibility. Explaining to your child that using a debit card is just like using cash is a good way to ensure your child understands the card does not have an endless spending limit.

Direct & Mobile Deposit

After a Youth Checking account has been open for 90 days, First Choice offers free mobile deposit to its young members. This gives your child another way to enjoy their phone and makes it easy for them to deposit monetary gifts from Christmas and birthdays. As your teen gets older and starts earning at a job, their employer may be able to directly deposit paychecks into their personal checking account.

Kids ages 10 to 18 would benefit from a Youth Checking Account from First Choice Credit Union. In order to apply, a parent or guardian must be a joint owner on the account and qualify themselves for a regular FCCU checking account. That's it! Come in today and open a Youth Checking account and help your child learn about financial literacy.

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.