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Micro Money Lessons Teens Should Know

Posted by Peyton Wolfe 
· Thursday, April 11th, 2024 

As teens become more independent and take on more responsibilities, they must learn about money management. Understanding the basics of personal finance can set them up for a more secure financial future. From budgeting to saving to investing, teens can learn money lessons now that will serve them well in the coming years – while with the safety net of home. This blog post shares vital money lessons you can help your teenager know.

Money Lessons for Teens:

1.Create a budget: Track your income and expenses to understand where your money is going.
2. Save early and often: Make it a habit. Even small amounts can add up over time.
3. Understand credit: Know the difference between good and bad debt, and the importance of building good credit.
4. Avoid overspending: Learn the difference between needs and wants.
5. Understand investing: Learn how investing can help you grow your money over time. 
6. Understand taxes: Understand how much you are paying in taxes and how to file your taxes correctly.
7. Earn and manage money responsibly: Save a portion of your earnings, and spend the rest wisely.
8. Be prepared for emergencies: Start building an emergency fund to cover unexpected expenses. 
9. Shop around: Avoid making impulse purchases. Compare prices and look for discounts and promo codes. 
10. Give back: You can make a difference, even on a tight budget.

These are just a few examples of financial goals that may be appropriate for teenagers. It’s important to set goals that are realistic and achievable based on individual circumstances. Help your teen start on the right financial track with ACT 1st Federal Credit Union.

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The 5 Factors That Affect Your Credit Score (And Simple Ways to Boost Them!)

Posted by Peyton Wolfe 
· Wednesday, April 3rd, 2024 
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April: Financial Capability Month

Posted by Peyton Wolfe 
· Saturday, March 30th, 2024 

What is National Financial Capability Month?

April is National Financial Capability Month. Originally designated as National Financial Literacy Month in 2004, this observance has evolved to focus on financial literacy and ensure that Americans have access to unbiased and trustworthy financial education and understanding of financial services and products. This observance also includes raising awareness of consumer protection laws as well as consumer education, helping Americans recognize, avoid, and report frauds and scams.

What is Financial Capability?

The U.S. Treasury defines financial capability as “the capacity, based on knowledge, skills, and access, to manage financial resources effectively.” In other words, it’s your ability to put your financial knowledge and skills to work. This translation of knowledge to action (behaviors) helps you manage and protect your money, build productive financial habits, and move closer to your present and future financial goals.

Building and maintaining financial capability is a lifelong journey. It’s a cycle of learning and leveraging what you know. It’s about understanding and assessing your situation, including your beliefs and feelings about money. It’s also about processing knowledge and information, evaluating options, making informed decisions, and taking action. The more informed you are about your financial choices, the better your financial outcomes are likely to be.

No matter where you are on your financial journey, increasing your financial capability can be as simple as:

Ask for help. If you’re struggling financially, immediately contact your credit union or bank, credit card company, utility provider, mortgage company, or landlord. Although it’s never easy to ask for help, it’s better to work out a payment arrangement than to let the account fall behind.

Check your credit. Pulling your credit report once a year to make sure the information is accurate, complete and up-to-date. Reviewing your credit report will also help to guard against identity theft.

Beware of frauds and scams. Each year scam artists and identity thieves steal billions of dollars from unsuspecting consumers. Learn how to recognize common scams, protect yourself and your money, and take action if you think you are a victim of fraud.

Build or refine your budget. The NCUA encourages you to use our Money Basics Guide to Budgeting and Saving. Having a budget allows you to have a clear view of your income and expenses all in one place. It will help you live within your income, prioritize saving, and meet financial goals, today and in the future.

Learn something new. What financial decision have you avoided because you don’t know what to do? Research that topic on MyCreditUnion.gov so you can make an informed decision.

How are the NCUA and Credit Unions Involved?

Under the Federal Credit Union Act, promoting financial literacy is a core credit union mission. While credit unions serve the needs of their members and promote financial literacy within their communities, the NCUA works to reinforce credit union efforts, raise consumer awareness and increase access to credit union services. The NCUA also participates in national financial literacy initiatives, including the Financial Literacy and Education Commission(Opens new window), an interagency group created by Congress to improve the nation’s financial literacy and education.

In addition, the NCUA partners with the Federal Deposit Insurance Corporation and the U.S. Department of Education in a Youth Financial Education Collaboration Agreement aimed at helping students and families save for college and encouraging the development of smart money habits. The NCUA is also a national partner of the Jump$tart Coalition(Opens new window) for Personal Financial Literacy.

Related Resources:

Financial Literacy Tools and Resources

MyMoney.gov

FDIC Money Smart

ConsumerFinance.gov

Youth.gov

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AUTO LOAN: How can I save money on my auto loan?

Posted by Peyton Wolfe 
· Tuesday, March 26th, 2024 

Looking for ways to save big on your next auto loan? Look no further! With decades of experience in auto lending, we’ve got two invaluable tips to supercharge your car-buying experience. Plus, discover how our credit union membership can put you in the driver’s seat of your finances.

1. Know Your Credit Score and Budget Before You Go. Before you hit the dealership, arm yourself with essential knowledge. Don’t let the dealership define your financial options. Take control with these steps:
– Check your credit score and understand your creditworthiness.
-Get pre-approved for a loan through your credit union before stepping onto the car lot.
-Enjoy the confidence of knowing your loan amount, interest rate, and monthly payment in advance.

Want to explore your auto loan options now? We’ve got you covered!

2. Get the “Extras” from a Trusted Source. When it comes to vital add-ons like Payment Protection and Gap Insurance, knowledge is your best friend. Be an informed consumer:
-Research your options for these products.
-Keep in mind that products often sold at dealerships may come with hefty markups.
-As a credit union member, access these essential extras at a much lower cost, thanks to your exclusive membership benefits.

Ready to hit the road for your car shopping journey? Let us help you discover your pre-approval amount and guide you towards money-saving opportunities. Our expert team assists members every day in reviewing their loan options and securing fantastic deals. The application process is quick and easy—apply online now!
 
Still have questions? No problem! Check out these answers to common auto loan questions from members:
What is the benefit of getting pre-approved for an auto loan? Pre-approval provides you with a clear understanding of your loan amount, interest rate, and monthly payment, allowing you to shop confidently and avoid high-pressure tactics at the dealership.
How do credit union loans compare to dealership financing? Credit union loans often offer lower interest rates and reduced fees, providing more significant savings in the long run.
Are credit union extras like Payment Protection and Gap Insurance cost-effective? Yes, credit union members enjoy exclusive pricing on these essential add-ons, resulting in substantial cost savings.
 
Get ready to drive away with savings! Apply online today or text APPLY to 301-882-8269 and experience the difference of credit union membership.

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KnowBe4 Scam of the Week: Fake Financial File Phishing

Posted by Peyton Wolfe 
· Tuesday, March 26th, 2024 

In a recent phishing email scam, cybercriminals use vague financial terms that attempt to make you curious enough to click the attachment in the email. The subject of the email is “Remittance Summary,” and the malicious attachment is named “Payment Advice.” The body of the email only says, “Find attached payment advice for remittance.. Kindly revert.” The sender of the email appears to be legitimate, but it is actually sent from a fake sender address. If you download the PDF file, the malware will begin installing on your computer.

The attached malware is designed to gather sensitive information from your device. It can find personal data stored in your web browser, such as login credentials. It can also install a keylogger, which is a type of malware that records every key pressed on your keyboard. Whenever you enter your username and password, the keylogger can record exactly what you’ve typed and send it directly to the cybercriminals.  
 
Follow these tips to avoid falling victim to a financial phishing scam:
Be skeptical. If an email looks suspicious or contains unusual grammatical errors, immediately report it to your organization.
Check the email address carefully. Cybercriminals will often use email addresses that appear very similar to legitimate senders.
Never download unexpected attachments. If you’re not expecting an attachment or the email is from someone that you don’t know, don’t open it.

The KnowBe4 Security Team
KnowBe4.com

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SCAM OF THE WEEK: Invitation to a Malware Party

Posted by Peyton Wolfe 
· Tuesday, March 12th, 2024 

Cybercriminals recently targeted European diplomats by impersonating representatives for the ambassador of India. They each received a fake invitation to an exclusive wine-tasting party. But, the invitation was actually a trick to install malware onto their devices. This type of scam could be used to target anyone, so let’s take a closer look at how it worked.

The scam starts with a simple phishing email that includes an attached PDF file. The PDF file is a convincing invitation to a party, complete with official-looking letterhead and contact information. The invitation asks you to complete a questionnaire in order to reserve your spot. If you click the questionnaire link, you are redirected to a website that automatically downloads malware onto your device. Once installed, the malware hides on your device and sends data back to the cybercriminals. 
 
Follow the tips below to stay safe from similar scams:

  • Be cautious of unexpected and exciting opportunities. Remember, if something seems too good to be true, it probably is!
  • When you receive an email or invitation, stop and look for red flags. Consider the timing of the invitation and look for any spelling or grammatical errors.

Never click a link or download an attachment in an email that you weren’t expecting. 

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Hidden Savings: Commonly Overlooked Tax Deductions

Posted by Peyton Wolfe 
· Thursday, February 29th, 2024 
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Data Privacy Week January 21 – 27, 2024

Posted by Peyton Wolfe 
· Thursday, January 18th, 2024 

ACT 1st Federal Credit Union Announces Commitment to Respecting Data
by Becoming a 2024 Data Privacy Week Champion

This year’s initiative emphasizes educating businesses on data collection best practices that respect data privacy and promoting transparency

ACT 1st Federal Credit Union announced our commitment to Data Privacy Week 2024 by registering as a Champion. As a Champion, ACT 1st Federal Credit Union recognizes and supports the principle that all organizations share the responsibility of being conscientious stewards of personal information.

Data Privacy Week is an annual expanded effort from Data Privacy Day — taking place from January 21 – 27, 2024. The goal of Data Privacy Week is to spread awareness about online privacy among individuals and organizations. The goal is twofold: to help citizens understand that they have the power to manage their data and to help organizations understand why it is important that they respect their users’ data.  

TAKE CONTROL OF YOUR DATA
All your online activity generates a trail of data. Websites, apps, and services collect data on your behaviors, interests, and purchases. Sometimes, this includes personal data, like your Social Security and driver’s license numbers. It can even include data about your physical self, like health data – think about how a smartwatch counts and records how many steps you take.

While it’s true that you cannot control how each byte of data about you and your family is shared and processed, you are not helpless! In many cases, you can control how you share your data with a few simple steps. Remember, your data is precious, and you deserve to be selective about who you share it with!

Follow these steps to better manage your personal information and make informed decisions about who receives your data.

For more information about Data Privacy Week and how to get involved, visit
https://staysafeonline.org/programs/data-privacy-week/.

About Data Privacy Week

Data Privacy Week began as Data Privacy Day in the United States and Canada in January 2008 as an extension of the Data Protection Day celebration in Europe. Data Protection Day commemorates the Jan. 28, 1981, signing of Convention 108, the first legally binding international treaty dealing with privacy and data protection. NCA, the nation’s leading nonprofit, public-private partnership promoting cybersecurity and privacy education and awareness, leads the effort in North America each year. For more information, visit https://staysafeonline.org/data-privacy-week/.

About the National Cybersecurity Alliance

The National Cybersecurity Alliance is a non-profit organization on a mission to create a more secure, interconnected world. We advocate for the safe use of all technology and educate everyone on how best to protect ourselves, our families, and our organizations from cybercrime. We create strong partnerships between governments and corporations to amplify our message and to foster a greater “digital” good.  For more information, please visit https://staysafeonline.org.

You can learn more about safeguarding your information online with the FTC’s information on computer security, protecting your personal information, limiting unwanted calls, mail, and email.

NCUA’s Fraud Prevention Center

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SCAM OF THE WEEK: An Early Tax Reminder From the IRS

Posted by Peyton Wolfe 
· Thursday, December 28th, 2023 

Cybercriminals are preparing for the busiest period of the year, which is tax season.
It is important to remain vigilant and exercise caution before clicking on anything.

The US Internal Revenue Service (IRS) recently held the eighth annual Security Summit. The IRS concluded the summit with a reminder to stay alert during the upcoming tax season. Specifically, they warned taxpayers and tax professionals to watch for phishing and smishing scams.

Tax scams aren’t specific to the US. Around the world, cybercriminals are readying their phishing emails and text messages (smishing).

Handling your taxes is often a difficult task. So, bad actors use this sensitive topic to catch your attention or manipulate your emotions.

Follow the tips below to stay safe during tax season:

  • Know what to expect from your local revenue agency. For example, in the US, the IRS typically contacts taxpayers by mail, not email or text.
  • Always think before you click. Cyberattacks are designed to catch you off guard and trick you into clicking impulsively.
  • Use extra caution when handling tax documents. For digital documents, use password protection. For physical documents, keep paperwork in a secure location and shred anything that is no longer needed.

Stop, Look, and Think. Don’t be fooled.

Article provided by:

KnowBe4 is the world’s most popular integrated platform for awareness training combined with simulated phishing attacks. Let Keller Schroeder show you how KnowBe4 has helped thousands of organizations just like yours manage the continuing problem of social engineering.

KnowBe4.com

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