Black Friday & Cyber Monday: How to Shop Smart and Avoid Scams

With the holiday season right around the corner, buyers are already seeing the beginning sales of Black Friday and Cyber Monday. While it’s an exciting time to buy all the gifts needed for your loved ones, it’s also easy to overspend and wrack up debt while taking advantage of the yearly discounts. Shop smart on Black Friday and Cyber Monday with these tips that can help you avoid scams and potential debt, while still finding the perfect holiday gifts!

Create a Shopping List and Stick to It

Planning your shopping ahead provides a structure to Black Friday and Cyber Monday that eases potential stress and overspending. Having a list of what you’re looking for also lessens the chances of buying items impulsively because of a discount or sale. Take the time to think about each person you’re shopping for and what you believe they’ll like. Not only will this help you stay on track with your budget, it can also help you come up with more meaningful gift ideas. Overall, making (and then sticking to) a holiday shopping list for Black Friday and Cyber Monday:

Reduces the chances of impulse buying.
Reduces the chance of falling for “sales” on items you didn’t anticipate buying.
Keeps spending within your decided-upon budget.

Compare Discount Prices

When shopping online for Black Friday and Cyber Monday, comparing prices from one retailer to another is a great way to save money. Price comparison websites and browser extensions are a helpful option that compile an item’s prices across different online retailers. Common websites include PriceGrabber, ShopSavvy, and Price. These tools work well for buyers looking for different price options in the same spot rather than searching them out one by one. This also introduces shoppers to retailers with holiday deals they may not have previously known about. When comparing prices both online and in person, consider these tips:

Look at past prices for items on your list to determine if the “sales” you see are actually discounts worth spending.
Compare prices at different retailers; different stores may have the same item priced differently, which may help you stay in budget.
Look for holiday bundles from popular retailers; often paired items at a discounted price — a few simple calculations can help you determine if the price of the items together saves you money rather than buying one alone.

Shop Secondhand

Shopping for gifts secondhand is a sustainable way to keep prices down during Black Friday and Cyber Monday. This environmentally conscious option also provides shoppers the chance to find unique items they may not be able to buy new. With the added benefit of extremely discounted prices, it’s no surprise secondhand shops and online retailers have continued to grow in popularity.

Thrifty gifts are a great option for buyers determined to stay within their budget; look on popular secondhand websites like eBay, Depop, or Poshmark for items on your list, as well as visiting local shops and boutiques for unique gift giving.
Not only do secondhand websites offer great items at lower costs, but oftentimes you can find items that are like-new and in great condition at a significant discount.
Many secondhand shopping websites have their own Black Friday/Cyber Monday sales, with sellers that are open to discussing their prices with potential buyers; making an offer for items is encouraged and could save you even more money!

Keep Debt in Mind

Black Friday and Cyber Monday shopping is an effortless way to fall victim to overconsumption — a slippery slope for shoppers who are already dealing with debt. This is why being aware of any debt and creating a budget to accommodate it is imperative to keeping your funds safe while you shop. Not only will your holiday spending become less stressful (and more enjoyable!) when you plan not to overspend, but your future self will surely thank you for not contributing to any more financial debt.

Create a budget based on how much money you can safely spend on Black Friday shopping while keeping your necessities taken care of (like non-negotiable bills, food costs, and credit card payments).
Keep track of the items on your list as you buy them/they go on sale so you’re less likely to overspend on impulse items.
While you could always pay for Black Friday items with a credit card, try to keep the use of credit to a minimum — especially if you know you have existing debt; this keeps the debt from growing, and prevents interest and fees that may cost just as much as your holiday shopping spree.

Beware of Scams

In the age of technology, scams and fraud are more rampant than ever. This is especially true during Black Friday and Cyber Monday. Knowing what scams may look like and how they work is the first step you can take to avoiding them. Beware of the following scams that are commonly used during the holiday shopping season.

Common Scams Used During Black Friday and Cyber Monday

Fake retail websites that look like the real deal: When shopping online, pay attention to the spelling of the website’s URL to make sure it matches the company name. If you’re unsure if the website you’re on is legit, try to cross reference using the links on the company’s social media, or look up the website in a separate browser to see if the one you’re on pops up.
Phishing emails: Scammers will often send misleading emails about fake order confirmations or untrue sales/discounts in the hopes that you’ll click on a link that leads to a scam website. Never click on a link, photo, or message if you’re unsure the sender can be trusted.
Paying with a gift card: If a seller or retailer requires you to check out with a gift card, it’s highly likely that they’re a scammer. Gift cards can provide a safer way to buy items while holiday shopping, but it should never be required by a seller as the only payment option. This is a common tactic with scammers since funds on gift cards are difficult to recover.
Misleading Sales that pressure you to “act now”: Companies want you to spend your money during Black Friday and Cyber Monday, so it’s important to be cautious exactly where you do. If you see a sale that pressures you to buy before it’s over, try taking the extra time to decide if it can be trusted.

If you’re still worried about falling for scams while shopping on Black Friday and Cyber Monday, consider using two-factor authentication to make purchases, or using a third party credit monitoring business to keep an eye on any suspicious activity on your credit report. Do you think you’ve fallen victim to scams or fraud? Reach out to your trusted financial provider today to begin the process of getting your funds back on track.

While Black Friday and Cyber Monday are convenient opportunities to complete your holiday shopping, it’s imperative to shop with caution so you avoid overspending and potential scams/fraud. By incorporating smart financial tips into your shopping process, you can enjoy the holiday season without the added financial stress!

How To Build Your Credit Score Before The Holiday Season

It’s no secret — a good credit score is the keystone to a financial foundation that ensures success throughout a person’s life. But how do you build good credit, especially before the holiday season, when the urge to spend becomes more rampant than ever? The answer is to build smart spending and saving habits and stick to them consistently.

Much like a muscle in the gym, the more you practice good habits the stronger their influence becomes in your daily life. To start building your credit before the holidays, begin to establish what your credit score currently is and what score you’d like to achieve. Incorporating the following tips into your daily life can help you improve your credit, and the longer you can stick with them, the longer you can maintain the credit score you’ve always wanted.

What is a credit score?

A credit score is a three-digit number that represents your financial trustworthiness. In simple terms, it tells lenders how likely you are to repay borrowed money. Most credit scores range from 300 to 850, with higher scores indicating stronger credit habits.

Your score is calculated using several factors, some of which include:

Payment history (Do you pay on time?)
Amounts owed / credit utilization (How much of your credit limits are you using?)
Length of credit history (How long have your accounts been open?)

Why does this matter? Because your credit score affects everything, from loan approvals to interest rates, housing applications, insurance rates, and even certain job opportunities. Good credit can save you thousands of dollars over your lifetime. Our previous blog provides a helpful breakdown if you want to dive deeper into credit basics.

Now that you know what a credit score is, let’s talk about what to do if yours is low. And more importantly, how to raise it before the holiday season kicks in.

Low Credit Scores: How to Rebuild and Recover

If you’re working with a low or even no credit score, don’t panic, there are real, actionable steps you can take to improve it. The following several strategies can make a big difference, especially when used consistently over time.

1. Use Collateral to Get a Loan and Catch Up On Payments

For individuals with low or no credit, getting approved for traditional loans can be difficult. However, if you have collateral, such as a vehicle or savings, you may still qualify for a secured loan.

This kind of loan can be a powerful tool. You can use the loan funds to:

Bring past due accounts current
Pay off collections or late balances
Start fresh with a new payment schedule

Once the new loan is in place, making on-time payments will help rebuild your score. Every on-time payment reports positively to the credit bureaus, gradually boosting your credit history.

2. Consider a Credit Builder Loan

If you have no credit or very limited credit history, a credit builder loan is one of the best tools available. Rather than giving you money upfront, the lender places the loan amount into a locked savings account. You make monthly payments toward the balance, and once the loan is paid off, the funds are released to you.

The benefit? Each monthly payment builds a consistent, positive line on your credit report, helping you establish or rebuild your credit from the ground up.

This is especially ideal before the holidays, because instead of using credit cards right away, you’re building a foundation that will help you borrow at better rates in the future.

Practice Makes Perfect: Habits That Build and Protect Good Credit Scores

Building credit isn’t just about fixing problems — it’s about forming strong financial habits that keep your credit score healthy for the long term. Here are some best practices from financial experts, along with the final two tips that apply to both low and high credit scores.

1. Pay All Bills On Time, Every Time

Even one late payment can drop your score. Set reminders, use autopay when possible, and prioritize due dates.

2. Keep Your Credit Utilization Low

Credit utilization is how much of your credit line you’re using compared to your limit. Financial experts recommend staying below 30%, but YEFCU Loan Officers offer an even better guideline:

Do not let your credit card balances exceed ½ of your credit limit.
If you have a $500 credit line, aim to keep your balance under $250.

Why? Lenders want to see that you use credit responsibly without maxing out. If your balance does go above half (life happens) work quickly to pay it back down. The faster you reduce that balance, the faster your score can improve.

3. Avoid Opening Too Many New Accounts

Each credit inquiry can slightly lower your score. Opening several accounts at once can signal potential risk to lenders. Instead, focus on managing the accounts you already have.

4. Keep Old Accounts Open

Length of credit history matters! Even if you don’t use an old credit card often, keeping it open (with no annual fee) can help maintain a longer credit history and boost your score.

5. High Credit Score? Consider a Consolidation Loan

Even with a high credit score, there’s always room to save money and protect your score from potential dips. One of the smartest strategies is to consolidate high-interest credit card debt into a loan with a lower rate.

Credit cards can often have high interest rates and are considered unsecured debt. However, if you use a vehicle or home equity to secure a loan, you can:

Move unsecured debt → secured debt (scores love this!)
Pay a lower interest rate
Simplify multiple bills into one monthly payment
Potentially save hundreds over time

This is especially effective before the holidays, when spending tends to increase. Tackling debt now prevents post-holiday stress later.

6. Remember: High or Low, the Habits Are the Same

Whether your score is at the bottom or the top, the rules of the credit game don’t change. Whether high or low… the goal is to practice the same positive habits to improve your score or keep it where it is.

That means:

Pay on time
Keep balances low
Use credit wisely
Avoid unnecessary debt
Monitor your credit report

When you treat credit like a long-term relationship, built on trust and consistency, it will reward you over time.

Bonus Tip: Prepare Before the Holiday Season

The holidays are a common time to see credit scores drop due to:

Overspending on credit cards
Missing payments during the busy season
Taking on new debt without a plan

To avoid that seasonal slump:

Set a realistic holiday budget
Start saving early in the fall
Use rewards or cash-back strategically
Pay off holiday spending ASAP
Don’t open store cards “just for the discount” unless necessary

By going into the season with a strong credit plan in place, you can enjoy the holidays without sacrificing your future financial health.

Conclusion

Great credit doesn’t happen overnight, but it also isn’t out of reach. Whether you’re starting from scratch, recovering from past mistakes, or polishing an already strong score, the same habits will help you succeed: borrow responsibly, pay consistently, and make smart financial choices. With the right tools — like credit builder loans, secured loans, or consolidation loans — you can position yourself for a strong credit score before the holidays even begin.

If you’re ready to take the next step, YEFCU is here to help you build, rebuild, or maintain your credit with personalized guidance and member-focused loan options.

Let’s build the future you deserve — one smart decision at a time.

Saving Money as a First Year College Student

Starting college is an exciting milestone, but it also comes with financial responsibilities that can feel overwhelming for first year students. From tuition and textbooks to dorm essentials and meal plans, costs can add up quickly. For many students, this is their first real experience managing money on their own. Learning to save early and make smart financial decisions can set the foundation for long-term financial success. Whether you’re attending a trade school or university, majoring in theater or business, building strong money habits now will help you avoid stress later — and give you more freedom to enjoy your college experience.

Understanding Financial Aid

Young student sits with financial advisor and smiles as they go over her loan options.

Before you worry about cutting costs, make sure you’re taking full advantage of all the financial support available to you. Fill out the FAFSA (Free Application for Federal Student Aid) every year to determine your eligibility for federal loans and grant opportunities. Unlike loans, grants and scholarships don’t need to be repaid, so try to prioritize those whenever possible. Unsure of the difference between financial aid options? Read about the difference between scholarships and loans here. Students can search for scholarships through their school’s financial aid office, local organizations, and trusted scholarship databases. If you do take out student loans, borrow only what you need and understand the terms. Keeping student loan debt manageable from the beginning is a crucial part of staying financially healthy during and after college.

Summer Savings

Female student using POS system while working at a coffee shop.

The summer before your first college semester is a great time to get a head start on building your savings. A part-time or full-time job, even if temporary, can help students build a small financial cushion for unexpected school expenses. Try creating a savings goal, such as setting aside 30%–50% of each of your paychecks, and try to stick to it. Opening a separate savings account dedicated to these savings can help you avoid the temptation of spending what you’ve earned. Whether you’re saving for books, dorm supplies, or personal spending, these early savings can ease the transition into college and reduce student reliance on credit or loans.

Creating a Monthly Budget

Person sitting at desk with laptop, phone and calculator works on building their budget.

One of the most effective ways for students to save money in college is to track where their money is going. Start by listing all the sources of your income, including financial aid refunds, part-time jobs, or help from your family. Then list fixed expenses like rent, meal plans, or phone bills, and estimate flexible spending for things like food, transportation, and entertainment. Apps like Mint, YNAB (You Need a Budget), or even a simple spreadsheet can help students stay organized. Budgeting may sound tedious, but it gives students control over their finances and can prevent unnecessary stress throughout the semester.

Building Credit Responsibly

Student sits at table with her laptop and credit card in hand.

College is a great time to start building your credit history — if you do it responsibly. Look for a student credit card with a low interest rate and no annual fee. Use it only for small, regular purchases like gas or groceries, and try to pay off the balance in full every month. This shows lenders that you’re reliable and helps you build a strong credit score, which will come in handy later when renting an apartment, buying a car, or applying for loans in the future. Be sure to avoid maxing out your credit card or missing any payments, as that can damage your credit and lead to unnecessary debt.

Saving Money on Textbooks

Young male student sits in the library and smiles as he reads his textbook.

Textbooks can be surprisingly expensive, but there are several ways to cut costs for students. Instead of buying directly from the campus bookstore, compare prices on websites like ThriftBooks or Amazon. Renting textbooks, buying used copies, or using older editions can save you hundreds of dollars each semester. Some professors even upload free PDFs or use open-source materials, so be sure to ask or check the syllabus before purchasing anything. Starting the habit of price-checking and exploring budget-friendly alternatives will help you stretch your monthly budget without sacrificing the quality of the tools needed for your education.

Student Discounts

Two female students look at a phone while out shopping together and carrying shopping bags.

Students are usually on a very tight budget due to limited income, high tuition costs, and the expense of living off campus. Given these discrepancies, many businesses offer student discounts. Organizations like Hulu, Nike, Dell, AMC, and many more. Savings typically range from 10% to 50% off the retail price. Tech tools are often used for research, assignments, or design projects. Valid student IDs can access premium services at a reduced cost. Searching for student discounts can be time-consuming, but online tools make the process easier. One helpful site is Student Beans, where students can quickly find and access a wide variety of discounts on clothing, food, tech, entertainment, and more, just by verifying their student status. Being approved by Student Beans can be instant if your student email domain is recognized, or it takes up to three days if manual review is required. Start exploring your resources and take full advantage of your student benefits.

Building an Emergency Fund

Young female student puts coins into her piggy bank.

As an incoming college student, building an emergency fund may not seem important, but it is a significant step in your college career. An emergency fund is money set aside for unexpected expenses like car repairs, electronic repairs, a lost job, and even surprise medical expenses. Starting your college career can be scary and even stressful. Having a small fund gives you a sense of peace of mind, allowing you to focus on classes and schoolwork. Having this fund will also teach you how to save money early. It helps you build healthy habits that will benefit you in the long run. First things first — set a goal for how much money you want to save. Next, don’t feel pressured to meet your goal immediately. Put aside a few dollars at a time. Then keep your savings separate from your spending account to avoid temptation. Lastly, set up automatic transfers no matter the amount to reach your financial goals.

Automate Your Savings

cell phone sits face up on desk with notification that reads "transaction complete".

Whether you’re saving for an emergency fund, a big purchase, or your future, automating your savings keeps you on track to long-term success. Automatically transferring funds eliminates the need for willpower, removes the mental burden, and helps you stay consistent without even thinking about it. Automatic actions train your brain to treat savings as a priority and encourage long-term financial discipline without feeling like a sacrifice. Money that goes directly into your savings is less tempting to spend and keeps your finances growing without the urge to spend it. No matter what you’re putting money aside for, it keeps you on track with your savings goals. You consistently make steady progress without doing any extra work. Setting money aside while working toward your financial goals reduces stress, boosts your confidence, and ensures you’re prepared for both planned expenses and surprises.

Sharing Subscriptions

group of female friends sitting on couch and watching tv together.

Budgeting is key when you are a college student. One of the easiest ways to save money is by sharing subscriptions. You can share with friends, family, and/or roommates to cut and minimize your cost. Sharing your Amazon Prime student or DoorDash dash-pass allows students to get free or faster shipping and discounted delivery fees. Some may say sharing subscriptions can help you stay connected to your friends and family. Whether it’s a show you all may be bingeing or a playlist you build together, it’s a shared experience.

University Resources

A student receiving help from a university resource hands a clip board back to an employee.

Taking advantage of the resources your university provides can help students save money, stay healthy, and make the most of their college experience. One of the most valuable resources available to students is the Financial Aid Office, which plays a crucial role in helping manage the cost of college and accessing funding opportunities. They can offer you help with aid packages, apply for scholarships, and access emergency funds. Another resource that schools provide is free/discounted public transportation. Since many schools don’t allow freshmen to bring cars, and owning one can be expensive, discounted or free transportation passes make it easier for students to get to class, work, and run errands without the extra cost. Another critical resource for students is the campus food pantry, which helps ensure that no one has to choose between meals and other college expenses. By taking full advantage of the resources offered on campus, students can ease financial stress, stay focused on their goals, and make the most of their college experience.

Being a college student doesn’t mean doing everything alone. There are countless resources available to help you stay afloat financially and emotionally. Whether you’re splitting subscriptions with roommates, leaning on your school’s financial aid office, or accessing the campus food pantry, support is always within reach. Many of your peers are using the same tools to stretch their budgets and reduce stress. Embracing these options doesn’t make you less independent; it makes you knowledgeable and resourceful. Leaning into your campus community can make a huge difference in your college experience. So take the time to explore what’s available, ask questions, and make choices that support your well-being and your wallet.

Protecting Your Finances During Vacation Season.

Imagine this: You’ve just had the perfect vacation — sunny beaches, family dinners, and unforgettable memories. But when you head to the airport or try to buy dinner on your last night, your card gets declined. You check your account… and it’s nearly empty. A fraudulent transaction has drained your funds, and now you’re stranded, stressed, and unsure what to do next.

This nightmare scenario is more common than you might think, but with the right precautions, it can be avoided. Whether you’re traveling near or far, protecting your finances should be just as important as planning your itinerary. Here’s how to safeguard your money before, during, and after your trip.

Budget First, Then Book

couple in kitchen budget while looking at documents and laptop.

The best way to avoid financial stress on vacation? Start with a solid budget. Plan how much you can afford to spend while you’re away, then break that amount down into categories: travel, lodging, food, entertainment, and emergency funds. Look for discounts, free activities, or budget-friendly dining options so you can enjoy your trip without going overboard. You don’t have to spend a lot to have a memorable getaway—you just have to spend smart.

Before You Go: Plan, Prepare, Protect

Couple with their young child in the car smile and look at a paper map while driving.

Do Your Research

Before booking, thoroughly evaluate your destination, accommodations, and transportation. Read reviews and look into any complaints for booking companies, hotels, rental homes, and car services. Make sure the businesses you’re trusting with your money and travel plans are legitimate and reliable.

Book Directly When Possible

Third-party apps may advertise cheaper rates, but they come with greater risks. When you book directly with hotels, airlines, or car rental companies, you’re ensuring that your payment goes through a secure, traceable channel—greatly reducing the risk of fraud.

Watch for Red Flags

If an offer seems too good to be true, it probably is. Scammers often use unrealistically low prices or perks to lure travelers into unsafe transactions. Stick to well-known, reviewed platforms and companies.

Notify Your Financial Institution

Let your credit union or bank know about your travel plans. This prevents your card from being flagged or frozen due to “unusual activity” while you’re away, and it keeps your spending uninterrupted.

Understand What You’re Signing

Before you hit “book,” always read the fine print. Be sure you understand cancellation and refund policies for hotels, flights, and rentals. You don’t want to get stuck in a bad deal simply because you missed the details.

Consider Travel Insurance

If you’re going overseas or on an extended trip, travel insurance can be a smart investment. It may cover your belongings, travel delays, cancellations, and even medical emergencies.

During Your Trip: Stay Smart with Your Spending

Use Secure Payment Methods

Credit cards are generally safer than debit cards while traveling—they aren’t linked directly to your checking account and offer stronger fraud protection. Cash is also a reliable option but should be carried discreetly and stored securely.

Protect Your Valuables

Keep passports, IDs, and extra cash in a hotel safe or other secure spot. When you’re out and about, don’t flash your money, and always keep it in a secure, zipped pocket or bag.

Be Cautious with Connectivity

Never use your banking app over public Wi-Fi. Use cellular data or a trusted VPN to access sensitive financial information. Avoid using unknown ATMs—stick to those operated by reputable institutions.

Avoid Fake Listings & Scams

Only communicate and pay for rentals or bookings through official platforms. Scammers will often try to move conversations and payments off-platform—this is a red flag.

Skip Risky Payment Methods

Never pay for travel expenses with wire transfers, cryptocurrency, or gift cards. These are nearly impossible to recover in the event of fraud.

Monitor Your Accounts

Check your account activity regularly while on vacation. The sooner you spot suspicious transactions, the faster you can take action.

If You Spot Fraud: Act Quickly

Man on cell phone explores passwords and fraud prevention options.

If you notice fraudulent activity on your account while traveling:

1. Document Everything.

Take screenshots or write down transaction details. The more information you provide, the better your case.

2. Contact Your Financial Institution Immediately.

Call your credit union or bank to report the fraud and freeze your card if necessary. For debit card fraud, call 1-800-262-2024. For credit card fraud, call 1-855-961-1602. Members also have access to freeze their debit cards on YEFCU Mobile and Home Banking if they suspect fraudulent activity.

3. Use a Backup.

Try travelling with an alternate card in case one needs to be shut down in the event that fraud occurs.

4. Make a Report.

If the fraud took place on a booking site or app, report it through their support channels. Report any encountered fraud to the Federal Trade Commission.

5. Involve Local Authorities.

If the situation warrants it, don’t hesitate to contact local law enforcement.

Travel Securely, Spend Wisely

Young children and their parents smile as they enter a vacation resort and carry their luggage.

A little preparation can go a long way in keeping your vacation stress-free. Protecting your finances while traveling isn’t just about avoiding fraud—it’s about giving yourself the freedom to enjoy your time away without unnecessary worries.

If you’re planning a trip soon, stop by or contact our main office so we can help you set up travel alerts, debit card protections, and financial tools to make your next getaway smooth and secure.

Safe travels! ✈️🌍

Graduation Season: Financial Advice for Grads & Their Families

As the 2025 school year comes to a close, it’s time to celebrate this year’s graduates! Graduation is a time to recognize the hard work of students and their families — but it also marks the beginning of some of the biggest financial decisions young people will begin to make. Whether you’re headed to college or technical school, going straight into the workforce, or supporting a grad, it’s easy to feel overwhelmed by all the options you now face. Here are some practical tips to help graduating students and their families make smart money moves, this season and beyond!

Choosing Student Loans

If you plan on furthering your education after high school, it’s important to know how to finance that decision. The easiest way to fund the next 4+ years of your life is through student loans. But did you know there are two different kinds? Federal loans and private loans. According to FAFSA, “Federal student loans are made by the government, with terms and conditions that are set by law…”, whereas private loans are, “made by private organizations such as banks, credit unions, and state-based or state-affiliated organizations, and have terms and conditions that are set by the lender.” Knowing which loans are best for your circumstances makes it easier to choose which to apply for. When applying for student loans, remember to consider interest rates, repayment plans and refinancing for after school, tax benefits and credit checks. These factors all contribute to how much money you’ll be spending on school in the long run, and shouldn’t slip through the cracks of your financial decision making.

When it comes to loan repayment, there are numerous plans to choose from. There are plans that base your monthly payments on your income each year (IDR), and some that base your payments on how long you’d like to be paying the loan off (Standard). Some plans you can pay as you go while still basing payments on a percentage of your income (PAYE), and others you can extend the payment period up to 25 years to make your payment amounts more manageable (Extended). With these plans and more available, it’s important to go over each one to decipher which will work best for you. Take a look at FAFSA’s repayment plan page here, and don’t forget to try out their loan simulation calculator to get an estimate on what your payments may look like with different repayment plans. Wondering how to pay off your student loans even after you’ve crunched the numbers? Our partnership with Student Choice is a great option for graduates looking to consolidate or refinance their loan payments.

Checking & Savings Accounts

If you’re leaving high school without a checking or savings account, graduation season is the perfect time to establish one! These accounts are imperative to good financial decisions as they form a strong foundation for our money. Savings accounts are where we build and keep our excess money — think of it as your emergency fund. Checking accounts are typically where you keep your spending money, and are linked to a debit card. Both create a healthy balance to begin your financial journey.

When looking for a financial institution to join, consider one that matches your lifestyle best. Look for one that offers services you’re interested in and is available wherever you decide to go to school or move to after graduation. When opening a checking/savings account, does the bank or credit union you’ve chosen have a minimum balance requirement? Are the interest rates for a credit card reasonable? Do they offer a mobile banking app that you can get on your phone? These are all questions you should be asking yourself when deciding where to store your finances.

When you’re still learning to save money, automatic transfers are a great option to build a consistent habit. Once you’ve established your accounts, ask to have a designated amount of money transferred to your savings account each month. This takes the pressure of remembering to save off those who are new to the habit, and the amount transferred can be changed at the account holder’s discretion. When it comes to your personal funds, how you keep them safe is one of the most important financial decisions you could ever make.

Building Credit Responsibly

Building credit is a financial decision that heavily determines your financial future — after graduation is the perfect time to begin to build it. The point of using credit is to build a high credit score. In our blog, Understanding Credit Scores and How to Boost Yours, credit scores are described as “…a number that creditors use to determine your credit behavior, including how likely you are to make payments on a loan.” They determine the jobs we can apply for, the places we can live, and the loans we can receive. The higher your credit score, the better your financial standing. To learn more about what is considered a good credit score, how to boost them with daily habits, and how to maintain a good score, take a look at our blog and others here.

Life after graduation is a great time to begin using credit, as long as you do so responsibly. After applying for a credit card whose interest rate isn’t too high, try making small purchases to get comfortable using credit. This could be your weekly gas station visit, buying groceries every month, or treating yourself to a coffee on the weekend. Starting your credit journey with payments that are manageable will help you cement smart financial habits into your daily life.

It’s important not to get carried away with your credit card at any point of your financial journey. You never want to go over the limit you have to spend as this can damage your credit score, and you should always remember to make your payments on time. Remember — damaging your credit score for a fleeting moment of spending is incredibly easy, but rebuilding your score so you can afford life’s necessities is much harder.

Looking Toward the Future

Life after graduation is an exciting time for students and their families. Help your grad step into this chapter with confidence and financial clarity by showing them how to make financial decisions they’ll appreciate in the future. Your trustworthy credit union is here to help each step of the way!

Understanding Credit Scores & How to Boost Yours

Happy spring! After a long, cold winter we can now look forward to sunnier days, shorter nights and the feeling of new beginnings. This fresh season can inspire us to declutter the parts of our lives that have become stagnant during the colder months. Did you know you can turn the same type of attention towards your finances? For lots of us, the holiday season and start of a new year can leave us wading in credit card purchases we’re now struggling to pay back. This can leave us with a credit score a little less than perfect. Incorporating the following tips into your financial routine may help you boost (and maintain) your credit score this spring season, and for the following seasons long after!

What is a Credit Score?

USA.gov describes a credit score as, “…a number that creditors use to determine your credit behavior, including how likely you are to make payments on a loan.” They’re linked to a person’s credit card; these cards are a type of loan provided by a credit union or bank with a set spending limit that users have to pay back every billing cycle, plus interest. Credit scores are important factors when it comes to things like applying for loans, renting or buying a place to live, and getting insurance. If your credit score is too low, obtaining these things can become more difficult. That’s why it’s important to strive for a high score.

How Are Credit Scores Calculated?

Credit scores are calculated through the information found on a person’s credit report. This is a report with all your credit information that is provided by the three main credit reporting agencies: Equifax, Experian, and TransUnion. It’s on this report that you can find out your credit history, outstanding balances and payment history, among a few others. These details contribute to calculating your credit score.

What Is A Good Credit Score?

As Experian explains, “For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.” While credit scores can fluctuate from person to person, according to their research, about one third of consumers with credit scores have between a 600 and a 750. This sets them up with a good credit score for obtaining different financial services. Experian reports that the average credit score for American consumers is a 715, a score considered excellent, and one that has remained unchanged for the past 11 years. While it’s important to keep a credit score higher rather than lower, it’s important to note that you don’t necessarily need a perfect 850 to qualify for financial services.

How Do I Maintain A Good Credit Score?

Building a good credit score for yourself isn’t one size fits all. But, there are some general best practices you can incorporate into your daily habits to make it better.

Make Payments On Time

The first (and arguably most important) way to boost your credit score is to make your payments on time. This really makes a difference when you pay them on time, consistently. This can be done easily through automatic transfers when payments are due, as well as setting up electronic reminders for yourself each month. Having up to date credit payments are commonly the first place credit report agencies look when calculating credit scores. If you’ve fallen behind on your payments, make the effort to get current and stay current. Incorporating these payments in your monthly budget is a great way to keep bills regularly paid.

Long History Of Payments

While it’s true that everyone has to start somewhere when it comes to building their credit, it’s even truer that the longer you’ve kept your payments current, the better your score will be. A longer history of credit card payments further emphasizes to credit report agencies that a consumer can be trusted to pay their loans back, ultimately working in their favor to apply for other financial services. So don’t be discouraged about the process of boosting your credit score – sticking with your payment plan will work out in the long run!

Stay Away From Your Limit

Spending up to your credit card limit is commonly referred to as “maxing out”. Because credit report agencies look at how close you are to maxing out, this is something you should avoid if your goal is to boost your credit score. Generally you should keep your payment balances lower than the limit on your credit card. The Consumer Finance Protection Bureau says that, “Experts advise keeping your use of credit at no more than 30 percent of your total credit limit.” By keeping your spending at a reasonable amount, making payments towards your credit card can become easier and may boost your credit score.

Conclusion

Building and maintaining credit is an integral financial practice that can be easy to slip up on. But with smart financial practices, the effort to stay consistent and setting specific goals, anyone can boost their credit score and keep it at a number they’re satisfied with. If you still find yourself struggling to raise your credit score, you may benefit from our Credit Builder loan, specifically tailored to aid you on your journey to better credit. Schedule an appointment with one of our Loan Officers to get started today!

Scholarships vs. Student Loans: How to Fund College without Debt

The rising cost of college tuition has left many students and families wondering how to pay for higher education without accumulating massive debt. While student loans are a common solution, they come with long-term financial obligations. On the other hand, scholarships offer a debt-free way to fund your education. Understanding the differences between these options can help students make smarter financial choices and minimize or even eliminate student debt.

What are Scholarships?

Scholarships are financial awards that do not require repayment, making them an ideal way to cover educational expenses. They come from a variety of sources, including colleges, private organizations, non-profits, and employers. Scholarships can be awarded based on different criteria, such as:

Merit Based: Awarded for academic excellence, athletic ability, or artistic achievements.
Need Based: Given to students from low-income families or those demonstrating financial need.
Demographic Based: Designed for specific groups, such as first-generation students, minorities, or veterans.
Field Specific: Offered to students pursuing careers in specific industries like STEM, healthcare, or education.
Community or Employer sponsored: Provided by local businesses, credit unions, or employers as an incentive for continuing education.

Where to Find Scholarships

To maximize scholarship opportunities, students should explore multiple sources, such as:

FAFSA (Free Application for Federal Student Aid), which can reveal eligibility for grants and institutional aid.
University financial aid offices, which often have lists of available scholarships.
Online databases like Fastweb, Scholarships.com, and the College Board’s scholarship search.
Local organizations and non-profits, including community foundations, credit unions, and religious groups.

What are Student Loans?

Student loans are borrowed funds that must be repaid with interest. They are typically used when scholarships, grants, and savings are not enough to cover tuition and other expenses. There are two main types of student loans:

Federal Student Loans – These are government-backed loans with lower interest rates and flexible repayment options. They include:
- Subsidized Loans – The government covers interest while the student is in school.
- Unsubsidized Loans – Interest begins accruing immediately upon disbursement.
Private Student Loans – These are issued by banks, credit unions, and other private lenders. They often have interest rates that depend on your circumstances, and may require a cosigner.

The Long-Term Cost of Student Loans

To minimize the need for student loans, consider these strategies:

Prioritize Scholarships & Grants – Apply for as many scholarships as possible to maximize free funding.
Consider Community College First – Attending a community college for the first two years can significantly reduce costs before transferring to a four-year institution.
Explore Tuition Reimbursement Programs – Certain employers and organizations offer tuition assistance for employees.
Use Savings & Smart Budgeting – Setting aside money in a college savings account can help cover tuition without relying solely on loans.

Scholarships are a powerful tool for funding college without the burden of student debt. While student loans may sometimes be necessary, they should be a last resort after exploring scholarships, grants, and other financial aid options. Taking the time to research and apply for scholarships can save students thousands of dollars in the long run.

At York Educational Federal Credit Union, we are committed to helping our members make informed financial decisions. Contact us today to learn more about financial planning, student loan options, and scholarship opportunities!

Fresh Start Finances: Opening a Savings Account for the New Year

About half of Americans dedicate themselves to a new year’s resolution once a new year begins. Are you one of them? If you’ve set out to adopt better financial practices in 2025, then this list is for you! There’s no better time than the beginning of the year to set achievable financial objectives, like opening a new savings account. While you can start saving anytime, there are multiple reasons that opening one for the new year can set your funds up for success.

1. Consistent Saving

If you stay consistent with any of your new year’s resolutions, then the change you wish to see is bound to be achieved. The same thing goes with your money! Consistent smart savings practices, especially over time, can progressively grow the sum of your savings. That way as you grow throughout the year, so does your savings account. So stick to your resolution by adopting practices like automating your savings each month, cutting back on spending or even doing it the old fashion way with a piggy bank. No matter how you decide to save, remember that consistency is key!

2. Set Goals

Whether your goals are open ended or you’re saving for something specific, having an account dedicated to saving is a step you shouldn’t skip. If you have a big vacation in the works, give yourself the first half of the year to put money away for it. Already got exciting plans for the holidays next year? You have all of 2025 to work towards them! Even if your goal is generally to save with nothing specific in mind, having a savings account that you can rely on for whatever happens in life is integral to meeting those goals. As long as you have something to work towards, it makes the intention of saving feel less like a chore and more like a productive habit.

3. Safety Net

It’s no secret that some things in life you can’t anticipate or plan for. One of the most common reasons to build up your savings is to have a monetary safety net that you can land on in case of emergencies. If your goal for the year is to grow your emergency funds, consider contributing to it with every paycheck. These funds keep unplanned costs from being too disruptive to our lives, and can aid in the mission to avoid debt. No contribution is too little as long as you’re making the effort to save!

4. Monthly Contributions

The easiest way to put money into your savings account is to do so monthly. This could be through simple transfers and deposits, automating your savings so the transfers happen at the same time each month, or you could directly deposit funds from your paychecks. Best practice calls for dedicating 10% of your paycheck to saving if you want to see it grow. If that percentage is too high or too little, you can always alter the amount to be specific to your own goals. Growing your savings takes time, but contributing a little bit each month are the steps you need to take to see results.

5. Saving Services

There are lots of financial services that exist for the sole purpose of saving money. Consider a CD or Money Market so that your accounts make money for you with little to no interaction. Our current CD Special is 4.75% for 12 months with a minimum of $500. If you’re looking to save with fewer penalties that come with CD’s, we have Money Market accounts that start at .75% for a minimum of $500. These accounts and services keep your funds safe from being spent and accrue interest as time goes on, and are a great tool to use to build up your savings in 2025.

Overall, opening a savings account at the beginning of a new year gives you ample time to contribute to your goals. It facilitates smart spending habits and establishes a strong financial foundation for you to continue building upon throughout the year. Like all resolutions, it depends on just how dedicated you are to seeing it accomplished. But with a little consistency and being intentional with your funds, 2025 can be the year your goals are met!

5 Financial Habits to Start Before the New Year

As 2024 comes to an end, there’s no better time to review your finances in preparation for 2025. Looking to improve how you save and spend your money? By analyzing your previous financial practices throughout the year, you can pinpoint which ones are worth bringing into the new year, and the ones better left in the past. Adopt these smart financial habits by the end of the year and give yourself a head start to a successful 2025!

1. Track Your Spending

We’ve heard it all before – keep track of how much you spend in order to truly see how much money we’re losing rather than saving. It’s the oldest trick in the book. But what they don’t tell you is that this trick really does work! It’s easy for small expenses to add up over time (think that morning coffee run or an impromptu shopping spree), but when coupled with larger expenses like monthly bills? That means a lot of money is leaving your account rather than accumulating. When you track your spending and come face to face with just how much of your money is being spent, it’s easier to cut out the expenses we can live without. This way we can guarantee the funds for more expensive costs, like rent, car payments, and other bills. Keep yourself in the loop of your own spending by tracking them month by month.

2. Automate Your Savings

Most people have heard of automatic bill payments that are taken out of their account each month, but did you know you can do the same thing for your savings account? It’s recommended that 10% of each paycheck be deposited into your savings, but truly any amount is better than none! This is a great option for those who struggle with consistently building up their savings – whether it be because we don’t prioritize it, or simply because it slips our mind. Once these automatic transfers are set up, you can focus on other things while being assured that your savings is slowly growing.

3. Create A Budget

Creating a budget is an extremely important step to saving money, and typically goes hand in hand with tracking your spending. By calculating how much money you spend each month, you budget those funds by deciding which areas of your life you can afford to spend more, and which ones you need to spend less. If you see that you’re spending more on impulse purchases yet come up short for bills, try cutting back on those costs. Best practice calls for us to decide what expenses are non-negotiables and adjust our spending around them. Things like bills, rent, credit card or other loan payments, etc. would be defined as things we can’t live without, and they should always be paid first. Money should also be set aside for everyday, affordable costs, as well as emergency funds for expenses we can’t foresee, such as car troubles or a cracked phone screen. Everyone’s budget is specific to them, and it’s the best financial act of preparation you can take for every year of your life.

4. Tackle Debt

Make the effort to improve your debt in the upcoming year by making payments when you’re able. You can have your payments automated monthly to ensure consistent payments, or you could even pay them in advance if that fits better into your budget. Diminishing debt can be a time consuming job, which is why any attempts to pay it back is best practice. After all, any payment is better than none! You never want to let debt go unchecked, so start paying it back slowly and your debt will decrease over time. If what you owe seems unmanageable, speaking to a professional like our loan officers is an irreplaceable resource. They can aid in breaking down what you owe and creating a payment plan that works best for you. You can schedule a meeting with a YEFCU loan officer here.

5. Set Clear Goals

Like any goal, it’s important to be as specific as possible with what you’re trying to achieve. Are you looking to grow your savings in the upcoming year? Do you have a loan you’d like to pay off completely? Once you decide what you’d like to accomplish, write down every step you need to take to get there. This allows you to visualize the process and make it less daunting, and more doable. How much can you budget to go towards this goal? Can you increase potential payments to speed up the process? These are all important questions to consider when planning just how you want to tackle your goals in 2025, and the first step in working towards materializing them.

Looking back on the previous year is imperative to improving the one ahead. By doing so we analyze what practices worked, what didn’t, and what we can improve on. Adopting better habits not only improves our daily lives, but our financial futures in the long run. Consider tweaking the way you interact with your money and 2025 could be your most financially successful year yet!

Shopping Smart On Black Friday

Are Black Friday deals really worth the budgeting? The holiday is famous for steep discounts limited to a single day, but not all the sales you’re bound to see are truly worth the rush. With tips from The Real Deal, we’re providing a guide to what you should snag this Black Friday for the best savings and what you’re better off buying at other times in the year.

What To Buy On Black Friday

1. Small Kitchen Appliances

Best time to buy: Black Friday and Cyber Monday

From the seasoned chef to the humble home cook, holiday sales are a great opportunity to expand the wares in your kitchen. Appliances like air fryers, blenders, and coffee makers tend to be steeply discounted on Black Friday. Look to big brands like Walmart, Kohls, Macy’s and Bed, Bath & Beyond who often offer up to 50% off on these items. Rather than wait until later in the year to upgrade your cooking gear, Black Friday deals on kitchen appliances may save you money in the long run.

2. Smart Home Gadgets

Best time to buy: Black Friday, Cyber Monday, and Prime Day (July)

Looking to upgrade your home security? Black Friday is prime time for deals on smart home devices like smart speakers, thermostats, and security cameras. This is a great time to set up a smarter, safer home while still saving big. Check Amazon and Google for the best price drops. If you miss these sales, watch for similar discounts on Amazon Prime Day later in the summer.

3. Video Games & Consoles

Best time to buy: Black Friday and Cyber Monday

While popular gaming systems like the PlayStation, Xbox, and Nintendo Switch tend to stay the same price on Black Friday and Cyber Monday, stores like Walmart, Target, Best Buy and GameStop often offer discounted bundles that include games and freebies. Video games themselves frequently see the biggest discounts during this time of year and are the perfect gift for your resident gamer.

4. Laptops & Tablets

Best time to buy: Black Friday, Cyber Monday, and Back-to-School Season (August)

Black Friday offers some of the year’s best prices on laptops, tablets, and other tech gadgets. Great deals can be found at Best Buy on quality computers without paying full price, as well as on Apple and Dell’s home websites. If a tablet is more your speed, Target, Amazon and Best Buy are the best places for deals on Samsung, Apple and Amazon models. However, you can also find great deals during the back-to-school season, especially for students and teachers looking to upgrade before the new school year.

5. Wireless Earbuds and Headphones

Best time to buy: Black Friday, Cyber Monday, and Super Bowl Season (January-February)

Brands like Bose, Sony, and Apple frequently offer significant discounts on headphones and earbuds during this time. This Black Friday, visit Walmart, Target or Amazon to upgrade your audio gear without breaking the bank. If you miss the sales during the end of the year, some brands also offer great markdowns in January, particularly on models designed for sports and fitness.

6. Children’s Toys

Best time to buy: Black Friday, Cyber Monday, and After-Holidays Sales (Late December to Early January)

Toy stores and online retailers know parents are going to be holiday shopping, so look out for substantial markdowns on popular toys during this time. Black Friday deals often offer up to 30-50% off on trending toys specifically. You can also find clearance sales on toys right after the holidays. So if you’re buying gifts, it’s worth grabbing them now, but for general purchases, it’s best to wait until January.

7. Smartwatches & Fitness Trackers

Best time to buy: Black Friday, Cyber Monday, and New Year’s Sales (January)

Fitness trackers and smartwatches get heavily discounted on Black Friday, so expect to see markdowns on brands like Apple, Garmin, and Fitbit. But if you miss these, watch for New Year’s promotions in January, as brands cater to those starting fresh health goals at the beginning of the new year.

8. Home Goods (Sheets, Blankets, and Towels)

Best time to buy: Black Friday, Cyber Monday, and White Sales (January)

If you’re looking for linens and home essentials like towels and bedding, expect to see excellent discounts on Black Friday. You can often find quality sets at half price or less as well. White Sales in January also offer similar deals, so you can wait if you’re not in a hurry.

9. Major Appliance Bundles

Best time to buy: Black Friday, Presidents’ Day (February), and Memorial Day (May)

Many retailers offer bundles or package deals during Black Friday, especially for kitchen and household items. Bundling these items can result in significant overall savings, especially if you’re looking to replace multiple items at once. If you’re looking to bundle appliances, Black Friday has some of the best deals. However, Presidents’ Day and Memorial Day also offer significant discounts if you miss out.

10. Gift cards

Best time to buy: Black Friday and Holiday Season (December)

Keep an eye out for brands that offer gift cards at a discount or as bonuses with purchases on Black Friday. This is a great time to snag extras for holiday gifts or future savings alongside your seasonal purchases!

What to Skip on Black Friday

1. Clothing

Best time to buy: Cyber Weekend and Winter Sales (January)

You’ll often find quite the deal on clothes during Black Friday, but they typically only apply to specific articles of clothing rather than a large array. Hold off until Cyber Weekend to take advantage of promo codes for up to 60% off of your whole cart, and the end of January for winter clothes as stores start to clear out for spring designs.

2. Furniture

Best time to buy: Presidents Day Sales

If new furniture is on your holiday wish list, skip the sales ads during Black Friday and wait until Presidents Day when most furniture and retail stores offer their largest discounts of the year.

3. Flat Screen TVs

Best time to buy: Super Bowl Season (Late January to Early February)

Black Friday has a reputation for “doorbuster” TV deals, but these often feature lower-quality models. If you’re after a high-end TV, wait until late January when Super Bowl deals bring similar savings on better models.

Shopping Smart All Year Long

Knowing when to buy items throughout the year is a budgeting tip that can save you more in the long run rather than impulsively overspending on Black Friday deals. Keep an eye on seasonal sales and discounts, and you’ll get the best value for your money without splurging on everything at once. Incorporating these tips will have your savings account thanking you all year long!