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CU Rising

Grow With Us: The Future of Financial Wellness

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Your guide to mastering money and building a strong financial future!

Understanding Interest

What is Interest?
Interest is a percentage of money that’s added to what you owe or what you earn. You earn interest by saving money in a bank account or making investments like bonds. You pay interest when you borrow money, like through a loan or credit card.

Interest on Credit Cards and Loans
When you use a credit card, you don’t have to pay interest if you pay off the full balance on time. But if you only pay part of it, you’ll owe interest on the unpaid amount. Credit card interest is based on the annual percentage rate (APR), and it can add up fast! That’s why it’s smart to pay off your bill every month if you can.

When you take out a loan, you’re not just paying back the amount you borrowed—you’re also paying interest on it. To find the best loan, you need to look at both the amount you’re borrowing (called the principal) and the interest rate. The length of the loan and any extra fees also affect how much it’ll cost you in the end.

Interest Rates: Simple vs. Compound
Banks offer interest on savings accounts with something called a nominal rate. For example, if you put $1,000 in a savings account with a 5% interest rate, you’ll earn $50 in a year.

But here’s where it gets interesting: if the bank offers compound interest, you’ll earn even more. With compound interest, the money you earn starts earning interest too. So, if your account compounds daily, monthly, or quarterly, you’ll end up with more cash over time compared to simple interest, which only applies to your original deposit.

Understanding how interest works can help you make smart choices when saving, borrowing, or using credit—so keep an eye on those rates!

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More Savings Tips

Best strategies for managing credit cards

Find the Right Card
Step one of getting the most out of a credit card is choosing the right one for you. Do a little research and think about what you spend money on. If you travel a lot, maybe look for a card that gives you miles. If not, cashback might be more your style. Try to avoid cards with annual fees or super high-interest rates.

Once you know what you want, look for cards that fit your needs. Only apply when you're confident you’ll qualify (your credit score matters) and that the card will work for you. Don’t apply for a card unless you're sure you can make payments on time—getting rejected or applying too often can hurt your credit score.

Pay Off Your Balance
The best way to build your credit score and keep your finances in check is to pay off what you owe on time, every time. Avoid carrying a balance from month to month or paying late—it’ll hurt your score and make it harder to pay off your debt. Paying off your balance on time helps your score and means you won’t have to pay extra in interest. If you’ve fallen behind, no worries! Just make a plan to catch up and stay on track.

Don’t Borrow Too Much
Watch how much you’re borrowing. Credit cards have a limit, and maxing it out too often can make you look risky to lenders. A good rule is to keep your spending under 30% of your credit limit. If you’re going over that, try to pay down your balance as soon as you can to avoid hurting your credit score.

Use Your Card Wisely
Don’t be afraid to use your credit card! While just having one can help your score, actually using it responsibly makes a bigger difference. Pay it off every month, and you’ll build a solid credit history. This shows future lenders you can handle borrowing money and paying it back.

Building good credit takes time, but by using your card wisely and staying on top of payments, you'll set yourself up for financial success in the future.

 

Benefits of Having a Routine

Going into a new semester, our schedules change, our sleep patterns are all over the place, but it is time to refocus. A study conducted by Noria Corporation found that 48.4% of college students say they don’t have enough time to do their course work. Implementing a daily routine can be beneficial in numerous ways as a student.

Following a daily schedule can help with organization and build structure. Continuously following your plan can help you develop healthy habits and discipline. Incorporating a sleep schedule everyday can generate healthy sleep patterns, which can lead to increased energy to attack the day efficiently. Having a routine can help you utilize each moment in the day, which in return can create time to do things we want while meeting our daily responsibilities. Practicing your routine and maximizing your time can help to decrease stress because you’ll be prepared. You won’t have to wonder what comes up next or worry that you may not have enough time to meet your goals.

Additionally, you can incorporate a budget and a bill schedule to prevent financial chaos. When your days are hectic, you may have to spend money to eat out because the day got away from you. Having time in your routine to make sure you eat can cut down cost and help practice healthy eating habits.

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Mobile Money Basics

What’s Mobile Banking?
Mobile banking lets you use an app or website to manage your money, anytime and anywhere. Almost every bank or credit union has an app or site where you can check your balance, transfer money, pay loans, and even deposit checks. It’s like having a mini bank in your pocket!

Mobile Deposits
Got a check but don’t want to head to the bank? No problem—just use mobile deposit! You can snap pics of the front and back of the check with your phone, and the money will be deposited into your account. Just make sure to follow the app’s instructions and keep the check for a bit in case something goes wrong.

Transfers and Loan Payments
Need to move money around? Mobile banking makes it easy. With a few taps, you can transfer money between your accounts or even pay off loans if they’re at the same bank. No need to visit a branch!

Check Your Statement
You can also view your bank statements right in the app. This helps if you need to find your account number, check your balance, or keep track of your spending.

Is It Safe?
Mobile banking is super secure! Most apps use things like two-factor authentication, fingerprint scans, or even face scans to keep your accounts safe. Plus, the data is encrypted, making it tough for hackers to get in. Just make sure you use a strong password and stick to secure Wi-Fi when accessing your accounts.

Mobile banking makes life way easier, so if you haven’t tried it yet, check out what your credit union offers and start managing your money from your phone!

How do you like to manage your money?

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How do you like to manage your money?