Did You Know?

Here are five valuable tips for Managing Expenses from our TCU Account Manager Brayden Dewey:

1. A strong financial position starts with a strong budget. The best way to set yourself up for success is to understand how much money you have coming in, and where your money goes on a month-to-month basis. You can do this yourself with a spreadsheet using a budgeting system like the 50-30-20 Rule, (50% to Needs, 30% to Wants, 20% to Savings) or you can access one of the many free budgeting tools like the Government of Canada Budget Planner. 
2. You never know when the unexpected will happen. Vehicle damage, home repairs, or even loss of employment can come out of nowhere and throw your monthly budget to the wayside. Having a healthy emergency fund is the best way to prepare ahead of time for life's hurdles. 3 to 6 months of a person's income is the ideal amount to have tucked away in case of an emergency. You'll want to have this money accessible and not tied up for when it is needed; in this case having an Investment Savings Account or a Cashable Term is a great way to earn interest on your savings while keeping it available for the unexpected.
3. We live in the era of subscriptions, and they can add up faster than you think. Whether it is Netflix, Amazon Prime, Spotify, Apple Music, iCloud, or Disney+, many people set up automatic payments for subscription services that continue to charge them even when they aren't in use anymore. A good rule of thumb is to review your subscriptions every 3 months to make sure you aren't paying for something you no longer need or use.
4. Whether you are a self-employed business owner or a gig-worker driving for a ridesharing company, not everyone's income comes in on a consistent basis. If you are finding it difficult to ride the low months through to the high months, Overdraft Protection is a great way to ensure that you are keeping on top of your monthly expenses between fluctuations in your income.
5. Looking for a second opinion on your financial situation? Don't be afraid to reach out to our TCU Account Managers for a comprehensive financial review and budgeting conversation. This free service is offered to all TCU members, and our expert advisors can assist with reaching your financial goals, managing and paying down debts, helping you prepare for retirement, and everything in-between. We succeed when you succeed; and with rising costs seeming to pop up every time you turn around, it can help to have an expert in your corner.

Here are five valuable tips for First-Time Home Buyers from our TCU Account Manager Emily Mason:

1. Before you start shopping for a home, come in and get preapproved for an amount so you can comfortably shop for a home in your price range. Define your preferred neighborhood and property features, such as how many bedrooms or bathrooms you want. Hire a realtor to search homes to assist you with your home buying negotiations. Enjoy the process!
2. You can purchase your home for as little as 5% down. Take advantage of our 5-year fixed rate mortgage of 3.89% for a limited time and our 120-day rate guarantee. We offer a 25-year amortization with as little as 5% down and up to a 30-year amortization with 20% down.
3. The First Home Savings Account (FHSA) allows first time home buyers to save up to $40,000 (Maximum $8,000 per year) tax free. Contributions are tax deductible like a RRSP and withdrawals are non taxable when used for a qualifying home purchase. The account can stay open for up to 15 years. Must be 18+ years of age to open.
4. In addition to your down payment, ensure you save 1-5% of the purchase price to cover legal fees, land title transfer fees, title insurance, property tax and utility adjustments, a home inspection, and appraisal fees. Also consider moving costs.
5. A Purchase Plus Improvements mortgage allows home buyers to finance renovations up to 95% of the "as improved value", immediately after purchasing a home by adding the costs to your mortgage rather than paying for them upfront. These types of renovations may include a new kitchen or bathroom, flooring, paint, windows, a new roof, basement development, or a garage. 

Here are five valuable tips that our TCU Account Manager Lanie Black wants you to know about Building Strong Money Habits:

1. Start by identifying your goals, be honest with yourself about what aligns with your values, priorities, and long-term ambitions.
2. Create a written budget: treat it as a living document. Review it regularly, be honest if you're overspending, and adjust as needed. And just as importantly - feel proud when you stick to your budget. Those wins build momentum toward your goals.
3. Set up automatic payments for all your bills and savings account contributions, it's easier to manage when you have clear visibility of what is left.
4. Think twice before making small, impulsive purchases - those little expenses add up over time and can quietly pull you away from your goals.
5. Plan for the unexpected: life is unpredictable. Building an emergency fund ensures you're prepared and protects your long-term financial goals.

Here are five valuable tips that our TCU Account Manager Mike Jones wants you to know about How to Start Investing:

1. You don't need to be "rich" to start investing - Investing small amounts regularly can add up over time.
2. Use tax-advantaged accounts such as FHSAs, TFSAs, and RRSPs to grow faster.
3. If you want more stability, guaranteed investments offer a specific rate of return over a set time.
4. Working with a financial advisor can lower stress and increase your net worth over time.
5. Invest on your own or with guidance - our Qtrade platform offers both self-guided investing and guided portfolios.

Here are seven valuable facts that our TCU Business Solutions Account Manager Aaron Norum wants you to know about Commercial Property Mortgages:

1. Business Solutions Account Manager will work with you to provide confidence in your purchase.
2. A property purchase can increase equity in your business.
3. Options to expand your investment portfolio.
4. Amortization of up to 25 years.

Here are four valuable facts that our TCU Business Solutions Account Manager Meghan Fossenier wants you to know about Business Shareholder Financing:

1. TCU will provide a full service relationship with financing to ease transition.
2. You have the ability to finance partial or full sale of shares.
3. Amortization of up to 7 years.
4. There are fixed or variable financing options available.

Here are five valuable facts that our TCU Account Manager Sarah Bajwa wants you to know about TCU Mastercards:

1. Variety of options: TCU Offers mutliple Mastercard types - cash back, rewards, low rates, US dollar. Members can choose what best fits their lifestyle.
2. Earn rewards and cash back: Depending on the card, members can earn points for travel, merchandise, or cash back on everyday purchases.
3. Added security: All TCU Mastercards offer Zero Liability fraud protection, purchase protection, and extended warranty insurance.
4. Travel benefits: Some cards include travel insurance, rental car collision insurance, and 24/7 travel assistance.
5. Flexible currency options: The US Dollar Mastercard lets members spend in USD without exchange rate fees.

Here are five valuable facts that our TCU Account Manager Sarah Bajwa wants you to know about Consolidation Loans:

1. Combine multiple debts into one: Merge multiple debts such as credit cards, personal loans, or lines of credit into a single loan with one monthly payment.
2. May offer lower interest rates: A consolidation loan might offer a lower interest rate than the average rate on most credit cards.
3. Can improve your credit score: Over time, making regular payments on your consolidation loan can improve your credit score.
4. Doesn't eliminate your debt: It just restructures it. You still owe the same amount; you are just making payments in a more organized way.
5. Types of Consolidation Loans: Consolidation loans can be secured (backed by assets like your home or vehicle) or unsecured. Secured offers a lower interest rate than unsecured.

Here are five valuable facts that our TCU Wealth Management/ Aviso Wealth Financial Planner Tré Bynoe, CFP®, RIS, CIM® wants you to know about Qtrade Direct Investing®:

1. Qtrade has been consistently ranked as Canada's #1 online investing platform.
2. You can buy and sell 100+ EFTs commission free.
3. Qtrade offers easy to use savings and investment calculators to help you plan for your goals.
4. If you transfer $15,000 or more, Qtrade will reimburse your transfer-out fees up to $150.
5. Stock trades are $8.75 - or $7.75 if you are 18-30 years of age and set a $50 or more monthly PAC.

Here are five valuable facts that our TCU Account Manager Mike Jones wants you to know about TCU Mortgages:

1. Today, the housing market can seem like it is moving quickly. A mortgage pre-approval can guarantee financing for a home purchase for up to 90 days, meaning you can search for your perfect home knowing exactly what your options are ahead of time.
2. We can guarantee mortgage rates for you for up to 120 days, so you can have peace of mind about your borrowing costs.
3. You can purchase a home with as little as 5% of the purchase price as a down payment and 1.5% of the price as closing costs; though we always recommend having some extra funds saved for your new responsibilities as the homeowner.
4. An Account Manager at TCU can build a plan for you to make the most out of your savings in the build up to a home purchase though great options such as Tax-Free Savings Accounts and the new First Home Savings Account. You worked hard to build those savings, so let’s make those savings work hard for your new home.
5. Have other financial goals such as retirement, travel, or supporting your children through further education? By collaborating with our Account Managers, not only can we create a plan to help you reach the goal of home ownership, that same plan can ensure your other goals and responsibilities are prioritized too. This way, the costs of home ownership do not come at the expense of your family’s well being and the experiences you work hard to provide.
   

Here are six valuable facts that our TCU Account Manager Bilal wants you to know about Flex Mortgages:

1. With a Flex Mortgage, you gain ongoing access to credit (revolving portion). As you pay down your outstanding balance, your available credit increases up to your credit limit. You can also add a term portion at any time.
2. With the revolving portion, you can borrow up to 65% credit limit of the Flex Mortgage and get a variable interest rate that changes with Prime Rate. As you pay down your outstanding balance, your available credit increases up to your credit limit. You can pay at your own pace without prepayment charges – pay as little as interest only, make additional payments, or pay off your outstanding balance at any time.
3. You can put all or a portion of your outstanding balance from the revolving portion into a term portion and establish regular payments at a fixed or variable interest rate for an open or closed prepayment term.
4. If you opt for a term portion at set-up, you may be able to borrow up to 80% of your home’s value – compared to the maximum 65% in the revolving portion (the credit limit).
5. On a closed term portion, you can make one or more prepayments up to 20% of your original term portion amount every year without a prepayment charge.
6. On an open term portion, you can prepay in full at any time without incurring a prepayment charge or increase your payment amount as much as you like.

Here are seven valuable facts that our TCU Business Solutions Account Manager Aaron Norum wants you to know about Business Equipment Lines:

1. Get a pre-approved borrowing limit to save time when making purchases for your business.
2. you can re-borrow up to your approved limit.
3. Have the confidence in knowing that your funds are available when they are needed.
4. Structure your Equipment Line into multiple sub-loans.
5. There are no prepayment penalties.
6. We have a streamlined documentation and funding process to get your funds faster.
7. The Equipment line helps to better manage your cashflow, while seizing opportunities to grow your business.

Here are seven valuable facts that our TCU Business Solutions Account Manager Meghan Fossenier wants you to know about Business Investment Savings Accounts:

1. There are tiered interest offerings which means the more you save, the more you earn.
2. No minimum balance is required.
3. The funds you put in your Investment Savings Account are accessible at any time, nothing is locked in.
4. There are no monthly fees.
5. You receive one free debit transaction per month.
6. This account compliments our business banking operating account packages, which are tailored to suit your business' needs.
7. The funds in your account are fully guaranteed by CUDGC (Credit Union Deposit Guarantee Company).