Sign In

    Common Financial Mistakes Made by Young Adults

    Last updated 9 days ago

    As young adults navigate college, getting their first job, getting married, and even possibly starting a family, it’s easy to make mistakes. Unfortunately, mistakes with money can have a major impact on the rest of your life. From relying too heavily on credit cards to paying heavy checking and savings account fees, there are a lot of financial mistakes that young people make. If you want to put yourself in the best position financially, avoid these common financial pitfalls and learn how to put your money to work at your local credit union.  

    Paying for Everything with Credit Cards

    When you’re young, putting a purchase on a credit card makes it feel like you’re not spending money at all. Unfortunately, high interest rates can turn instant gratification into mountains of debt before you know it. Try to limit credit card spending to emergencies only, and try to pay off your credit card debt as soon as possible.

    Putting Off Saving for Retirement

    You’re too young to start thinking about retirement, right? Wrong! It’s never too early to start preparing for retirement, and the sooner you start, the better off you will be. A dollar you contribute to your retirement savings account now will be worth far more when you retire compared to a dollar contributed when you’re 40.

    Not Having a Budget

    The easiest way to fall into debt and jeopardize your financial future is to live beyond your means. Instead of spending carelessly, set a budget each month and put anything extra in a savings account or retirement account. There are many programs and online tools to help you make your budget.

    Everyone here at Westmark Credit Union in Idaho Falls is committed to the financial success of our members. We offer competitive, high-yield checking and savings accounts that can put your money to work. We also offer car loans, home loans, and personal loans to our member. Contact us online or call us at (208) 523-1071 to learn how you can become a member at Westmark Credit Union. 

    Is a Platinum Money Market Savings Account Right for You?

    Last updated 18 days ago

    There are a million ways to invest in your future, and a Platinum Money Market Account from Westmark Credit Union is one of the best ways. A Westmark Platinum Money Market Account does not require a minimum balance, but the premium dividend rates start at the $20,000 tier. This savings account comes with six free withdrawals or transfers per month. 

    If you are looking for a high-yielding money market account and have over $20,000 to invest, contact Westmark Credit Union to learn more about the advantages of the Platinum Money Market Savings Account. Visit our website to learn about our current interest rates, or call us today at (208) 523-1071 to speak with one of our money market experts. 

    Understanding Credit Card Interest

    Last updated 22 days ago

    When you apply for a credit card, a bank or lending organization looks at your credit report and makes an offer based on your credit history and credit score. If you have good credit, you will be offered the best interest rates on a new credit card. Individuals with average to below-average credit scores receive higher interest rates. It is best to avoid carrying high-interest credit card debt whenever possible. 

    Watch this video to learn more about credit card interest. If you want to apply for a new credit card, become a member of Westmark Credit Union. Located in Idaho Falls, our credit union offers competitive interest rates on credit cards, personal loans, mortgages, money market accounts, and other products. Visit our website or call us at (208) 523-1071 to learn more about our credit union and how to become a member. 

    How to Kick Start Your Retirement Savings

    Last updated 1 month ago

    A lot of people wonder when they should start saving for retirement. The answer is immediately. It doesn’t matter how young you are, it’s never too early to start putting money away for retirement. And if you’re worried that you’ve waited too long, it’s never too late to secure your financial future. If you don’t how or where to start, here’s what you need to know about kick starting your retirement savings.

    Enroll in Automatic Deductions

    If you have a hard time parting with your money, you may find it beneficial to sign up for automatic deductions so that the decision to save is out of your hands. If your company has a 401(k) program, enroll in automatic deductions. You can also set up automatic transfers from your checking account to your IRA.

    Diversify Your Savings

    To yield the best possible return on your savings, try to diversify your retirement portfolio as much as possible. In addition to investing in your company’s 401(k) program up to the limit of its matching program and contributing the maximum to your IRA, research precious metal investments and even real estate opportunities to get the most out of your retirement savings.

    Talk to a Professional

    Saving for retirement can seem daunting, but it’s actually quite easy once you know what you’re doing. If you don’t know where to begin or the best way to save for retirement, speak with a financial advisor at your local credit union.

    If you have questions regarding retirement savings, contact Westmark Credit Union. We have 10 convenient locations throughout the Idaho Falls area, and our representatives are happy to answer any questions you have about our high-yielding IRA Savings Account and IRA Term Certificates. For additional information about our rates or about becoming a member, call Westmark Credit Union at (208) 523-1071. 

    Easy Ways to Manage Your Loans

    Last updated 1 month ago

    It doesn’t matter whether you take out a small personal loan or a giant mortgage, all loans require that you repay what you borrowed plus interest. With all of the other financial obligations you have each month it can be hard to repay a new loan. However, falling behind on a car loan or mortgage can end up costing you hundreds or even thousands of dollars extra in interest fees and penalties. To help you stay afloat, here are some easy ways to manage your loans.

    Avoid New Debt

    It can be hard enough to manage one or two loans on top of your normal bills. To make sure you can meet all of your financial obligations, avoid new debt whenever possible. And if you need to take on debt to cover an emergency, use a low-interest credit card or take out a low-interest personal loan from your credit union.

    Schedule Automatic Payments

    In order to avoid falling behind on your loans, make sure to make payments on time and in full. If you have multiple loans, or if you simply have a hard time remembering when your payments are due, schedule automatic payments through your credit union. Some loan providers even offer reduced rates if you link your checking account and sign up for automatic payments.

    Pay More Than the Minimum

    If you find yourself with a bit extra income at the end of the month, think about applying it towards your debt. Paying more than the minimum each month will help pay down your principle balance faster, which can save you hundreds or even thousands of dollars over the life of your loan.

    When you join Westmark Credit Union, you will have access to some of the most competitive loans, including car loans, home loans, and even personal loans. Visit our website to see our current loan rates, or call us at (208) 523-1071 to speak with one of our loan experts. You can also visit one of our credit union branches located in Idaho Falls. 

Apply Online for a Credit Card or Credit Card Balance Transfer!

Start Saving with a 2.99% APR That's right, using your Westmark Credit Union balance transfer checks you can transfer your higher rate loans and cards from your other financial institutions to your Westmark Credit Card and save with a 2.99% APR until December 31st, 2013.



  • Hours:

  • Closed Sunday
  • 9:30 AM to 6:00 PM Monday
  • 9:30 AM to 6:00 PM Tuesday
  • 9:30 AM to 6:00 PM Wednesday
  • 9:30 AM to 6:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday


Links

  • Recent Posts
    • Loading posts... Spinner
  • View All
  • Recent Comments
    • Loading comments... Spinner
  • Popular Tags
    • Loading tags... Spinner