Last updated 2 days 16 hours ago
You work hard to earn a living to support yourself, but it can often feel like your money has disappeared all too quickly before the end of the month. No matter how much you earn, it is a wise idea to take an honest look at your expenses so that you can make a realistic budget for you and your family. Your budget will take into account larger expenses such as your mortgage and car loan payments, as well as necessities such as groceries and utilities. Keep reading to learn how to make yourself a monthly budget.
Categorize Your Expenses
You probably already have an idea going into budget-planning of which expenses are essential, and which are non-essential. Take a look at your credit card statements and checking accounts from the last few months for a more specific idea of how you spend your money. Break your expenses down into two umbrella categories, and then you can get more specific from there. Mortgage payments, rent, car payments, and utilities are essentials, while things like dining out and buying new clothes could be considered extras.
Decide How Much You Want to Save
Part of the idea of making a budget is not just to make sure you have enough money to cover your monthly expenses, but also to start to save a little every month. Everyone has different goals when it comes to savings; some people might want to save up enough for a down payment on a house, while others might be putting money away for a child’s college fund. No matter what you want to save money for, decide how much you’d like to save per month to get you to your goal in a reasonable amount of time.
Once you have a clear picture on how you spend each month, you can start looking for ways to cut back. Limit yourself to just a few meals out per month, and commit to cooking more at home. If you need clothing, shop the sales instead of buying at full price. Better yet, shop at second-hand stores to find lightly used clothing for a fraction of the cost of new clothing.
Creating a monthly budget doesn’t have to be a hassle. It’s easy to manage your funds with the tools provided by Westmark Credit Union of Idaho Falls. Contact us at (208) 523-1071 to learn how we help our members with credit cards, savings accounts, checking, and more.
Last updated 5 days ago
If you need to take out a personal loan, Westmark Credit Union has a solution that will work for you. A Personal Line of Credit is a reserve credit line that can be accessed through your checking account or at any teller window. Whenever you write a check in excess of your available balance, your Personal Line of Credit will be charged the exact amount needed and deposited directly into your checking account. If you elect to pay off the balance at a later date, your minimum monthly payment is 2.5% of your balance, or a minimum of $10.
To learn more about the financial products available from Westmark Credit Union, visit our website or visit us in Idaho Falls today. We are a full-service financial institution, and we can offer you the services and resources you need to protect your financial future. For additional information about our member-owned credit union, call us at (208) 523-1071.
Last updated 17 days ago
Taking out a second mortgage means taking out another loan against your home. In other words, you are borrowing twice against the value of your home. A second mortgage can provide much needed cash to send your kids to college, complete a home renovation project, open a small business, or catch up on medical bills and credit card debt. To make sure that you completely understand second mortgages before you take one out against your home, read this short guide to second mortgages from your friends at Westmark Credit Union.
How are Second Mortgages Valued?
When you take out a second mortgage on your home, you are essentially accessing the equity in your home, which is the difference between the balance of your original mortgage and the value of your home. So, for example, if your home is worth $200,000 and your mortgage balance is $150,000, you have $50,000 in home equity. This is the value that you can access through a second mortgage.
What Types of Second Mortgages are Available?
There are two types of second mortgages. Home equity loans pay out a lump sum based on the equity in your home, with payments due over a fixed period of time. A home equity line of credit, on the other hand, functions more like a credit card. Essentially, you will have a credit limit equal to the equity in your home.
How Can You Use a Second Mortgage?
Second mortgages can be used however you see fit. Most people use a second mortgage to make home improvements, buy a vehicle, finance a vacation, or pay for college tuition. By knowing what you need the money for and how you will pay for it, you can decide whether a home equity loan or line of credit is right for you.
If you would like to tap into your home’s equity, Westmark Credit Union can help. We make it easy to apply for a second mortgage, and our goal is to provide some of the most competitive rates in Idaho Falls. To speak with one our Loan Officers, call us today at (208) 523-1071.
Last updated 25 days ago
If you have large expenses coming up or are planning a home renovation project, a second mortgage may provide the financial assistance you need. To apply for a second mortgage, you need to know the value of your home and how much you can afford to pay towards interest each month. Depending on your situation, you should decide whether a home equity loan or home equity line of credit is best for your needs. Of course, you should shop around to find the best deal and save the most money on your second mortgage. Check out this video for more tips on applying for a second mortgage.
While you are shopping around, be sure to visit Westmark Credit Union. With 11 locations throughout Idaho Falls, we are your source for second mortgages, personal loans, car loans, and any other financial product you need. Visit us today to speak with an advisor about your options for taking out a second mortgage, or call us at (208) 523-1071 if you have any questions.
Last updated 1 month ago
Westmark Credit Union is owned by our members, which means we’re continually striving to improve our services for all of our members. One of the ways we help older adults improve their financial health is with the Prime 55 checking account. All of our members who are at least 55 years old or older are eligible for this financial product. The Prime 55 checking account offers unique benefits, including unlimited check writing privileges, with absolutely no per check charges. Plus, you’ll receive return check protection up to $300 and two boxes of free checks each year with our credit union’s logo.
When you sign up for the Prime 55 checking account, you can enjoy a free Visa check card. There’s no minimum balance required for the account and you’ll receive 15 free online bill payments for free each month. All of these benefits offer adults a great deal; however, many of our members choose Prime 55 checking because it’s an interest-bearing account. You can earn dividends from your checking account!
Sign up for a Prime 55 checking account today by calling Westmark Credit Union of Idaho Falls at (208) 523-1071. Or, visit our website to explore our other products and services, including credit cards and low-interest car loans.