Archive for October 2019

Massachusetts Credit Unions 2020 College Scholarship Program

Do you know a high school senior planning to attend college in the 2020-2021 school year?

AllCom Credit Union is pleased to announce the Massachusetts Credit Unions 2020 College Scholarship Program. Sponsored by the Cooperative Credit Union, six (6) $1,500 scholarships will be awarded.

2020 College Scholarship Application

Application deadline: February 28, 2020

Scholarship Eligibility
1. Eligibility is limited to high school seniors who will be enrolled in an undergraduate college degree program during the 2020-2021 academic year.

2. Applicant or parent/guardian must be a member of the sponsoring credit union.

3. The credit union must be a member in good standing with the Cooperative Credit Union Association.

4. Each applicant must complete a current Association scholarship application form and submit it with the other required material to the sponsoring credit union.

5. Each credit union will select its top 3 applications and forward them to their chapter president. They must be accompanied by a cover letter from the sponsoring credit union CEO verifying that each applicant and/or parent/guardian is a credit union member.

Each chapter will select its scholarship winner evaluating each applicant on the same criteria the credit unions will be using: essay; grades; and extracurricular/community activities.

Students must submit the following items with their completed applications. All items requested must be received in order for the application to qualify for consideration.

1. Students must submit a typewritten essay, in 250 words or less, about a person or event that has been an inspiration to you and how it has affected you and your outlook on life

2. An academic transcript of grades.

If you have any questions, please call Erin Harvey, Branch Manager at 508.754.9980.

7 Budgeting Tips for Every Type of Budgeter

Budgeting doesn’t have to be unbearable. Whether you’re a first-timer or have struggled to budget in the past, these budgeting tips can make it less painful and more likely to stick.

1. Decide why you’re budgeting

Start by articulating what’s inspiring you to create a budget. Are you overspending, in debt or looking for expenses to trim? Maybe you’re saving up for something, like a wedding or new baby.

When budgeting with a partner, discuss the details together to ensure you’re on the same page.

2. Use empowering language

The term “budget” can be off-putting.

Try switching to language you’re more comfortable with, such as “spending plan,” to help keep you motivated.

A budget — or whatever you choose to call it — shouldn’t intimidate or restrict you. It should be an opportunity to take control of your money.

3. Select your budgeting method

Just as there are many reasons to budget, there are many ways to budget. Read up on different budgeting methods — like the 50/30/20 budget or the cash-based envelope system — and try one that fits your lifestyle.

If you give it a fair shot and can’t find a way to make it work, explore other options.

4. Prioritize expenses and goals

Understand the difference between needs and wants, then focus on the essentials first — those include groceries, housing and transportation costs. That doesn’t mean other expenses aren’t important, though. Your financial goals, such as paying off debt or saving for retirement, should still receive attention.

5. Leave room for surprises

Don’t expect your budget to be perfect. Surprises will happen, and some expenses may slip through the cracks. But you can take precautions to soften the blow.

Set aside a little bit of cash to cover miscellaneous expenses each month and make regular contributions to an emergency fund. That way you can handle an unexpected car repair or other emergencies without taking on credit card or loan debt.

6. Automate responsibly

Technology can help alleviate the tedious aspects of budgeting and prevent setbacks. Try setting up automatic transfers so you can regularly pay bills or sock money away without thinking about it, and lean on apps and tools to conveniently track your spending.

7. Revisit your budget monthly

Checking in on your budget at least once a month gives you the chance to deal with fluctuations in a timely manner. Depending on your style and the method you choose, you may decide to check in more frequently — that’s OK, too.

Source: NerdWallet