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Three Job Interview Mindsets

~ Jessica ~ 1 Comment

It’s the night before the interview. Your outfit is all laid out, your resumé is hot off the press and you’ve Google-Mapped your route. You’ve done your company research and you’ve practiced answering the tough questions. You are perfectly prepared—and you still feel like a nervous wreck.

That’s because, although we’re generally pretty good at anticipating and preparing for external challenges, we tend to be somewhat less great at anticipating internal challenges. We spend a lot of time thinking about what we need to communicate to our interviewer, but we don’t take much time to think about what we need to say to ourselves while navigating the interview process.

Even the most straightforward job interview is mentally demanding. You need to be alert and primed to listen. You need to think on your feet and be quick to recall relevant examples and experiences. You need to gauge your interviewer’s reactions and adapt accordingly. And while your brain is attempting to process all of this, you still need to smile and act naturally and somehow maintain a basic level of ease and confidence. It’s a tall order.

Luckily, there are a few observations you can make that will help ease the pre-interview jitters. If you’re looking for some nerve-calming, confidence-boosting thoughts, consider the following approaches to your job interview. Read them, reflect on them, journal about them—whatever it takes to make these concepts accessible to you throughout your interview preparation process. Along with your list of references, extra copies of your resumé and cover letter, and a stash of breath mints, here are three helpful mindsets to take with you on your next job interview:

  1. Your nerves are a sign of your excitement

It’s not uncommon for a friend or family member to say “Hey, don’t be nervous!” before a big presentation, performance or competition. The trouble is that this comment can make you feel even more nervous than you did before. Sometimes, the attempt to discount or ignore feelings of anxiety just ends up heightening them. Instead, it can be helpful to acknowledge the presence of that nervous feeling, to explore it, and then to reframe it as something positive. Instead of interpreting your anxiety as a fear of failure, you can choose to interpret it as genuine excitement. Maybe you’re nervous because, deep down, you know how potentially life-changing this opportunity is. Perhaps beneath the nerves, you can see all the good things that are waiting for you on the other side of a successful interview. In a recent study by Harvard Business School psychologist Alison Wood Brooks, it was found that reframing anxiety as excitement improved study participants’ performance in high-stress situations. So, the next time you feel your heart rate rising and your hands clamming up, see it as a signal that you’re excited for what’s to come!

  1. Your interviewer is secretly rooting for you

In the stressful time leading up to a job interview, it’s easy to picture your interviewer as an antagonist. You might imagine them trying to catch you off guard, trying to make you look dumb or deriving some sort of twisted pleasure out of exposing your weaknesses. The truth is that your interviewer wants you to do well—in fact, they’re hoping you’re the perfect candidate for the job. Take a moment and put yourself in your would-be employer’s shoes: hiring someone new can be an expensive, frustrating and time-consuming process. At this point, your interviewer may have already paged through hundreds of resumés  and conducted dozens of interviews with no end in sight. Your interviewer wants you to walk in and be the obvious choice. Consider that you are not in some sort of competition with your interviewer—a successful interview for you also counts as a success for your interviewer. Though it may not seem obvious in the room, your interviewer is your biggest (secret) cheerleader, so approach each question as an opportunity to highlight why you are, in fact, just what the company has been looking for.

  1. You get to decide whether or not it’s a match

It’s easy to stress about things you can’t control, which is yet another reason why job interviews can jump-start your anxiety. There are so many unknowns in the process (What will they think of me? What questions will they ask me?) that it’s hard to feel that you have any power in the interview at all. It’s important to remind yourself that, although uncertainty is a natural part of the job hunt, you do have some control. The interview is a chance for you to evaluate your potential employer at the same time your interviewer is evaluating you. Don’t be afraid to flip the script and ask your interviewer some questions. Ask about the biggest opportunities and challenges facing the department you’re interviewing for. Ask about next steps. Ask appropriate questions that will help you assess whether or not the company is a good match for you. Flipping the script gives you a turn at steering the conversation and serves as a little reminder that there’s more to a job interview than simply pleasing others—you’re also looking to create a fulfilling opportunity for yourself.

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In preparing for a job interview, it’s easy to focus on how you’re meeting others’ expectations of you, instead of considering what expectations you have for your next job and future employer. The three mindsets outlined above serve as gentle reminders that, despite its unknowns and stresses, the job interview is ultimately an empowering experience that brings you closer to your career goals, and your life goals.

5 Good Money Habits to Boost Your Retirement Savings

~ Jessica ~ Leave a comment

Think back to your most recent savings goal. How long did you have to save in order to reach it? Was it a concert ticket or some new shoes that took a few weeks of budgeting? Was it a big-ticket item like a new computer or a summer vacation that took a year or two of planning in advance? Perhaps you’re currently saving for an even more ambitious goal: a car, a wedding, a down payment on a home? Although savings goals vary from person to person and range in size and scope, it’s likely that your longest-term savings goal will be your retirement.

Saving for retirement poses some unique challenges: How are you supposed to prioritize retirement savings against the long list of more immediate goals? How are you supposed to find the motivation to prepare for something that’s decades away? How can you quantify the amount you will need to save when you have no idea what your future will look like?

The good news is that you can boost your retirement savings by practising the same good money habits that apply to smaller savings goals. Read on to find out which money skills will also level up your retirement savings plan.

1. Eliminate roadblocks. No matter what combination of financial goals you have in the works, this is the top priority. Think of it as creating the right environment for your savings to grow. Savings thrive when they have long stretches of uninterrupted time in which to accumulate and compound, so it’s in your best interest to eliminate any obstacles that threaten those ideal saving conditions. Focus on paying off any high-interest debt—you know, the kind that sucks up money that could otherwise be going toward your goals (credit card debt is an example). Revisit the terms of any loans you’re paying off and do a little research on potential consolidation or refinancing options—you might find a way to pay down your debt more efficiently and free up some extra funds for your savings goals at the same time. Eliminating roadblocks also means having a healthy emergency fund in place, so that your savings progress doesn’t get wiped out by an unexpected job loss (a good starting point is three months’ worth of expenses).

2. Automate savings. So your emergency fund is set up and your debt-management plan is in place—now is a great time to see if there are ways to automate your savings at work and at home. Can your employer automatically deduct your retirement contributions from your paycheque? Can you set up your online banking system to regularly transfer a certain amount to your savings account? Look for ways to make the act of saving easier, more consistent and less time-consuming.

3. Picture your goals. One of the reasons it’s hard to get motivated about saving for retirement is that it’s an abstract concept—especially when pitted against more self-explanatory savings goals like “new car” or “tropical getaway”. Take 10 minutes to ask yourself a few basic questions and to design your ideal retirement: do you see yourself relaxing at the beach, or enjoying a beautiful home and watching your family grow, or pursuing a passion or hobby you couldn’t make time for in your working years? Does your ideal retirement mean indulging yourself, or would you prefer to downsize and keep things simple? Would you want to continue working (part time or in some capacity) throughout your retirement? Do you picture moving into a new space? A new city? A new country? Fleshing out the details of an otherwise ambiguous savings goal allows you to ground the goal in reality and to get excited about it—and it’s easier to contribute to a savings goal you’re actually excited about.

4. Practice living with less. Increasing contributions to your savings goals (usually) means decreasing your monthly spending. This doesn’t necessarily mean adopting a super-frugal lifestyle; however, if that’s what you want to do to get to your goal sooner, go for it! Create some monthly challenges (like a month of packed lunches, or a month of free things to do) to see the impact of spending a little less. Put the money you would have otherwise spent towards your savings goals. If you live with a partner, challenge yourselves to live off of one income, and put the other toward savings. You will soon discover that spending a little less here and there does not require a complete lifestyle overhaul. Understanding the give-and-take of budgeting is a powerful skill, and it’s easier to cut spending when you can put it in the context of achieving a goal. Cancelling a cable package “just because” is not an enticing idea—but what if you knew that cancelling that cable package and investing the money saved would allow you to retire four years sooner? Having the right motivation can make it easier to save.

5. Increase savings along with income. This tip is an extension of living with less. Try to maintain your current lifestyle and expenses even as your salary rises over time. As your income increases, increase the amount you contribute to your savings goals. It’s very easy to slip into a slightly larger lifestyle after a raise. It’s equally easy to treat unexpected income as “extra money”, whether it’s a bonus at work or $20 in a birthday card from Grandma. There’s nothing wrong with rewarding yourself from time to time, but limiting your living expenses—even in times where you don’t have to—will free up more resources for your long-term savings goals. More importantly, you’ll be better prepared should your income levels take a hit. Allow your savings to scale up with your income, but don’t let your expenses scale up along with them!

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The good money habits outlined above will create a routine that motivates you to find a few more dollars to put toward retirement. Even little changes can make a huge impact on a long-term savings goal that has decades to compound and grow. Because time is on your side, there is a lot of value in prioritizing contributions (even small ones) to your savings goals now. Choose a couple of tips to put into practice this month, and notice the impact it has on your budget—and on your financial peace of mind.

Breaking Up with Name Brands

~ Rachael Barton-Bridges ~ Leave a comment

Picture this scenario: you’re steering your shopping cart through the sliding doors of the supermarket, shopping list in hand. As you walk the aisles, there’s a strategy you can use to save an average of 33% on your entire purchase. It doesn’t require any coupon cutting or signing up for rewards cards. And the best part? You still get every single item on your list. The secret? Buying private-label products instead of brand-name products.

What are private-label products?
Commonly referred to as “store brand” or “generics,” private-label products are manufactured by a supplier and offered under another retailer’s brand. Some suppliers exclusively offer store-brand products, while others are brand-name manufacturers who use their facility to also create value-brand products in a non-competitive category (a brand-name ketchup producer may also manufacture a store-brand tomato paste, for example). In some cases, a single supplier may provide products (with different recipes and formulas) for a number of different store brands.

Why are they so much cheaper?
Private labels are able to sell their product for less because their marketing and advertising costs are significantly lower than their brand-name counterparts (when’s the last time you saw a Super Bowl commercial for no-name tortilla chips?) and they’re able to pass those savings along to the customer. Interestingly, even though they’re priced more cheaply, store brands usually provide the supermarket with a higher profit margin than brand names do. So, not only are generics a good deal for you—they’re also a pretty good deal for the store’s bottom line!

What about the difference in quality?
One of the biggest obstacles in switching over to a store brand is a psychological one: getting over the idea that a brand name automatically means top quality. We’ve all had the experience of being disappointed after straying from a brand-name product—but by convincing yourself that all off-brand products are low quality, you’re missing out on some great deals, as well as some great products. In a Consumer Reports taste test, more than 60% of store-brand items were judged as good as or better tasting than the national brand-name items.

In recent years, retailers have been doing their part to make store brands more appealing to shoppers by updating their branding and packaging designs, and by including exciting specialty products in their store-brand lineup. Some grocery stores have managed to build extreme brand loyalty to their store-brand products.

Here are a few strategies to start incorporating more private-label products into your shopping list.

Single ingredient? No-brainer.
When something on your list has a single ingredient, it’s hard to justify paying more for a brand name (salt is salt; bleach is bleach). The same applies to simple pantry items such as flour, sugar and spices. For produce, learn to read the signs for freshness before defaulting to the label. Other kitchen cupboard staples such as nuts, dried fruits and canned foods are also interchangeable for the most part (although it’s always a good idea to check the ingredients list to see if there are any differences in preservatives or additives that might affect your decision).

Play with preference
Take a peek inside your fridge and pantry and take note of the products you consistently buy brand name. Is there a reason why you’ve never strayed from them? Do you have a real preference for the taste, or are you buying them simply because that’s what you grew up with? Substituting the occasional brand-name stock, seasoning or sauce with a store brand can be a great way to save money while exploring new flavour profiles.

Be selective about your brand loyalty
Sure, sometimes a brand-name product will outperform its generic version—but before you automatically reach for the national brand, think about whether that performance is really worth the extra expense. You will find that some items in your shopping cart are completely non-negotiable, whereas others have more relaxed requirements. For example, shelling out for brand-name super-soft tissues with lotion might mean the world to someone who suffers through allergy season, but for the occasional nose-blower, a store-brand box of tissues will do the trick. Be critical and selective about which specific products deserve your brand loyalty.

Trial and error
We tend to be creatures of habit; as a result, it can be difficult to introduce change into our routines. Not every generic product you try will be a winner, but that doesn’t mean that there aren’t any generic winners out there! Instead of overhauling your entire shopping list all at once, try swapping out one or two products every time you go to the store and see what works for you. Over time, you’ll be able to keep your household running while saving some cash at the same time.

10 Years of Giving Back to Bowen Island

~ kevmanning ~ Leave a comment

My how time flies! Friday June 9th will mark the 10 year anniversary of the Bowen Branch of First Credit Union. I have been working for this branch since the beginning, and what still impresses me to this day is the credit union mandate of channeling profits back into the community. Though it took some time for our little branch to become profitable, First Credit Union still gave so much over the years—sponsoring local events, awarding local youth and donating to local non-profits. I believed in this credit union difference, knowing it would gain the support of our island community. Although we opened nearly 600 accounts in that first year we only had a few million in loans, but that began to change steadily. The people of Bowen got behind us and through their incredible support our ability to give back grew.

Bowen-Blog

I am so proud of all we have achieved and our continued presence as a top corporate citizen, community supporter and champion of our island culture and economic progress. Because of the wonderful support we receive from the community, we are able to give back each year in more and more meaningful and impactful ways. Today we have nearly 1800 accounts, 45 million in loans and 35 million in deposits. Our financial planner also has a significant book of investments on the markets. We have been able to improve the financial well-being of countless individuals and businesses on Bowen. As our support from the island grows, so does our contribution to the community – a wonderful formula!

To celebrate 10 years of giving back we are going to have a party at the branch on June 9th. On top of free food, beverages, balloons and entertainment, we will also be holding a fun contest to win one of ten $100 gift certificates to the Bowen Island business of the winner’s choice (open only to members)!

Come by on Friday, June 9th from noon until 2:30 pm for free lunch, listen to our very own Estella Woo perform, try and win $100  towards one of our many fabulous businesses, and celebrate 10 great years of giving back to the community of Bowen Island with us.

See you there!

Kevin Manning, Branch Manager
First Credit Union  |  Bowen Branch

First Credit Union & Insurance and Westview Agencies close early to enable staff to volunteer in the community.

~ Tara ~ Leave a comment

orca busOn Thursday, June 22nd we will celebrate our 3rd annual Community Impact Day by closing at 2PM to enable all 140 employees to volunteer in the communities that they serve. This is an opportunity for us to lend a hand and show our gratitude to some of the remarkable non-profit organizations who work every day for the benefit of others.

Credit unions exist to serve their members, not to make a profit. Our ‘people-first’ philosophy inspires us to get involved in our community and support worthwhile causes. Every year we give back thousands of dollars to our communities through scholarships, donations and sponsorships – Community Impact Day is a way for us to give back by volunteering our time.

Join First Credit Union, First Insurance, and Westview Agencies for Community Impact Day on June 22nd by  volunteering for a cause you care about. Looking for volunteer opportunities in your community? Check out Volinspire, an online community engagement platform that connects volunteers with community organizations. http://www.volinspire.com

The Effect of Time on Investing

~ Rachael Barton-Bridges ~ Leave a comment

Investing can seem like a very risky, complex and fast-moving process. With endless combinations of investment vehicles to choose from, it can be difficult to take your first step as an investor—especially with the knowledge that all investments carry the risk of losing some or all of your money. So why bother?

Well, there are many compelling reasons to make investing a part of your overall financial plan. Investing can help preserve your wealth by overcoming the effects of inflation, help you save for long-term goals (such as retirement or your children’s education) and it can even generate income. So how can you get past all the negatives associated with investing and make it work for you? A helpful first step is to realize that, as a young investor, you have time on your side.

TIME AND LUCK

The Myth

We’ve all heard the stories (or seen the infomercials, or bought the e-book) about those people who took a chance on a risky investment and by some stroke of luck woke up the next day as millionaires. It’s easy to be drawn to “get rich quick” stories because we all secretly wish we could be the stars of those tales. Those success stories help establish the myth that being a successful investor is a lot like being a hotshot gambler—that you need to risk it all to get a worthwhile reward, and that some people are born with the innate ability to predict the market, make the right moves, buy and sell at the exact right time, and strike it rich.

The Reality

The truth is that serious investing requires a lot of time. There’s an entire education behind active trading. If you were to invest into the stock market without any prior research, you might as well be playing the lottery. Educating yourself about the stock market is no simple task and it requires ongoing research. It’s not only about understanding the way economies and global marketplaces work—it’s also about staying up to date on what’s happening in our world. Environment, technology, politics and culture all have the ability to influence economic forces. Beyond understanding those interactions, a smart investor also keeps very close tabs on the industries and companies they invest in by monitoring things like performance, governance, public opinion and industry trends. Now, imagine all that data changing and updating daily; suddenly, it’s clear why it can—and should—take so much time to make educated investment decisions.

When we acknowledge that preparation takes an incredible amount of time, it minimizes the role that luck plays in investing. Suddenly it’s less about taking a gamble and more about making calculated and educated decisions, which is a good thing—it means that investing is something you can practise, explore and ultimately improve on, over time.

TIME AND RISK

The Myth

For every investing success story, there’s an accompanying horror story. This myth comes in different flavours—acting on bad advice, losing every last dime, and getting taken advantage of by an evil or incompetent financial advisor are just some of the common scripts. This myth perpetuates the idea that investing is so scary and so unpredictable that it’s simply not worth the risk.

The Reality

It can be tricky trying to separate this myth from the truth, because risk and loss are both very real outcomes of investing. No investment is ever guaranteed, meaning your invested money is never absolutely safe. Some investment types may be safer than others, but the risk of losing your money is ever-present.

After making smart, thoroughly researched investment choices, your next best protection against risk and volatility is the amount of time you have for your investment to mature. The narrower your investment time frame, the more vulnerable you are to sudden and often unpredictable changes in the market. By contrast, if your investment is long term (think decades), day-to-day changes suddenly hold less influence. Plus, there is time to recover from market declines; the same cannot always be said for short-term investments.

TIME AND RETURNS

The Myth

Yet another investment myth is that it’s impossible to find a combination of investment products within your risk tolerance level that will result in a high yield. In other words, playing it safe with your investments means measly returns.

The Reality

Do you remember learning about compound interest? Time happens to be compound interest’s best buddy. Together, they can really put your money to work for you. This is especially important to note for long-term savings goals (retirement is a good example). Even products with a relatively low expected yield can accumulate a lot of wealth over long periods of time, so do not get discouraged by low interest rates on investment products. Look for opportunities to maximize the effect of compound interest, such as reinvesting your dividends or refraining from cashing out your investment early.

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As you can see, time plays a significant role when it comes to investing. It can give you more control over your investments, it can increase your tolerance for risk and your ability to recover from any losses, and it can maximize your returns. By starting early, investing wisely and giving yourself the time you need to reach your goals, you will discover the positive impact that a little bit of planning today will have on your lifestyle

The Credit Union Lady, 1914-2017

~ Jessica ~ 1 Comment

It is with heavy hearts that we share that Ruth Allan, known as ‘The Credit Union Lady’ has passed away at the age of 102. Ruth affectionately became known as The Credit Union Lady while administering the School Savings program for First Credit Union, formerly known as Powell River Credit Union, beginning in 1957. After 23 years, Ruth retired from the School Savings program in 1980. More than 35 years after her retirement people still stopped her in the community to recount their memories of her and those School Savings program days. It was a legacy she cherished. Central1 captured the essence of Ruth’s story as ‘The Credit Union Lady’ in this short endearing video released last year.

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Ruth’s impact on the lives of thousands of children was significant and long-lasting. In First Credit Union’s 76 year history no one has influenced the lives of so many or been remembered so warmly; her spirit will live on in the hearts of those she touched.  In honour of her impact and her significance in First Credit Union’s history, a $1,000 scholarship will be introduced in her name. The Ruth Allan Scholarship will be awarded to a member in grade 12 in the Powell River area who has demonstrated the capacity to save for and contribute to the cost of their education, and who has made a commitment to making a difference in the lives of others.

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Image of 3-year old Phil Carriere and Mrs. Ruth Allan with other children from Kelly Creek School, 1963. Photo provided by C. C. Searle Photographs.

 

 

History of How “The Credit Union Lady” Came To Be

(Sourced from: Start Small, Dream Big – The 75 Year History of BC’s First Credit Union by Linda Wegner):

Following the death of her first husband, Ruth Allan and her two sons moved to Powell River to be near her sister. Her first jobs in Powell River included being employed at a local five-and-dime store, at Powell River Paper during World War II, and later, in the Mill’s paper plant. She remarried into a family of credit union members and consequently joined the Powell River Credit Union in 1949. Ruth was once again widowed when her second husband, Peter Alton, died in an accident at the Mill. A daughter had been born to the couple and now Ruth was left to support herself and her three children.

Ruth was asked if she would like to take over the School Savings program in 1957. Ruth recalls the Directors of Powell River Credit Union visiting her to ask if she was interested. It was an opportunity that proved providential in meeting her financial needs and demonstrated yet more evidence of the commitment of the credit union to care for its members. “It was absolutely perfect for me, being able to be home when my daughter came home from school”, explained Ruth when interviewed for the First Credit Union’s 75th anniversary book.

Ruth’s daughter Evelyn recalls that being the child of The Credit Union Lady carried  responsibilities. “Everyone in town knew her and if I was bad they’d tell on me; I could get away with nothing!” she said, laughing.

When she first began with the School Savings program, each student had a card with their name on it. When students brought their money, the appropriate card would be pulled and deposits recorded by hand. With the assistance of other volunteers, Ruth’s responsibilities included visiting ten schools each week. Ruth remembered many good things about her time with the School Savings program including the little boy who used to come, barefoot, across the field to bring her his nickel. Ruth attended his graduation and saw him go off to university.

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At First Credit Union’s anniversary, one former student fondly shared Ruth’s impact on her life. The student developed the habit of saving through the school program. She would bring her twenty-five cents to school each week and saved enough so that when she got married, she had enough money to purchase her husband’s wedding ring.

 

Ruth, The Credit Union Lady, remained as administrator of the program for twenty-three years and a passionate First Credit Union member for the duration of her life. She will be greatly missed, and fondly remembered for her legacy as The Credit Union Lady.

 

Keep or Toss: How Long Should I Hang Onto My Financial Documents?

~ Jessica ~ Leave a comment

Every year, it’s nice to do a bit of “financial spring cleaning” and declutter your filing cabinet, your desk drawers, and the various hiding places where miscellaneous scraps of paper tend to accumulate and multiply. Read on to find out what you should be saving, and what’s OK to shred.

Keep forever

If you’re long overdue for some organization in the paperwork department, start here! This category includes all the super-important life stuff that’s usually issued to you only once (and therefore is total pain to replace):

  • Birth and death certificates
  • Social Insurance cards and ID cards (even expired versions)
  • Passports (even expired versions)
  • Marriage licences and divorce decrees
  • Copies of wills, trusts, and powers of attorney
  • Adoption papers
  • Records of paid mortgages
  • Safe-deposit box inventory

 

Your “keep forever” documents should be kept in a secure place. A locking file cabinet in your home is a popular choice, but consider upgrading to a safer alternative, such as a fireproof safe in your home or a safe-deposit box at your credit union or bank. Also consider scanning these documents and having them backed up on the cloud (and password protected, of course) so that you can access them remotely and quickly in an emergency.

Keep for 6 years

This category includes all supporting documents for your income tax return, plus a couple of other odds and ends. This may seem like a long period of time, but it’s not an arbitrary number—6 years after filing a return is how far back the Canada Revenue Agency (CRA) can go to audit a tax return.

An audit is an evaluation of your tax return to verify its accuracy and to ensure compliance with tax laws. Many people associate being audited with having committed tax fraud or some other shady financial behaviour but, in fact, a number of taxpayers are audited on a random basis each year. If audited, you are required by law to provide the documentation that supports the claims made in your tax return. In some cases, additional information may be required in order to verify a claim you’ve made—it might just be a matter of providing a cancelled cheque, a receipt or a bank statement. In other instances, the audit may take place on-site (meaning at your residence or workplace) or at a CRA office. Being well-organized is the best way to make the process as quick and painless as possible.

So, what sorts of documents should you hold onto for 6 years?

  • Income tax returns
  • Any forms that support income or a deduction on your tax return (e.g., receipts, cancelled cheques, T4 slips)
  • Records of selling a house or stock (documentation for capital gains tax)
  • Records of paid-out loans
  • Records of sold investments
  • Mortgage documents
  • Medical records (including bills, prescriptions and health insurance information)

Keep for 1 year

This category mostly consists of monthly statements. A good rule of thumb is to keep your monthly statements for the current year, and then shred them once you’ve reconciled them with an annual statement. The exception is any statement needed for tax purposes—those get grouped into the “keep for 6 years” category.

  • Bank statements
  • Pay stubs
  • Quarterly investment statements
  • Cancelled cheques

Keep for 45 days

  • Credit card statements

Shred credit card statements after 45 days, but hang onto those statements that you may need for business, for taxes, as proof of purchase, or for insurance.

Keep for 30 days or less

  • ATM slips
  • Utility and phone bills

ATM slips can be tossed once you’ve checked them against your monthly bank statement. Utility bills and phone bills can be shredded after you’ve paid them, unless they contain tax-deductible expenses.

Keep as long as active

This bonus category is a catch-all for agreements and contracts that are active for varied amounts of time:

  • Warranty information
  • Insurance documents
  • Vehicle titles and loan documents
  • House and mortgage documents
  • Pension records/retirement plans

You’ll want to hang onto the records in this category for at least as long as you own the asset. For major purchases, stapling the original purchase receipt to the user manual or warranty information will keep everything in the same spot, should you need to make a warranty claim. Documents relating to improvements and upgrades on your home or vehicle should also be saved alongside your title and loan papers.

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Sorting through financial documents is a pretty straightforward process once you figure out how long you need to hang onto specific types of documents. Doing a periodic cleanup will save you time and hassle in the long run, and will keep your desk drawers and filing cabinets clutter-free in the meantime!

We’re Hiring!

~ Jessica ~ Leave a comment

admin-assitantAre you or is someone you know looking for an administrative role with a great organization? We are searching for an awesome new member to join our team as Administrative Assistant at First Credit Union in Powell River!

Do you…

  • have great organization skills?
  • work well independently?
  • exercise good judgement and communication expertise?
  • have post secondary education in office administration?

Our Administrative Assistant position might be the perfect role for you!

Check out our latest posting to apply or for more information.

Finding The Loan That’s Right For You

~ Jessica ~ Leave a comment

Loans help finance some of our biggest goals in life. They can provide access to possibilities that we can’t afford upfront—possibilities like going to school, buying a home or starting a business (to name just a few).

A loan is also one of the biggest financial commitments we make in our lifetime. Rushing into a loan without fully understanding how it will affect your budget can create a very stressful situation that can quickly spiral out of control.

The good news is that you can avoid this stress entirely by choosing the loan that’s right for you: a loan you can afford, from a reputable lender, with a payment schedule that makes sense.

Not sure where to start? The five tips below will help you shop smarter for the loan that’s right for you.

#1: Take your time

Reading the fine print is not fun, researching loan options is not exactly exciting and asking financial questions can feel intimidating—but these all play an important part in helping you find the right loan product. The process is not easy, and if you’re tempted to rush through it, just remind yourself that being thorough now can save years of financial stress down the road. You should never feel pressured to sign anything on the spot. Remember: this is your loan and your future—you’re in control!

#2: Be honest about your budget

In order to choose the right loan, you need to have a clear idea of how much you can comfortably afford to borrow. Spend some quality time with your budget (if you don’t have one, now is a great time to make one). You’ll want to come up with a range, so calculate a few different scenarios:

  • If your income and expenses stay exactly the same as they are now, how much of a monthly payment could you afford?
  • If you suddenly lost your job, how many payments could you make before running out of cash? Do you have an emergency fund in place?
  • Is there an area of your budget where you can reduce spending to cover a planned (or unplanned) increase in your monthly payment?

Picturing your loan payment alongside your other budget items will give you a sense of what you can realistically afford so that you can confidently shop for a loan without worrying about the financial effect on your lifestyle.

#3: Give yourself some credit

Your credit score plays a huge role in determining the loan rate you qualify for. Additionally, knowing your credit score before you go loan shopping will save you some time by making it easy to weed out offers you’re not eligible for. In the meantime, keep up those good credit habits: pay your bills in full and on time, and try to use only 10% of your available credit limit each month.

#4: Do some research

Start with brushing up on some basic loan terminology and then move on to learning about different types of loans (such as secured loans, unsecured loans, fixed-rate loans and variable-rate loans). Research loans online to get an idea of the interest rates for the products you’re interested in. When comparing various loans, look at more than just the Annual Percentage Rate (APR). Consider the fees, the payment schedules, the eligibility requirements, and the application and approval process. Also, check out the history and reputation of the various lenders—especially if you stumble upon offers that seem too good to be true.

#5: Check in with your credit union

Credit unions are known for offering competitive rates on loans. You may also qualify for discounts based on your existing membership or because you have other banking products with your credit union.

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Once you’ve done your research and you know your budget inside and out, then arrange to meet with a loan officer. And bring a ton of questions with you! Don’t be shy—ask about any wording you don’t understand. Ask for your lender’s opinion and ask if they’ve worked with someone in a similar situation as yours. To really put your loan in context, ask a variety of “What happens if…?” questions:

  • What happens if I miss a payment?
  • What happens if I default?
  • What happens if I want to pay off the loan faster than expected?
  • What happens if I pay weekly instead of monthly?

The most important thing to remember is that taking out and repaying a loan is not intended to be a stressful experience—it’s intended to make large purchases or investments affordable for you. It’s easy to get sucked into horror stories about things like foreclosures and student debt, but a little knowledge and preparation will make your own loan story a lot happier and a lot less dramatic. So study up, focus on your specific needs and ask around—your perfect loan is out there!