SIU Credit Union Blog

SIU Credit Union Helps Local Food Pantry

May 16, 2017 – Carbondale, IL – When the staff at SIU Credit Union learned about a food shortage at the VA Hospital Food Pantry on Friday, quick action was taken. An email went out to the staff on Saturday asking to gather food items to be delivered on Monday afternoon. Those employees that couldn’t shop before the deadline were given the option to donate money in exchange for the opportunity to dress casually all week.

Before 11:00 AM on Monday, staff had already donated over $300 and several staff members volunteered their lunch hour to shop for the requested foods, even purchasing different requested pet foods. By the 2:00 deadline for delivery, nearly $1000 in food and supplies were gathered by SIU Credit Union efforts.

“We can’t believe the response,” said JoAnn Shryock, who led the social media charge from the Behavioral Services Department.  She added, “We put the word out on Thursday and this has been overwhelming! We’re so appreciative.”

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SIU Credit Union Awards 2017 Scholarship Winners

Carbondale, IL – May 1, 2017 – SIU Credit Union is proud to announce the awarding of scholarships to deserving students pursuing higher education degrees.  The scholarship presentations were made at the Giant City Road branch in Carbondale to five students. Each received a $1,000 scholarship for the 2017-18 school year.  The 2017 scholarship winners along with their institutions and fields of study are noted below.

Lauren Bellamey

Lauren Bellamey of Metropolis will graduate from Massac County High School in 2017. She plans to attend Murray State University to study Communications Disorders.

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How To Get By In An Emergency: Personal Loan Or Credit Card?

Unexpected expenses, by nature, can come out of nowhere. Your check engine light comes on, and your car demands you put another thousand dollars into keeping it on the road. That cough that just won’t go away turns out to be more serious than you thought. Your air conditioner gives up during the longest heat wave you can remember. No matter what causes these personal catastrophes, they all have one thing in common: They’re expensive.

The best financial advice suggests a rainy day fund for situations like these. However, for many people, that’s just not practical. Just getting to the end of the month can sometimes feel like an emergency. An emergency fund is one of those things it’d be nice to have, but there’s just no room for it after the bills have been paid.

If you feel the pressure of not knowing where your emergency spending could come from, you’re not alone. A Federal Reserve survey found that 47% of Americans would not be able to come up with $400 in an emergency. The way they’d cope with that emergency? They’d borrow.

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First Job? Here’s How to Set Your Finances Up for Life

Landing that first job means having a regular influx of cash, but steady work alone doesn’t guarantee financial health. Here’s how to build the foundation for lifetime financial security.

Get on budget

It truly doesn’t pay to wing it. Budgeting is the most effective way to get and keep finances on track. Just add up your monthly income and subtract expenses such as student loans, rent, clothing, and entertainment. This gives you a basic financial snapshot. If the numbers look shaky, adjust by cutting unnecessary expenses or adding extra work hours. Using a mobile budget app such as Mint or Level Money can make this process almost effortless.

Establish goals

Financial goals act as a road map toward your dreams. Maybe you’d like your own home or apartment, an exciting vacation or a new car. Highly effective goals are often referred to as “S.M.A.R.T.”: They should be specific, measurable, achievable, rewarding and time-framed. Continue reading

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Don’t Fall for These 6 Retirement Scams

The elderly are vulnerable in many ways, but financial fraud is one of the more damaging.

Seniors are lucrative targets, in part, because crooks know that they likely have money socked away for retirement—money just waiting to be tapped and fleeced.

Here are some of the most common scams.

Lottery scam.

In this scenario, someone contacts you to pay for something you never ordered. Maybe it’s a large prize you need to pay fees to receive or a product they said you purchased. Regardless, never give out any personal information to strangers asking for financial account details, your Social Security number, and so forth, and definitely don’t pay them anything.

Lottery scam

Grandparent scam.

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Why Credit Unions Want to Make Your Kids Financially Strong

All parents want their kids to grow up healthy.

But most of the time that discussion focuses on getting them to eat more vegetables and spend less time in front of screens. Too few think about their kids’ well-being in terms of their financial health.

In fact, one in four parents don’t even feel qualified to teach their kids about money because they themselves don’t feel like they’ve been good enough stewards of their own finances, according to a survey by the investment firm T. Rowe Price. And two-thirds of parents worry about setting a good financial example for their children.

Boy holding piggy bank up to businesswoman sitting at desk

Credit unions are a powerful resource for families.

A perilous future

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