SIU Credit Union Blog

How to Talk Money with Your Partner

What happens when you and your partner have different approaches toward money?

It’s a common scenario.

One partner seemingly knows where every earned dollar goes, while the other is a carefree spirit who thrives on spontaneous decisions and purchases. One partner loves fine dining and thinks nothing of blowing $200 on haute cuisine, while the other is happy with pizza and would rather spend that money on another pair of shoes. And on it goes.

Money is personal. We all have our own ideas of how we think about it, spend it, save it and try to earn it. But, when you’re sharing so much of your life with a partner, it’s inevitable that your individual approaches toward money will sometimes clash.

How do you bring up this loaded topic without it spiraling into a heated argument?

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What is a balance transfer?

If you have debt with a high-interest APR (annual percentage rate), chances are a balance transfer could help you.

What is a balance transfer, anyway?

A balance transfer is when part or all of a debt balance you owe is transferred to another account, usually to save money on interest rates. When you transfer an existing balance with a high-interest rate, say a loan or credit card at another financial institution,  to a lower rate, the savings can really add up.

How can this help you?

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Q & A: What is the ATM Jackpotting Scam?

Hitting the jackpot in an arcade game is enormous fun. You stand there grinning as the tickets keep pouring out. And then you get to choose a cool prize to take home.

Recently, though, scammers have given this awesome kind of win a sinister twist by bringing the jackpotting mechanism to Automatic Teller Machines (ATM). This doesn’t mean you can ask for a $20 and the machine will start spitting out hundreds instead. But it does spell trouble for ATMs and their owners throughout the country.

Jackpotting attacks on ATMs have been spreading through Europe and Asia for quite some time.

Recently, though, the Secret Service sent out an alert warning that jackpotting has reached the United States.

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Why Do I Need To Get Preapproved For A Loan?

Q: Is there any reason to get preapproved for a loan?

 A: For a large purchase, such as a home or car, having that preapproval in hand before you start shopping is crucial. A preapproval is a written letter from a lender specifying how large of a loan you will be eligible for. The letter will also detail your estimated interest rate on the loan.

Here are some other key advantages of getting a preapproval:

 1.) You’ll know what you can afford

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6 Common Tax Mistakes To Avoid  

It’s that time of year again! Get ready to break out the calculator and pencils; dig out the enormous pile of receipts, tax forms and pay stubs, and get to work. Drowning in paper and getting numb from all those numbers? Take heart! As soon as you’ve got it all organized and filed, you don’t need to think about your taxes again until next year.

Don’t be too hasty, though. You don’t want to wind up making a mistake that’ll delay your refund, make you accountable for a fee or, even worse, force you to do that dreaded paperwork and math all over again!

Whether you choose to go it alone, use a tax-prep computer program or hand it all over to an accountant, begin by checking out our handy list of common mistakes people make on their taxes.

1.) Faulty math
Believe it or not, one of the most common errors on filed taxes is simple math mistakes. A small miscalculation can throw off all your numbers and get you into trouble with the IRS. Using an online program or a number-loving accountant may mitigate this problem, but it won’t assure you of anything. However you choose to prepare your taxes, be sure to triple-check all the math before filing.

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5 Personal Finance Books to Read This Year

Want to knock out one New Year’s resolution with another? Fix your finances by reading more.

We asked NerdWallet’s money experts what books they recommend for achieving common financial goals. Peruse their responses below to find your first read.

1. To save more, read:

Your Money or Your Life
“Your Money or Your Life”
by Vicki Robin and Joe Dominguez with Monique Tilford

“Everyone should read ‘Your Money or Your Life,’ a book that encompasses savings, paying off debt and how ordinary people can achieve financial independence. It’s especially helpful for people who want to retire early or simplify their lives, but its basic strategies — including how to view spending in terms of the time it costs you to earn the money — are helpful for anyone who wants to get smarter about money.” —Liz Weston, personal finance expert

2. To spend less, read:

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