Credit Card Podcast

August 1, 2008

Credit cards – we all have them and we use them – alot!

This podcast reviews tips on what to look for when shopping for a new credit card and ideas on how to use your cards wisely. 

Credit Card Podcast

To listen to the podcast, click on the above link and the podcast will play in the blog player, or right click and save to your computer to play later.

For other available podcasts, vist the Podcast section of this blog.


Vishing Podcast

June 23, 2008

 You’ve probably heard of phishing, but have you heard of vishing?  It’s one of the newest forms of fraud, utilizing phone and internet technology.

Listen to our latest podcast to find out what vishing is and what you can do to prevent being a victim.

Vishing Podcast

For other podcasts, check out the podcast section of this blog. 

To save the podcast to your computer, right click the above link and choose “save as”.  To listen right now, mouse over the above link and click on the play button in the blog podcast player.


Online Safety Podcast

May 23, 2008

In today’s electronic age, thieves are using that technology in an attempt at scamming money from unsuspecting consumers.

Our podcast talks about some common scams, how they work and what you can do to prevent them.

To listen to the podcast, click the play button in the blog podcast player, or right click the link and save the MP3 version to play later.

Online Safety Podcast

For other podcasts from First New York FCU, check out the podcasts section of this blog.


Bill Payment & E-bills

May 16, 2008

Time and money.  These are two things we don’t have enough of!  Online bill payment and E-bills can help with both.

First New York FCU has begun offering a new online bill payment and E-bill service, which can help save time by allowing members the ability to pay bills without writing a check, and also by receiving bills online, through our First OnLine service.

You can save money… because it’s FREE!  So, you don’t need to worry about not having stamps or checks to pay your bills.

Online bill payment and E-bill is secure, and by receiving your bills online, you are helping to save the environment by reducing paper statements.

To sign up, visit www.firstnewyork.org, logon to First OnLine and click on the bill payment button. 


The Benefits of Starting a Roth IRA Early

May 8, 2008

According to a Callahan and Associates Web-based survey, individuals between the ages of 18 and 39 are most likely to open an Individual Retirement Account (IRA). These individuals recognize the importance of starting early to save for retirement.

IRA rules don’t have a minimum age requirement, so any young person who has earned income is eligible to open an IRA. Because earned income is the key to qualifying for a Roth, generally, a young adult or even a child would have to be working part time for an employer who collected taxes and reported the earnings to the IRS.

How big are the benefits of starting early? If a 19-year-old began contributing $1,500 each year to a Roth IRA, by age 68 he or she would have about $608,000, assuming an average annual return of 7%.

Money is taxed going into a Roth IRA and accrues interest until it can be withdrawn, completely tax-free, beginning at age 59 ½.  While that may be a long way off for young investors, certain withdrawals can be made earlier, including a $10,000 for a down payment on a first home.

For more information on a Roth IRA, contact First New York Federal Credit Union!


10 Smart Money Moves If You Are In Your 20s

April 22, 2008

Young woman shopping

If you’re in your 20s, you have a financial asset money can’t buy–time.  And time makes your money grow.  Here’s 10 smart money moves for twenty-somethings:

1. Set financial goals, say, to take a vacation, go back to school, get married, buy a house, or start saving for an early retirement.  Put your goals in writing, then calculate how much you’ll need to save each month to reach them.

2. Make a spending plan, limit your debt, and concentrate on paying off existing bills.  Limit debt to your ability to repay.  Monthly credit payments, excluding a mortgage, shouldn’t exceed 20% of your monthly take-home (after-tax) pay.

3. Build an emergency fund equal to three to six months’ living expenses, even if it takes years to build.  Use this fund only for true emergencies, such as unexpected car repairs, illness, or unemployment.

4. Save at least 10% of gross income for your emergency fund, future goals, and retirement.  If you can’t manage 10%, start with 5% and increase it over time.

5. Take advantage of the services offered by your credit union.  You’ll earn more when you save and pay less when you borrow.

6. Make it a priority to get adequate health, disability, auto, personal liability, and tenants’ or homeowners’ insurance.  If someone else depends on your income, you also need life insurance.

7. Once you’ve implemented your spending plan, built your emergency fund, and obtained appropriate insurance, make the most of your money by starting to invest.  The key to making the most of your money is investing small amounts gradually and sensibly over time.

8. Use tax-advantaged savings plans your employer or the government offers to save money for your retirement, such as company 401(k) retirement savings plans and individual retirement accounts.

9. Keep job options open by keeping your job skills fresh.  Get necessary training and education so your knowledge and skills stay up to date.

10. Maintain orderly financial files to keep track of your money and put your hands on important records when you need them.

Try these tips, they’ll help!


Home Equity Podcast

April 15, 2008

Do you need a new roof?  New window?  How about an addition to your house?  Or, maybe something fun like a new pool or new boat!

Sounds good, but how do you pay for these?  One of the best ways is through a Home Equity Loan or Line of Credit.  This podcast will give you information about Home Equities and talk about the differences and how you can decide which is best for you.

To listen to the podcast, click the play button in the blog podcast player, or right click the link and save the MP3 version to play later.

Home Equity Podcast

For other podcasts from First New York FCU, check out the podcasts section of this blog.