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Don't let an emergency throw your budget off track

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Start a Money Market emergency fund today. 

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Unexpected Events

When life throws you a curveball, stand strong.

There's only so much preparation you can do in life. Often, your finances are most impacted by how you react to unexpected life changes.

Dealing with the Fallout of Bankruptcy

Bankruptcy is not an option to take lightly. Declaring bankruptcy carries significant financial and legal ramifications, placing all of your assets at stake. It’s important to make a detailed account of all of your assets and debts before filing for bankruptcy. Showing creditors that you’re serious about shoring up your financial problems can lead to favorable settlements for you. With changing bankruptcy laws, a trusted attorney is a valuable resource.

Bankruptcy doesn’t absolve you of your financial responsibilities, so you’ll be required to follow a payment plan with creditors after you file. You’ll likely need to scrutinize your spending habits and lifestyle if you’re considering or going through bankruptcy.

Managing Finances After Your Spouse's Death

Losing a spouse creates one of life’s most heart-wrenching and stressful situations. In these difficult times, it’s important to keep your financial situation in good shape. That may not be easy if your spouse handled the finances, but now is the time to understand the complete picture of assets and debts.

It’s best to alert creditors and the reporting agencies of your spouse's death so they’re updated immediately about your situation. This can open the door to discussions with creditors about any accounts you held jointly with your spouse, such as credit cards or personal loans for which you’ll be responsible in the future.

Going forward, make sure you keep current on all your payment obligations while identifying your assets, where they are and how to access and protect them. Then develop a financial plan that enables you to live comfortably.

If Divorce Disrupts Your Life

You never expected your marriage to dissolve. With emotions running high, there are important financial decisions to be made at this time that require clear thinking and long-term vision.

One of the most common mistakes divorcing couples make is failing to separate their joint credit accounts. A divorce decree has nothing to do with a person’s legal and contractual obligation to creditors. If accounts with your name on them no longer get paid, your credit score is at stake.

Removing your name from a joint account should be one of the first things you do. That can be easy or complicated, depending on the situation and the creditor with whom you’re doing business.

Removing your name from a credit card account likely will be easier if there’s not a huge outstanding balance. For automobile loans, however, a lender may not agree to take a person’s name off the account if the lender doesn’t trust the ex-partner to stay current with payments. Mortgages are more complicated. A re-finance, which can have huge financial repercussions, likely needs to occur to remove your name from the lender’s records.

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What is a Money Market Account?

Get the ideal blend of growth and accessibility.

You have finally saved some money and are wondering what the best option is to keep and grow your money until you need it for the inevitable home improvement, car repair or big vacation. You don’t have the stomach for the volatile stock market, but you want a bit more bang for the buck than a standard checking or savings account might offer and more accessibility than a certificate of deposit (CD). Perhaps it’s time to consider a money market account

Money market account basics

So what exactly is a money market account? It’s a savings account that typically offers a higher interest rate than a regular savings account but in exchange for this better rate, there are minimum balance requirements. There is also a limit on the number of electronic withdrawals each month due to federal regulations. A money market account generally also offers more accessibility than a CD/certificate but with slightly lower rates. Like a more traditional savings account, money market accounts offer no risk of losing your money, as compared to an investment in stocks and bonds, and you don’t have to find a stockbroker to get started. Plus, you can quickly open a money market account online through Credit Union ONE. (Note that a money market account is different from a money market fund, which is an offering from some financial firms and not FDIC insured.)

Comparing a money market account to other savings options

If federal interest rates are trending lower, you’re not going to reap a windfall from any of the most common savings vehicles – checking accounts, savings accounts, certificates of deposit (CDs) and money market accounts. However, all four savings options can play a key role in your financial strategy.
  • Money market accounts are a great option if you want to earn a higher interest rate but still want access to your money in case of an emergency, such as a plumbing disaster or auto repair bill. In fact, experts say money market accounts are an excellent place to stash money for life's curveballs.
  • Checking and savings accounts are more traditional options, but don’t typically offer high interest rates.
  • CDs are another smart savings option, but you can only access your money only when the CD matures. Depending on the length of the CD, that might not work for your lifestyle.
Considering a money market account?

At Credit Union ONE, we make opening a money market account easy. Check out the specifics of our money market account including initial deposit requirements, minimum balance, and convenient account access. Prefer to talk with a savings specialist to discuss your unique savings needs? Contact us today.
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