|
Community Blog
Financial Literacy Month: Budgeting and Saving
Learning to save and budget can be intimidating, but knowing how to manage your money effectively can set you up for success in the future. A budget is essential to help you avoid overspending, reduce debt, and plan for future goals. To develop a budget, you need to know your income and expenses. Your income is all the money you have coming in, including your wages, any freelance jobs you may have, retirement benefits, and disability payments. Once you have determined your income, you need to identify your expenses. Expenses are anything that your money is going towards and can include the following:
Once you have your income and expenses figured out, you can use that information to make a budget. If you’ve made a budget but are finding that your money isn’t going as far as you'd like, it may be a good idea to consider what items in your budget are ‘needs’ and ‘wants’ to find what's eating away at your income. Finding a method that works for you is crucial when making your budget. Remember it will take time and practice to make it feel natural, so don’t be afraid to try different strategies if another isn’t working for you. Having a savings gives you some cushion to fall back on in the event of unexpected financial setbacks, like emergencies, repairs, job loss, or reduced work hours. Additionally, savings can make goals like home buying, future education expenses, and retirement possible. You can make short-term goals, usually around 6-12 months, and long-term goals, generally around 3-5 years, but it's important to make sure those goals are realistic for the time frame you have established. You can check out our suggestions on different strategies and activities to help get you started with budgeting or saving at cpfcu.com/family! Citations National Credit Union Administration. (2023, August 17) “Money Basics Guide to Budgeting and Savings” mycreditunion.com. https://mycreditunion.gov/sites/default/static-files/money-basics-guide-budgeting-savings.pdf National Association of Student Financial Aid Administrators. (n.d.) “10 Tips for Financial Literacy month” nasfaa.org. https://www.nasfaa.org/10_tips_for_financial_literacy_month Posted: April 22, 2024 Posted by: Ashton Osborne, Public Relations Specialist
Financial Literacy Month: Fraud Prevention
Fraudsters are getting creative these days. We aim to protect our members from fraud by educating them on the latest fraud schemes and how to combat them. We all think we know how to spot a scam, but are you up to date on your fraud knowledge? Brush up on fraud prevention best practices with these tips. One of the latest scams people are falling victim to is spoofing. Spoofing is when scammers impersonate a trusted institution. Scammers do this by using false caller IDs, email addresses, and text messages, and tend to impersonate Financial Institutions, Charity and Disaster funds, and Tech Support, to name a few. Once these scammers contact someone through spoofing, they then start phishing. Phishing is when scammers ask specific questions to get sensitive information to access your accounts. Phishing is often used along with spoofing to make it look like the request comes from a legitimate source. Here are some tips to help you spot spoofing or phishing.
Please remember that Cedar Point will never call you to ask for your PINs, login credentials, or verification code. If you receive a call, text, or email asking for personal information from a phone number or email address claiming to be Cedar Point or feel uncomfortable about the call, do not respond. Instead, call Cedar Point at 301-863-7071 to verify the legitimacy of the call, text, or email. Our Call Center representatives are available Monday through Friday from 9 a.m. to 5 p.m. and Saturdays from 8:30 a.m. to noon. Citations Federal Communications Commission. (2022, March 7) “Caller ID spoofing.” Fcc.gov. https://www.fcc.gov/spoofing Federal Bureau of Investigation. (n.d.) “Common Scams and Crimes.” Fbi.gov. https://www.fbi.gov/how-we-can-help-you/scams-and-safety/common-scams-and-crimes Posted: April 1, 2024 Posted by: Ashton Osborne, Public Relations Specialist
Financial Aid Awareness Month
Over 80% of college students during the 2020-21 school year received some financial aid, according to the National Center for Education Statistics. For many, financial aid not only lightens the burden of school tuition and fees but makes pursuing a higher education accessible. Financial Aid Awareness Month is observed during February and focuses on educating students and their families on accessing federal, state, and institutional student aid.
A great resource to use when looking for financial aid is FAFSA®. FAFSA® stands for Free Application for Federal Student Aid and allows you to apply for federal grants, loans, and work studies free of cost. FAFSA® is available to all U.S. citizens and eligible non-citizens who can demonstrate a financial need. You can check out their scholarship information page at https://studentaid.gov/understand-aid/types/scholarships. Keep in mind that universities also have their own scholarships, grants, and work-study programs awarded through the information received through FASFA. Students can access the FASFA application at https://studentaid.gov/h/apply-for-aid/fafsa. The 2024- 2025 school year applications opened on December 31, 2023. Visit studentaid.gov for the latest guidance and application deadlines.
Students can get more information about the scholarship requirements or apply for these scholarships below
Citations National Association of Student Financial Aid Administrators. (n.d.) “Celebrate and Learn During Financial Aid Awareness Month.” National Association of Student Financial Aid Administrators. https://www.nasfaa.org/finaidfeb National Today. (n.d.) Financial Aid Awareness Month – February 2024. National Today. https://nationaltoday.com/financial-aid-awareness-month/ Federal Student Aid. (n.d.) “Types of Aid.” Federal Student Aid. https://studentaid.gov/resources/types-infographic-accessible Drexel University School of Education. (n.d.) “Grants, Scholarships & Loans: What’s The Difference?” Drexel University School of Education. https://drexel.edu/soe/admissions/financial-aid/difference-between-student-grants-vs-loans/#:~:text=In%20general%2C%20grants%20are%20given,used%20type%20of%20financial%20assistance. National Center for Education Statistics. (2023, August 30) “Percentage of first-time, full-time degree/certificate-seeking undergraduate students awarded financial aid at 4-year degree-granting postsecondary institutions, by control of institution: 2010–11 through 2020–21” National Center for Education Statistics. https://nces.ed.gov/fastfacts/display.asp?id=31 Posted: February 27, 2024 Posted by: Ashton Osborne, Public Relations Specialist
Financial Wellness Month
Financial Wellness Month is celebrated every January. It was created to encourage people to pay attention to their financial well-being, especially after the busy holiday season. Saving money or paying down debt are popular New Year's resolutions but are often hard to do or maintain without additional planning. This month encourages people to make realistic plans to reach financial goals. Doing so can help reduce anxiety about finances and promote financial stability.
Citations Fidelity Investments. “Financial Wellness Month 2024 Toolkit” sponsor.fedility.com, January 2024, Toolkithttps://sponsor.fidelity.com/pspublic/pca/psw/public/library/engageemployees/FinancialWellnessMonth2024_Toolkit.html
Posted: January 31, 2024 Posted by: Ashton Osborne, Public Relations Specialist
5 Ways to Avoid Scams This Holiday Season
The Winter Holidays are some of the busiest times of the year, and preparing for them can be just as hectic. According to the National Retail Foundation, holiday spending is expected to reach record levels this season and be anywhere from $957.3 billion to $966.6 billion. During this time of year, it's important to remember the risk of encountering a scam. Scammers are a risk year-round, but the holiday season opens doors for them as shoppers search for deals, can have added holiday stress, and may not be as attentive. Here are some tips to keep you from getting scammed this season.
While Scammers take advantage of the holiday buzz, there's a possibility of encountering a scam year-round. By being attentive, you can keep yourself from falling victim to fraud well after this holiday season has passed. Citations DeNicola, Louis. “6 Tips to Avoid Holiday Scams and Protect Your Identity in 2023.” Experian.com, 25, October 2023, https://www.experian.com/blogs/ask-experian/how-to-protect-your-identity-during-the-holiday-season/ Caldwell, Brittany. “Shopping during the holiday weekend? Here are 9 tips to avoid scams.”WFTV.com, 24, November 2023, https://www.wftv.com/news/local/shopping-during-holiday-weekend-here-are-some-tips-avoid-scams/BCWHXFHKDBCFLLF7X4OAMUOWYI/ “Security,” cpfcu.com, 21, November 2023, https://www.cpfcu.com/Security “12 Days of Riskmas”, cpfcu.com, 26, November, 2023. https://www.cpfcu.com/Security
Posted: December 01, 2023 Posted by: Ashton Osborne, Public Relations Specialist
World Savings Day 2023
World Savings Day, sometimes called World Thrift Day, is celebrated internationally on October 31st. It was started in 1924 at the end of the first International Thrift Congress held in Milan that year. Filippo Ravizza, an Italian professor present at the conference, proposed the day. While there was participation, international recognition of the day took off after World War II.
The World Savings and Retail Banking Institute creates a theme for World Savings Day each year. This year's theme is conquering your tomorrow, with youth being at the center of their video message this year. You can go here to view this year's video. Saving is an essential step for setting up how you want to retire or have some cushion during an emergency. Here are some ways that you can observe World Savings Day.
Citations
Posted: October 31, 2023 Posted by: Ashton Osborne, Public Relations Specialist
Cedar Point Federal Credit Union® Grand Reopening in Lexington Park
Posted: July 14, 2023 Posted by: Ashton Osborne, Public Relations Specialist
BECA Scholarship Recipients
Education is one of the largest steps one can take toward building a career, being a better neighbor, and standing up for what is right. Cedar Point has had the pleasure of helping numerous young people continue in this pursuit of knowledge with the Frank E. Gorely scholarship, the Keepers Club scholarship, the Beacon scholarship, and the CPFS scholarship. This year’s recipients were Olivia Berkut from Chopticon High School, Anna Kate Carrigg from Leonardtown High School, Julianna Hammett from Leonardtown High School, and Ezra Huckabee who studies at home. These four outstanding individuals were selected from a pool of 126 qualified applicants. Colleen Blundell, Vice President of CPFS, stated, “We were impressed by the grades, extracurricular activities, and community service of all our applicants. It was so hard to choose this year!” These final four stood out due to their exemplary scholarship, leadership, and citizenship. Each recipient looks forward to attending a four-year university in the fall, continuing their education to succeed professionally. At the scholarship ceremony held on May 16th, Cedar Point’s president only had one piece of advice for the young scholars. “You have all worked very hard since the ninth grade to get here. In college, keep that determination; don’t give up. Get your degree and make your life after the degree that much better.” Cedar Point is honored to have such well-rounded recipients and looks forward to the amazing things they will do.
Posted: May 19, 2022 Posted by: Sean Scriber, Marketing Communications Specialist
Cedar Point Gives Back with Christmas in April
Kindness can be hard to find somedays, but it arrived in droves on Saturday, April 30th. Cedar Point had the privilege of sponsoring and working alongside Christmas in April to help a neighbor in need. With many hands, wheelbarrows, shovels, and about half a dozen chainsaws, we were able to bring new life to a local home. Christmas in April is an organization sponsoring volunteers who beautify the homes of neighbors in need. For the past 32 years, several chapters of Christmas in April have been assisting homeowners throughout Southern Maryland. Cedar Point has proudly been a part of this tradition for 4 years and this year was no exception. Cedar Point was part of one of the many teams working in St. Mary’s County that day. Employees felt moved being shoulder to shoulder with so many people, surrounded by selflessness and hope. Cedar Point Employees stood alongside a gentleman who sells pools, a hand full of realtors, an officer, and a marine biologist; an intriguing blend of people assembled to transform decades of damage and decay. It was inspiring. Ken Ritter, the head organizer of Christmas in April of St. Mary’s County, opened the morning by telling us about the 14 volunteers who came out in 2021 and was left speechless looking at the mass of people who showed up early and ready to work for the 2022 projects. At 8 am, volunteers began work on the house moving and cleaning with vigor. Within hours, truckloads of material from the property. As a credit union, it is easy to simply provide financial resources to members who have to time and resources to get it, but on that day, Cedar Point wasn’t just a business. It was a group of people who wanted to make life better for someone in their community. Since 2020, Southern Maryland has endured many hardships, yet we are still finding new ways to grow and prosper. With that endurance comes hope. Cedar Point is a part of that hope by being present and active in the community not just for a day, but as long as we are here. We will continue to be a beacon of light, empowering our community and enriching the lives of our neighbors for the good of Southern Maryland.
Posted: May 13, 2022 Posted by: Sean Scriber, Marketing Communications Specialist
April is National Youth Month!
Dreaming big doesn’t mean you need to start with big actions. The first small step is usually the hardest, but you can use momentum to propel you forward once it's taken. This year’s National Credit Union Youth Month theme is “Save Small. Dream Big at Cedar Point.” It uses the image of a magical rainbow with a wish-fulfilling gold star at the end. We want to tell young members that their dreams are attainable, no matter how big they are. Cedar Point Federal Credit Union has tools to help fulfill these dreams. With a youth saving account that earns interest, young members can deposit small amounts regularly and watch their savings grow “like magic.” The earlier they start a savings account, the more it will grow, and the easier it will be to achieve their dreams. Learning this good financial habit at a young age will set them up on the path to financial well-being. If you have been wondering how to empower your kids to save for their future, National Credit Union Youth Month is a great opportunity to start! Join us this April as credit unions across the country encourage youth to start saving regularly. This celebration is a great time to engage kids at Cedar Point and within your community to help them learn that saving, no matter how small the amount, can help them achieve their dreams. A great way to jump-start their earnings is with our “A’s=$$$” program. For every "A" the student receives in Reading, Writing, Math, Science, Social Studies, or other Fundamental Requirements, Cedar Point will deposit $1.00 in the student's account! There is a maximum of $5.00 deposited per report period. Parents and guardians are strongly encouraged to match. The deadline for each report card is set for approximately one month after the scheduled report card date as posted for St. Mary's County Schools. The deadline for the 3rd quarter report cards is May 7th. Get involved by using the Twitter hashtag #CUYouthMonth to let everyone know how your credit union is making a difference in young members’ lives.
Learn more about Youth Accounts Posted: April 1, 2022 Posted by: Sean Scriber, Marketing Communications Specialist
Waldorf is OPEN!
On January 12, 2022 Cedar Point Federal Credit Union officially opened its 6th branch in Southern Maryland. The new Waldorf location is the first branch Cedar Point has built in Charles County. The credit union is thrilled to now have physical locations in every county in Southern Maryland to better serve its members. Cedar Point was excited to have its board members in attendance as well as representatives from the Charles County library system, Charles County Chamber of Commerce, and other honored guests. On a cold winter’s day, bundled and masked, attendees were eager to celebrate the opening of this long dreamed about branch. The new branch, just across the street from Target in Waldorf, is a testament to the growing technology of our day. The state-of-the-art design and security makes it the first of its kind for the credit union. This new location serves as a new concept for how Cedar Point does business, envisioning new ways to connect and serve the Tri County area. The sentiment was echoed in the words of Cedar Point’s CEO Charles Roach on that day. “Our membership is open to everyone in Charles County,” said CEO Charles Roach at the ribbon cutting ceremony. “If you live here or work here, you can be a member of Cedar Point. We hope to expand going into the future [for] all Charles County residents. So this is the [next step] in what they need and what they want.” Being in the audience that day, I could tell this was a victory for the community. The room hummed with excitement and conversation as everyone marveled and explored what the new branch had to offer. It also didn’t hurt that there were a lot of delicious cup cakes. As far as official beginnings go, this was a great start. I am excited to see what this Charles County branch will do.
Posted by: Sean Scriber, Marketing Communications Specialist
A Hallmark Law Turns Thirty
In 1977, Judy Heumann led a protest in San Francisco advocating for the rights of disabled Americans. At the time, there were no specific laws governing accessibility to facilities, education, and health care for those with disabilities in our nation. As a result of Heumann's dedication to the cause, the American's with Disabilities Act was signed into law by President George H. W. Bush on July 26, 1990. This year Cedar Point proudly celebrates the 30th Anniversary of the passing of that hallmark legislation. This important civil rights law prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and public facilities. The law ensures that people with disabilities have the same rights and opportunities afforded to every American. Thirty years ago, this law changed the way America does business. The ADA helped Cedar Point broaden its capacity to serve those with disabilities. Thanks to the ADA, all five Cedar Point branches were designed with accessibility in mind. Cedar Point believes in the ability to serve everyone. We strive every day to appreciate and celebrate the differences among us. In the past four years, Cedar Point has proudly donated over $40,000 to support our community members with disabilities. Our employees have paddled in the Solomons Dragon Boat Festival, coached for the Special Olympics, gone bowling with members of Southern Maryland Community Resources, and co-hosted sensory-friendly performances alongside The Newtowne Players. As we look toward the future, Cedar Point will continue to advocate for our employees, members, and community members with disabilities, following its mission of creating meaningful experiences for everyone.
Posted: July 24, 2020 Posted by: Kristin Kauffman, Chief Marketing Officer
A New Vision
For 75 years Cedar Point Federal Credit Union has stood as a beacon for the community. While members and employees have a feeling of what the credit union means at its core, we've never defined it and put it on paper. Over the last year, we've spent countless hours interviewing and surveying employees, members and community members to understand the bigger "Why" for the credit union. The findings from these were introduced to the employees at the credit union's All Staff Training on Presidents' Day. Our Vision for 2020 and beyond is to be the primary financial solution for all our members' unique needs. Our Mission is enriching lives by providing competitive rates of interest, cultivating exceptional financial partnerships, and creating meaningful experiences. Above all, in everything we do, Cedar Point believes in:
We promise to turn goals into realities by providing financial solutions with integrity, honesty, and outstanding service. Posted: March 9, 2020 Posted by: Kristin Kauffman, Chief Marketing Officer |