Month: August 2022

6 Ways to Pay Less at the Pump

With gas prices still rising nationwide, the pain at the pump is real. There isn’t much you can do about the price of gasoline, but there are ways you can pay less at the pump. Here are six ways to save on gas.

1.      Use cash

Many gas stations offer a discount for paying cash, sometimes up to 20 cents per gallon. This can quickly add up when pumping a full tank. Just be careful to have the cash handy when you need it, as you don’t want to lose all those savings to ATM fees if using machines not connected to your credit union.

2.      Use a rewards program or credit card

If you don’t like the idea of carrying around tons of cash, but you still want to save at the pump, consider getting a rewards program or credit card. Tread carefully though; not all of them actually benefit the consumer. Find out about a possible annual fee, a rewards cap, membership requirements and the exact redemption value of each reward point before signing up. As an Olean Area Federal Credit Union member, you can opt for the Extra Rewards program when you have the Visa Platinum Credit Card.

3.      Check your tire pressure

According to the US Department of Energy, a  well-inflated tire can save you 15 cents a gallon by boosting your gas mileage by 3%. Check your tires regularly to ensure they’re always inflated. To make this easier, consider springing for a tire pressure gauge that will automatically monitor the health of your tires. 

4.      Use a gas-tracking app

In 2022, there’s no need to search for the gas station with the best-priced gas. There’s an app for that! Popular gas-tracking apps include GasBuddy, Upside and Waze. Using the gas station that’s right near your home or workplace might be easy, but taking the extra time to find one that sells gas for less can save you a bundle.

5.      Purchase a club membership

If you don’t already have one, this may be the time to buy a club membership. Costco, Sam’s Club and Walmart Plus all offer discounted gas exclusively to members. Of the three, Costco tends to feature gas for the lowest price, up to 34 cents less per gallon than a typical gas station. In today’s gas-crazy climate, that’s a huge difference. Of course, you’ll want to find out how much a club membership will run you before joining.

6.      Buy gas at the right time of day

If you pump gas during the midday hours, after the sun has been beating down on the gas reservoir all day, the gas has likely expanded. This means you’ll be paying the same price for less-dense gas, which won’t last as long. Pump when it’s cooler outside, typically during the morning or late evening hours, for the densest gas.

Use these tips to help save on gas despite the rising cost of fuel.

Financial Lessons You Can Learn from Fantasy Football

With summer winding down and autumn creeping in, are you ready for some fantasy football? Drafting the best team and guiding them toward the championship takes knowledge, dedication, skill and talent. But fantasy football is much more than just a super-absorbing hobby. You can actually learn a lot about money management and growing your wealth from the game. Here are five financial lessons you can learn from fantasy football.

1.      Do your research

Knowing which NFL players to “draft” to your team on your league’s draft day is crucial. If you sail into this uber-important day unprepared, you’re essentially setting yourself up for a miserable season. During the weeks leading up to draft day, the true fantasy football pro is listening to podcasts from training camps, researching potential trades and learning about past performances of many players. 

In personal finance, the rules are similar. When choosing a place or company to sink your money into, you’ll want to do as much research as possible and ask lots of questions to ensure success and alignment with your values. 

2.      Diversify

In fantasy football, it’s important to diversify your team and to draft players who excel at various positions in real life. This helps to ensure as many wins as possible. In finance, diversification is even more important. You’ll want to spread your investments over a mix of whole-market funds, securities and savings accounts. The more exposure your portfolio has among various asset classes and markets, the more protection it has against market volatility and inflation.

3.      Keep your investments private

To a true fantasy football addict, there’s no conversation topic as exciting as the team they’ve drafted and the wins they’re racking up. But to the uninitiated, there’s no conversation topic that will put them to sleep faster than your fantasy football league. Find like-minded fans to talk shop with, but otherwise, you’re best off keeping your observations and insight on the game to yourself.

Investments are similar. You don’t want to be the drag of the party, the office or the block. Talk about your stock performance with your partner, your financial advisor and maybe your mother. Otherwise, keep it to yourself.

4.      Assess your financial health throughout the year

A real fantasy football pro will monitor the performance of their players in real life. There will always be players getting injured, teams that change their strategies and players who have down seasons. You’ll need to keep an eye on what’s happening so you can make the best decisions about adding potential players on the waiver wire going forward. 

To achieve and maintain true financial wellness, you’ll also need to monitor your budget, savings, spending habits and more throughout the year. Review and assess your money management every few weeks for the best results. 

Fantasy football is so much more than an addictive hobby! Fantasy football can teach you financial lessons for life. 

What is the Dark Web?

Q: What is the dark web?

A: The dark web is the deepest layer of the internet that isn’t visible to the average browser. Unfortunately, the it is full of illegal activities and crimes. Let’s take a closer look at the dark web and how you can protect your information from being snared.

What is the dark web?

The internet has been compared to an iceberg, with very little being visible above the surface, but it’s an enormous, dark and deep chasm underneath. 

There are three basic parts of the internet: 

  • The surface web – all websites and landing pages that can easily be accessed through popular search engines and direct address entry using a web browser. 
  • The deep web – this includes private, but not invisible accounts, like social media pages, membership websites, medical records and more. All content on the deep web is safeguarded by a paywall or sign-in credentials. 
  • The dark web – can only be accessed by using special browsing software called Tor. Tor masks IP addresses and makes all visitors anonymous. 

Not all activity happening on the dark web is illegal. The deepest part of the internet also provides a platform for communication and commerce for people living in countries that have heavy censorship of online activity. 

Unfortunately, though, the dark web remains a hotbed of criminal activity. Loads of illegal trade takes place through the dark web, including drugs, firearms, counterfeit money, subscription credentials and personal information of thousands of targets. The inherent anonymity allows hackers and scammers to roam free without fear of being caught.

How can I protect myself?

  1. Enable two-step authentication on all online accounts. 
  2. Regularly monitor your credit for fraudulent activity. 
  3. Use strong, unique passwords for your accounts. 
  4. Never share personal info with an unverified source.

The dark web is impossible to trace, but there are ways to protect your information. Use the tips outlined here to stay safe.

Step 8 of 12 Steps to Financial Wellness – Know When and How to Indulge

Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means money choices are governed by discipline and not by emotion. So how do you strike a balance between the two?

Here’s how to indulge responsibly. 

Live with a budget

To do this, track your spending for three months. Next, make a list of all your expenses and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category. 

Leave room in your budget for “just for fun” purchases

As you work on building a budget, leave room for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, wisely choose an amount you can easily afford without feeling deprived. 

Review your savings

Before giving yourself permission to indulge, make sure you’re setting aside some of your monthly income to savings. Ideally, short-term savings should be enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have. 

Choose your “treats”

Everyone’s got a personal vice or three. Take a look at where your non-discretionary money went over the last month and highlight the more expensive impulse buys. Hold these purchases up to these questions:

  • Did this purchase bring me happiness or positive energy the day I bought it? How long did that feeling last?
  • Did this impulse buy blow my budget?
  • Does thinking about this purchase now fill me with joy, guilt or something else?

Use the insight about your indulgences to help you make better money choices in the future. 

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences, it’s time to let go of guilt. If you’re spending responsibly, there’s no need to eat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, you can maintain your financial wellness.

Cash, Credit or Debit – How Should I Pay?

Q: When paying for my everyday and occasional purchases, should I be using cash, credit, or debit?

A: Some purchases should be paid for with cash, some with a credit card and others with a debit card. Let’s take a closer look at each method and when they should be used.

When should I use cash?

Some retailers offer discounts for paying in cash, making it the wise go-to. Also, if you have a tough time sticking to your budget when shopping, it can be helpful to only take along the cash you plan to use. Finally, some small businesses only accept cash payments. 

On the flip side, cash offers no purchase protection and should not be used for large purchases. Also, cash leaves no paper trail, so it may be difficult to track expenses. Finally, cash always carries the risk of being lost or stolen. 

When should I use my credit card?

Credit cards are the double-edged sword of personal finance. Credit card debt is a leading cause of consumer debt. However, owning credit cards and using them responsibly is a crucial part of your credit rating. 

Credit cards also offer two primary advantages: rewards and purchase protection. Many credit cards can earn rewards as you spend on them, so it earns you something for your use. The purchase protection a credit card offers also makes it the ideal choice for paying for large purchases. In addition, using a credit card and making on-time payments can help boost your credit score while also making expense tracking easy. 

Ideally, credit cards should only be used to cover fixed or steady payments and for purchases you know you can pay in full when the bill is due. 

When should I use my debit card?

Debit cards allow you to track your spending and help you stay within budget since you can generally only spend what you have. In addition, if your card is lost or stolen, you can cancel it and/or close the connected account. 

Debit cards can be a great choice for everyday purchases of any kind. At High Point Federal Credit Union, you can actually earn rewards with your debit card if you have a myRewards Checking account! Learn more by clicking here.

Use this guide to help you choose the right payment method in every situation. 

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