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How to Bring Your Spending Under Control

March 2nd 2012 by
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Does money trickle out of your wallet like a lazy river, a babbling brook, or rushing white water rapids? Government figures show that many households with a total income of $50,000 or less are spending more than they bring in thanks to the liberal availability of credit. This doesn’t make you an automatic candidate for bankruptcy, but it’s definitely a sign you need to make some serious spending cuts. A budget is the only practical way to get a grip on your spending. Creating a budget requires that you: Identify how your money is spent today. Evaluate your spending. Set goals that take into account your financial objective. Track your ongoing spending to make sure it stays within your established guidelines. Here’s how to put a dam on your uncontrolled cash flow: Watch out for cash leakage. If withdrawals from the ATM evaporate from your pocket without apparent explanation, keep…

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Financial Resolutions

December 30th 2011 by
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Resolute to a financially fit lifestyle in 2012! 1.    Save automatically. Aspire can automatically deduct a designated amount from your paycheck for deposit in savings. This is an essential step for those who are unlikely to save on their own. Remember, even small amounts add up! Call 732-388-0477, Option 3 for more information. 2.    Save your raise. If you get a raise, deposit part or all of it into a savings account or retirement plan. By sacrificing a small amount of take-home pay, you can achieve long-term growth in savings. 3.    Control your credit. Pay off your balance, and then…

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To Defer, or Not to Defer: That is the Question

Posted in Borrowing Money
August 4th 2011 by
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Ready or not, it’s time for January graduates to receive their first student loan bills. If you’re in the same shoes as countless grads all over the world, you’re given a choice: to defer or not to defer. I’ll give you the bad news first: no matter what you choose, there’s no avoiding the payments altogether. But here’s the good news: there’s no right or wrong decision. Whether you decide to defer your loans for a few years or pay them back immediately, additional interest will not accrue on your original rates. Deferring your loans might be a consideration if…

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Want to Retire Mortgage Free? You Can with Help from Aspire FCU’s Home Equity Loans. Refinance Your Existing Mortgage with Us!

Posted in Home Ownership
May 26th 2011 by
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Let’s start off with the basics. What exactly is a Home Equity Loan? A Home Equity loan allows you, the borrower, to take out a loan while using your residence as collateral. To determine how much equity is available from which to borrow, the mortgage balance already attached to your property, along with the current market value of your property, is considered. Equity Loans offered by Aspire Federal Credit Union are limited to ensure that no more than 80% of the total value of the property is mortgaged by the combination of mortgages (existing 1st and/or new equity loan) and are only available on your primary residence. Ex. Property value of $156,250 and a 1st mortgage balance of $100,000 $156,250 (property value) X .80% = $125,000 Subtract $100,000 (1st mortgage balance) Leaving $25,000 of available equity Also referred to as a “second mortgage”, these loans are often times used to match the…

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