AUGUST Financial Tips for the Back to School Season

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1 AUGUST Financial Tips for the Back to School Season Date/time to schedule: Thursday, August 10:45 a.m. Preheader Text: Iowa s tax-free weekend starts tomorrow! Facebook Share Text: Iowa s tax-free weekend starts tomorrow! You ll save BIG when you pair no sales tax with these great tips. Read on Back to school time is quickly approaching and soon school supply and clothes shopping will be in full swing. In fact, Iowa s sales tax-free holiday is coming up this weekend Friday, August 3 rd & Saturday, August 4 th! In a recent forbes.com article, contributing writer Mark Avallone highlights 8 financial tips to keep in mind as parents and caregivers set out to do back to school shopping. 1) Shop tax-free As mentioned above, Iowa s tax-free shopping weekend starts tomorrow. Shoppers can purchase clothing or footwear with a value of less than $100 per item, tax-free. Here's a complete list of items that exempt from sales tax during Iowa s sales tax holiday. 2) Keep it local Visit your local brick and mortar retailers. Stores such as Staples, Office Depot, and Walmart offer competitive bargains versus internet-only retailers. Look for specials and door busters, but try not to let good prices lure you into spending on things you don t need. 3) Clip coupons Before heading to a retailer, check your mailbox for weekly coupons and store websites for printable coupons. Art supply stores such as Michaels often have coupons in the Sunday paper. Or simply download them onto your smart phone. These can mean big savings on your more expensive items. Coupons may even be available to pick up in store, so don t forget to ask once you re there. 4) Stack the savings If you find a great sale at your local retailer, shop during a sales tax exemption period, use some coupons, and earn rewards points. If you pay with a credit card that gives you cash back, you can save even more just don t let those credit card balances run up and accrue interest charges. 5) Save time online Online shopping is still the biggest timesaver, and we all know time is money. In addition to Amazon, there are other web-based competitors such as Oriental Trading Company and ebay. If your family feels that time is your scarcest resource, searching for deals online may still be your best way to save both time and money. 6) Look for convenience Consider taking advantage of any pre-packaged, school supplies program offered by your school district. This usually involves paying online for a tailored packet of school supplies that is delivered to the school, ready for use. These programs can offer competitive pricing and save you the time and

2 effort of shopping online or driving to the store. Most also benefit parent teacher organizations (PTOs), as a portion of each package purchased is donated to the school. 7) Buy used Buy used textbooks or download digital textbooks. If buying used books makes you cringe because you're concerned about the quality of the retailer, be assured that both Barnes and Noble and Amazon are dominant in this space. But for really deep values, you may want to look at other providers just do some research on these lesser-known retailers before sending them your money. 8) Check your stock The best way to save may be not to spend at all; you may already have some of the things on your shopping list on-hand, so look around your house before you shop.

3 After the Wedding: Joining Accounts & More Date/time to schedule: Sunday, August 7:00 p.m. Preheader Text: It s one of the most important conversations you ll ever have. Facebook Share Text: While talking about money isn t always the most fun conversation to have (especially when you don t feel like you have any money), it s truly one of the most important discussions you ll ever have (especially when you don t feel like you have any money). Now that the height of wedding season is over, it s time to talk about what happens AFTER the honeymoon. One key consideration for newlyweds is how to best (and smoothly) combine finances. Finances and plans for the future are always changing, and newly-married couples should be having discussions about money regularly. Newlyweds can use these valuable tips from mint.com contributing writer, Jessica Naziri, to get the conversation started. Communicate Even if you have a primary person in the relationship who deals almost entirely with the money and the bills, you still need open communication between the two of you so that both are aware of where you are with savings goals, retirement funds, investments, and more. It should be a joint conversation, one you have every time something changes, or you get a raise, or when anything effects it. Save together A great way to start saving for a house or other large purchase as a married couple is to open a money market account[bz1]. A money market account is an interest-bearing account that typically pays a higher interest rate than a savings account, so you can save money faster and get a higher interest rate based on the market as a whole. Invest together Married couples should consider investing in stocks, bonds, bitcoin, mutual funds, etc. Investing can be fun, but you are also using real money and should make sure that you agree about the goals of your investments. Do some research and figure out what investments work best for you, and remember that retirement accounts and real estate are investments, as well. Seek an expert If you are unsure about budgets and investing or what is best for you, consider using a certified financial advisor to help make sure you are on track for all your goals. They can also recommend investments. Also, keep in mind the credit union is here to offer financial education and guidance to our members.

4 6 Money-Smart Tips for Newbie Empty Nesters Date/time to schedule: Tuesday, August 8:00 p.m. Preheader Text: Plan ahead for big changes. Facebook Share Text: Becoming an empty-nester this fall (or soon)? Before you start measuring their bedrooms for your new office or yoga studio, make sure you ve thought about ALL the changes that are coming your way! As 2018 high school graduates prepare to head off to college this fall, or set out into the world to join the workforce, many parents are finding themselves newly-minted empty-nesters. As with most life stages, becoming empty nesters comes with a number of financial considerations. In a recent usnews.com article, contributing writer Trent Hamm shares 6 money-smart tips for parents facing that empty nest for the first time. 1) Make sure you're on a strong path to retirement This is the most important step. At some point, you likely hope to retire or at least transition into a "second life" in a different career path. Right now is the time to really ramp up your retirement savings. Your financial responsibilities are lower than they've been for a long time, thanks to the exit of your children. So, you now have the financial flexibility to start contributing a lot more without altering your lifestyle in any significant way. Sit down with a good retirement calculator and work through the numbers in your current situation, remembering that your ability to save is better than it has been in decades. If you want a second opinion, you re welcome to come in and talk with us. 2) Start minimizing any "financial outpatient care" that you're giving Many parents continue to give direct financial support to their children in the form of cash gifts well into their independent adulthoods. As tempting as it is to soften the path for them, it's actually not helpful for them in terms of their preparedness for the future. Such "financial outpatient care" doesn't benefit them in terms of mastering true independence, and doesn't benefit you as you save for retirement. It's time to start trimming those contributions. Start reducing the handouts now and set a deadline for a clean break. 3) Find healthy new uses for your time that don't lead to a big increase in spending Empty nesters often find themselves with a lot of extra time on their hands and a lack of clear direction as to what to do with it. Avoid that trap by figuring out truly meaningful uses for your newfound time. Look for charities or causes to give your time and energy to. Start a side business. Go back to school and take some classes. Get involved in a meaningful hobby that's about doing things rather than acquiring things. 4) Reevaluate your life insurance needs Everyone has a different life insurance situation. Spend some time evaluating what your real financial needs are before talking to an insurance agent. What are your needs in the event of your death? Of your spouse's death?

5 Are you adequately covered by retirement savings? Those are questions to carefully consider before listening to an insurance salesperson. 5) Consider other types of insurance Long-term care insurance is intended to cover the costs of certain types of long-term care, which varies somewhat from policy to policy. It can help a great deal if you find yourself in a situation in which one of you needs long-term care beyond what Medicare can provide while the other partner is still healthy. Umbrella insurance is meant to cover expensive insurance situations above and beyond what other policies might cover and is usually used to protect the assets of wealthier individuals. If you're in either of these situations, investigate those types of insurance and see whether they make sense for you. 6) Make sure you have a smart estate plan in place While it might seem early in your life to consider such things, you're still better off asking these questions sooner rather than later, and getting your plans set in place. Who will manage your estate when you pass on? What do you want to leave to your descendants? What charitable gifts do you wish to leave? For a small estate, a simple will should suffice, but if you may have significant assets at any point before your passing, it may be worthwhile to consult an estate lawyer.