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Shared Facts by Sharefax Credit Union…

Educating our community about credit unions and the benefits of membership!

At Sharefax, we care about you and your financial future!

The Science of Saving

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Saving your money isn’t always easy, especially when you don’t have a lot to spare. After paying all your usual expenses, there may be very little “fun” money at the end of the month. When we do find ourselves with some extra cash, like a tax refund, many of us rush out to buy those shoes or that electronic gadget we’ve been eyeing for months instead of putting it into our savings.

Why do we do that? Why do we spend the money we planned on using for our future?

We can blame it on our brains. Behavioral science has shown that humans are hard-wired to act on impulse and that it takes conscious thought to delay gratification. It’s also much easier to focus on the present than our future.

To help you save for your future, behavioral science suggests visualizing yourself as you might look when you’re older. For instance, if you want to save for retirement, imagine yourself at age 67, living comfortably, maybe travelling the country, or having the time and the means to do something you’ve always wanted to do. According to a study done in 2014, this technique works. The researchers took photos of 50 college students and digitally altered each person’s photo to make them look 70 years old. The participants were instructed to study the photos. Then they were told to imagine receiving $1,000 and were asked how they’d like to use the money: buy something now for a special person or for extravagant night out, or put that money into a retirement fund. After seeing a photo of themselves at 70 years old, the majority allocated more of the money to their retirement fund than to the other options.

Another way to help you save for your future is by making it a habit. Start with small goals. For instance, commit to putting a certain amount, say $10, into a savings account every week. If you have direct deposit, you might want to consider setting up an automatic transfer of $10 into your savings account every time your paycheck is deposited. Over time, you can gradually increase the amount by a dollar or two.

Teach Your Children How to Save

To help your children get into the savings habit, start by having them cut out pictures of something they’d like to have someday and post the images where they’ll see them often. Then help them open a savings account at Sharefax Credit Union. You can open an account with as little as $5.00. Encourage your child to make regular small deposits each week. Tell them their money will earn interest while it’s in their account. If they keep this routine going, they’ll quickly see their savings grows.

This April, we’re celebrating Youth Month. Every member under the age of 18 who makes a deposit during the month of April will be registered to win a $50.00 Amazon gift card. We encourage you to bring your children into any of our branches to enjoy fun games, win prizes, and learn more about the Science of Saving.

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What is a Credit Union?

Credit unions are non-profit cooperative financial institutions that are owned by their members, and directed by volunteer board members.

 

Membership has its Privileges!

As a member, you are an owner. Members have easy access to their funds nationwide. Plus, Sharefax members benefit from low fees and personalized member service.

Sharefax Cares

Sharefax Credit Union supports Cincinnati Children’s Hospitals through Credit Unions for Kids which is a national campaign benefiting Children’s Miracle Network (CMN) Hospitals.

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Sharefax Mobile Banking App

Mobile Banking is the ultimate in on-demand service. With it, you can receive alerts about your account activity delivered right to your cell phone. Imagine getting a text message if your account falls below $100. Or, receive an alert so you’ll know as soon as a deposit has been made, or a check has cleared. Mobile Banking delivers the information you need, when you need it.

Fully secure. Use Mobile Banking with complete confidence. It delivers the highest level of security thanks to multiple layers of authentication.

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Free Online Banking 

Now you can have 24-hour access to real-time account information from the convenience of your personal computer. Online Banking is convenient, easy to use, and more secure than ever.

  • Check all your account balances, pay bills and make transfers right from the Home Page
  • View real-time account balances, check images and history
  • 24-hour access to checking, loans and CDs
  • Export history to financial software or spreadsheets
  • Request stop payments
  • Safe and secure
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Have you built your nest egg yet?

Have you started to consider what you’d like your lifestyle to be after retirement? These are important questions to address when thinking about retirement and your future. Sharefax Credit Union Individual Retirement Accounts (IRA) are a great option to help save and provide potential tax advantages. We offer Traditional and ROTH IRAs for your convenience. Does your employer offer any retirement options such as a 401(k), 457 or 403(b) plan? If your employer offers you a retirement plan, you need to consider taking advantage of this opportunity and make recurring contributions.

Fresh Start Programs

Special Financing

Our Fresh Start Loan Program is designed for our members who may have gotten off track with their personal finances and need help to reestablish their credit or are in need of an emergency loan. In conjunction with Consumer Credit Counseling Services, Sharefax Credit Union has created a money management educational program for our members with credit problems. Some members, who do not qualify for a loan under our current lending policy, can complete a credit management session and be automatically approved for a loan with certain restrictions. Plus Sharefax offers other programs including Starter Loans, Low Income Financing, and $en$ible Cash Loan Program.