Snowbirds to the Rescue!

Snowbirds, repeat seasonal visitors who stay longer than the average Florida tourist, are coming to the rescue of South Florida businesses. These northerners travel from Canada and New England to escape the cold and enjoy the Florida winters. Thankfully, they bring their pocketbooks with them, bringing a much needed boost to Florida's economy.

Florida tourism has been on the decline in recent years, as the economy and businesses are hit hard by the recession. But snowbirds seem to have escaped the recession (partially thanks to the Canadian dollar) and are flocking to Florida at about 90% of their usual rate. These weekly to monthly visitors provide much needed business to local restaurants and businesses afflicted by high unemployment.

How to Set Your Children Up for Financial Success

All parents want the best for their children, but often the financial responsibility we learn from our parents is anything but responsible. One of the most important lessons a parent can teach a young adult is how to spend and save responsibly. Here are a few key ideas to discuss with your child to set him or her up for financial independence in the future:

• Explain the need for budgeting and how to create a working budget.
  
• Explain income taxes and how 401ks and IRAs can help you save on taxes, while saving for the future.
  
• Teach your child how to manage credit cards and avoid debt.
• Stress the importance of filing important documents in an organized manner.

President Obama Thanks Credit Unions for Small Business Lending

At a White House briefing on Wednesday, NAFCU President Fred Becker thanked President Obama for acknowledging credit unions' role in small business lending.

In a number of initiatives designed to open small business access to credit, the Obama administration included credit unions that serve as community development financial institutions in a proposal that would provide lower-cost capital if they lend to small businesses in the hardest hit rural and urban areas.

Obama noted his appreciation “for all that credit unions are doing” in lending to small businesses and business owners.

Open a Business Performance Checking Account, Get $50!

Get $50 when you open a TFCU Business Performance Checking Account before November 30th, 2009!

Business Performance Checking accounts with TFCU increase earning potential with variable interest rates of up to 1.00% APY. Interest is calculated daily and paid out monthly.

Creating a Realistic Budget

Managing your budget is one of the most essential elements in keeping your finances in order. These tips will help you prepare, and stick with, a working budget:

1. First, collect all financial statements for you and your family, including check stubs, bills and investments in order to get an idea of average monthly income and expenses. Be sure to differentiate between variable (groceries, clothing) and fixed expenses (mortgage, car payments).
2. Make adjustments as necessary, especially if your monthly expenses exceed your monthly income. It will be easiest to adjust variable expenses by dining out less and only purchasing essential items. Your budget may suggest the need for additional sources of income.
3. Continue to check your budget each month. Account for any new sources of income or added expenses. Your budget will change as your life changes.

For more information on creating a working budget, as well as a budget template, visit Tropical Financial Credit Union.

Establishing New Credit with a Credit Card

While the task of establishing credit can seem daunting while sitting at square one, there are a few things you can do to begin the process of establishing credit in your name.

Here are some tips for establishing credit:

1. Start by putting utilities in your name.
2. Open a checking and savings account with a financial institution and keep them in good standing. This will encourage your financial institution to consider you as a credit card applicant.
3. Pay your bills on time and keep overall debt low.
4. If you choose to open department store credit cards, use them to establish credit only. Purchase one item per month and pay the entire balance off monthly.

When to Refinance Your South Florida Mortgage Loan

Knowing when to refinance your South Florida home mortgage loan can help you take advantage of low interest rates and save you money.
Interest rates in Florida are at all-time lows. Refinancing your home can save you money on your monthly mortgage loan payments. Whether your credit score has recently improved, or you want take advantage of the state's record-low interest rates, see what refinancing your home mortgage can do for you and your monthly mortgage payments.
Free online mortgage calculators, like those offered by Tropical Financial Credit Union, can help you find out if refinancing is right for you.