Close to 67% of students will graduate with student loans this year, which can be a scary realization for most newly grads.  Paying off your student loan doesn’t have to be a daunting endeavor though, with responsible money managing and smart budgeting you can pay off your debts in no time!

1. Details Detail Details – One of the key steps in paying off any debt is knowing the extent of how much you borrowed during your time at college and who you borrowed from. Getting this information first will allow you to move forward with no hidden details that may cause you to prolong your loan payments and add more havoc to the process. Another good thing to note is what type of loans you took out, which can be provided to you by the institution you received the loan from.
2. Educate yourself – I know the last thing you want to do after graduating is to learn more, but educating yourself on the repayment options will save you not only time, but money as well. Typically, you get a 6 month grace period after graduating to pay back your student loans, and the longer time you take to pay them back, the higher interest rate you will be charged. Options include pay in full, standard payment – paying month to month, and gradual payment – starting off with a smaller month to month payment and gradually increasing over time.
3. Make a Budget – If you have not already done so, make a budget of your finances to help direct you in setting a monthly payment amount. You can track your income and spending over the past two months, and note areas you can cut back on.

Here at GTFCU we are offering great low rates on Home Equity Loans during the month of May! Home Equity Loans allow you to use the equity built you’ve built in your home for countless financial needs. Can’t think of any reason to take out a Home Equity Loan, here are 4 great reasons to take advantage of our amazing low rates:

• Debt consolidation – If you are overwhelmed by the number of debts you owe, a home equity loan may be the solution for you. The interest rates on many credit cards are typically higher than any home equity loan interest rate you’d be charged, due to the fact that the Home Equity loan is secured by your home.
• Home Improvements – Many people use home equity loans to further increase the equity of their home. The key here is to use the money to actually increase the fair market value of a home, rather than make improvements that are personally appealing. Kitchen remodels, bathroom additions and room upgrades are typically the highest return of equity.
• Invest in your children’s future – Another great use for a home equity loan is your children’s educational future. With high (not to mention rising) costs of education, and the decrease in number of state grants being dispersed, a home equity loan may be the chance to invest in your child’s future.
• Big Ticket Items - Another use for a home equity loan is a disposable good or service that you’ve been eye balling. This can range from a new car to a dream vacation, but like mentioned before, it would be accompanied by a lower interest rate than using a credit card.

For more information about Greater TEXAS Federal Credit Union’s Home Equity Loans, visit us here.

Not judging a book by its cover is a smart principle to live by, however judging a house by its cover seems necessary at times. A house’s curb appeal is almost one of the most important aspects of selling a home, and despite popular beliefs, affordable ways to spruce up your home from the outside are possible!

• Clean your current flower and plant beds by removing weeds and unsightly plants
• Trim tree limbs that are hanging too low and prune shrubs and bushes
• Welcome guests by creating an inviting entrance by placing two large shrubs in pots and setting them by the front door
• Plant wild flower seeds around your front lawn to create a unique appeal
• Add a bench or garden ornament to mix things up from the ordinary boring lawn

If you have bigger dreams for your curb appeal remodeling, check out GTFCU’s great home improvement loans!

Dealing with contractors can be an aggravating experience, here are a few tips to ensure you are getting a fair deal and creating the fool proof contract:

Get it in writing – This is one of the most essential steps when dealing with a contractor. It is best to get the basics all written down before any deals are made; the cost, detail list of supplies needed, description of the work to be done, schedule of when it will be completed, who will be working on the job, and any payment plan information.

Pay in full after the work is done – Paying at most 25% up front is generally okay, but if you do pay in full, you run the risk of the contractor walking away with your money or performing a sub-adequate job.

Get Multiple Quotes – It is always smart to do a little price research before committing to a contractor. Not only will this give you a better understanding of how much you will need to spend, it serves as a great negotiating tool when trying to talk down the price of a high bid.

Buy Materials Yourself – If contractors are in charge of purchasing materials, they tend to charge you the hourly rate for him to shop at Home Depot.

Good Luck, and don’t forget about our Home Equity Loans if you are remodeling your home in the near future!

Today is the infamous tax day, which hopefully doesn’t come to a shock to many of you… Now that you have most of the stress behind you, it’s time to figure out what to do with your return! A big screen TV or lavish vacation seems wonderful, but don’t use your money on impulse! Here are a few practical and wise tax refund choices that will pay off greatly in the long run.

• Diminish Debt – Take a look at all your outstanding debts, finding those that are charging you the highest interest rates, and pay them off! This counts mostly to credit cards, but look at other debts you have including car payments, student loan, and home equity loans.
• Add to a retirement plan – If your retirement plan has taken a back seat on your savings this past year, use your refund to catch up.
• Save for college – If you have children, no matter what age, saving for college is a fantastic way to spend your refund. With the ever growing price of a higher education, saving anything will be extremely beneficial.
• Put it back in your home – Using your refund for making improvements on your home, whether it be a shiny new kitchen or those new windows you’ve been eyeing, is a great use of your refund by increasing the value of your home.

Changing seasons is something us Texans rarely ever experience, but changes in prices of seasonal consumer items is definitely eye catching. Here is a list of some items to buy while the prices aren’t as high as the scorching Texas summer heat.

• Coats, Sweaters, and Scarves – Since these items are the last thing people need during the spring and summer months here, you can usually find them marked at extremely low prices.
• Heaters – Like winter garb, heaters are a thing of the seasonal past, so they are typically highly discounted.
• TVs – The Superbowl and Thanksgiving weekend mark the times of greatest demands for TVs, so the spring lull typically means a great deal on a TV that stores have in an abundance of supply. Bring competitors ads and other pricing material to help negotiate down the price if need be!
• Vacations – Summer typically means its vacation time, and planning ahead to beat the summer rush can save you tons of cash.

Last week, the mega-million jackpot reached an all time high of $540 million, with the odds of winning at 175,000,000-to-1! Here is a list of things more likely to occur than the crazy odds of winning the record high jackpot.

• New York Mets Winning the World Series – 100 to 1
• Chainsaw Injury – 4,467 to 1
• Hitting a Hole in One in Golf – 12,750
• Dating a Supermodel  - 88,000 to 1
• Getting Struck by Lightning – 576,000 to 1
• Becoming a Movie Star – 1.5 Million to 1
• Becoming the U.S. President – 10 Million to 1
• Having Identical Quadruplets – 15 Million to 1
• Being Killed by a Vending Machine 120 Million to 1

1. Get the most out of your 401(k)

A 401k is a retirement savings account that most employers offer to their employees to ensure that they are financially sound when reaching the glorious age of retirement. Contributing to your 401k is easy, as the contribution is usually automatically deducted from your paycheck; the real question is HOW MUCH you are contributing. Doing the bare minimum isn’t going to help you out in the long run, try and up your contribution at least a few percentage points every year to ensure secure retirement.

2. Your Long Term Financial Relationship

Thinking about the long term scares most of us, as we like to reap the benefits of smart decisions ASAP, don’t let this mind frame influence your financial planning decisions! It is essential to plan ahead for the future, which can easily be achieved by meeting with a financial planner.

3. Sticking to the Plan

Just creating a financial plan is just the tip of the iceberg, adhering to this plan is where things get tough! The economy is bound to change, and not every day will be fine and dandy. It is important to stick with your plan, despite market volatility!

If you are interested in meeting with our financial advisor to discuss your financial future, click here for more details!

The time to pick up that mop and get down to spring cleaning business is rapidly approaching, so here are a few money saving tips to make this year spotless! Try before you buy – Rather than going out to the store and buying a plethora of plastic bins and storage units, go through and sort out your stuff, throwing away junk and keeping items you feel like you need. This will give you a better understanding of what type of organization items you need, and prevent you from overspending on unnecessary storage things. Repurpose what you already have – There are so many ways to reuse items you may randomly have around your house! For example, old ice trays can be used for jewelry storage and over the door shoe organizers can be put in your pantry to help separate food items and snacks! Be creative and always be on the lookout for alternative ways to use things. Strategize Donations – The one year test is a great tool to help you sort out items you should donate, if you haven’t worn/used the item in questions – donate it. Keep track of everything you give away, as well as the value of the items, and then file this list in your 2012 tax folder so you can itemize your charitable contributions and receive the maximum tax deduction possible. If your spring cleaning turns into a home remodeling, make sure to check out our amazing home equity or home improvement loans!

A trip to Cancun always seems perfect when planning for Spring Break, but for most of us, such a trip may stretch our finances a little too thin. All because you’re not relaxing on a beach doesn’t mean you can’t go somewhere fun right here in the lone star state, not to mention cheap (in regards to the alternative)!

• Moody Gardens (Galveston, TX) – This oasis of fun is located in the heart of one of Texas’s historical cities, and can be enjoyed by everyone! There are many activities to preoccupy the family for numerous days, including an aquarium, IMAX Theater, and even a water park!
• Natural Bridge Caverns (San Antonio, TX) – This natural wonder boasts ample fun for the family, as well as a chance to see the world from an exciting new angle! There are numerous tours and activities throughout the day that allow you to visit this immense underground cavern.
• Wonder World Park (San Marcos, TX) – This unique theme park allows people to get a unique look at what an earthquake looks like from the inside! There are many attractions enjoyable by any member of the family, including an anti-gravity house!
• Six Flags over Texas (Arlington, TX) – This theme park ensures a fantastic time, with countless roller coasters, shows and attractions for all the family. Experience both Texas’s fastest and tallest roller coaster here! Don’t forget about our member-exclusive discounts that can be taken advantage of here!

All of us at GTFCU, wish everyone a safe and happy spring break!