Make Saving A Habit

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NEW EPISODE: Home Inspection Failures

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None! 
To hear the episode, please visit: https://policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #Mortgage #FirstResponders #LawEnforcement #EverybodyGoesHomeLetsGetHomeTogether

NEW EPISODE: Home Inspection Failures

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None!
To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #mortgage #firstresponders #lawenforcement #everybodygoeshomeletsgethometogether
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17 hours ago
Thank you for 26 years of service!! Enjoy your retirement!!
#HeroImage attachment

Thank you for 26 years of service!! Enjoy your retirement!!
#Hero
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2 days ago
Congratulations and thank you both, K9 Loki Officer Schmidt-Quist! Stay safe!

Congratulations and thank you both, K9 Loki Officer Schmidt-Quist! Stay safe!The Racine Police Department would like to officially welcome K9 Loki and his handler Officer Justin Schmidt-Quist. Officer Schmidt-Quist has served with the Racine Police Department for almost 13 years. Loki is a two and a half year old Belgian Malinois. We would also like to thank S.O.L.E for their donation to purchase Loki. ... See MoreSee Less

2 days ago
Congratulations!! All the best to you both, Officer Glaum! Stay safe!

Congratulations!! All the best to you both, Officer Glaum! Stay safe!The KPD would like to welcome the newest member to the Canine Unit. After two full days of extensive testing, this 14-month-old male Belgian Malinois was selected to join the team. Officer Glaum and this pup will begin their 10-week training at the end of March. Thanks to a sizable donation from a benefit held by the Starlite Club, their team has naming rights to this very handsome boy. If you are interested in donating to the canine unit, naming our next canine, or learning more about the canine unit please contact Lt. Jurgens. We look forward to watching this team develop and progress. ... See MoreSee Less

2 days ago
Congratulations! Thank you. Stay safe!Image attachmentImage attachment+1Image attachment

Congratulations! Thank you. Stay safe! ... See MoreSee Less

2 days ago
Congratulations and thank you!
#Hero

Congratulations and thank you!
#HeroRepresentatives from KidsMatter and the Collaborative Youth Team stopped by the PD earlier this week to present a Kindness Award to one of our officers! Officer Maulding was nominated by a coworker for his extraordinary acts of kindness towards an elderly resident who was struggling after her closest family moved out of state. We are so proud of the extra mile he's gone for this resident and are very grateful that his kindness has been recognized. #kindnesscounts2us
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2 days ago

The Credit Union is honored to welcome the Whiting Police Department (Indiana) into our field of membership. We look forward to serving you and your families. ... See MoreSee Less

4 days ago
Thank you for 23+ years of service!
#Hero

Thank you for 23+ years of service!
#HeroMaster Patrol Officer Stanbery retired from the Stillwater Police Department on January 31, 2024. He served the citizens of Stillwater for 23+ years. He worked as a patrol officer, field training officer, Detective with our Special Projects Unit, Special Operations Teams, Honor Guard, and an investigator with the Drug Task Force. Thank you Master Patrol Officer Stanbery!

#SWO
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4 days ago
Rest in Peace, K9 Kex. We will Never Forget.Image attachmentImage attachment+4Image attachment

Rest in Peace, K9 Kex. We will Never Forget. ... See MoreSee Less

4 days ago
Rest in Peace, K9 Lun and K9 Max. We will Never Forget.Image attachment

Rest in Peace, K9 Lun and K9 Max. We will Never Forget. ... See MoreSee Less

4 days ago
Congratulation! Thank you! Stay safe!Image attachmentImage attachment+1Image attachment

Congratulation! Thank you! Stay safe! ... See MoreSee Less

4 days ago
Division President Jim Bedinger and Vice President Jorge Mendoza are honored to be attending the National FOP’s Leadership Matters, which is being held in Nashville, TN, from February 22 - 24, 2024.

Division President Jim Bedinger and Vice President Jorge Mendoza are honored to be attending the National FOP’s Leadership Matters, which is being held in Nashville, TN, from February 22 - 24, 2024. ... See MoreSee Less

5 days ago
Great picture!! Congratulations and thank you! Stay safe!

Great picture!! Congratulations and thank you! Stay safe!PPPD is beaming with pride today for long time, former PPPD Cadet & new Orland Park Police Officer Jacquelyn Skender, who was sworn in alongside her mother.

Jackie we are so very very proud of you!!! PPPD's Cadet program is comprised of young people who learn about police-community partnership and provide auxiliary resources in support of policing activities. We often learn more from them, then they from us. It is truly inspiring to support and watch the future leaders of public service excel.
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6 days ago

The Credit Union is honored to welcome the New Franklin Police Department (Ohio) into our field of membership. We look forward to serving you and your families. ... See MoreSee Less

7 days ago
NEW EPISODE: Home Inspections

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None! 

To hear the episode, please visit: https://policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #Mortgage #FirstResponders #LawEnforcement #EverybodyGoesHomeLetsGetHomeTogether

NEW EPISODE: Home Inspections

The Mortgage Beat is live with an all-new episode featuring John Aretos, CEO, Police Mortgage, created For First Responders Who Are Second to None!

To hear the episode, please visit: policemortgage.com/mortgage-beat-episodes/.

#PoliceMortgage #mortgage #firstresponders #lawenforcement #everybodygoeshomeletsgethometogether
... See MoreSee Less

1 week ago
Congratulations! Thank you!

Congratulations! Thank you!008th District officers accepting an appreciation award from our community partners at Sanad Social Services. We appreciate you too! ... See MoreSee Less

1 week ago
We will Never Forget.

We will Never Forget.Members of our OCSO Honor Guard were on hand today to pay our agency’s final respects to 26 year old Florida Highway Patrol Trooper Zachary Fink. He lost his life February 2nd in Port St Lucie during pursuit of a fleeing felon on Interstate 95. Rest in Peace Trooper Fink. 🙏 ... See MoreSee Less

1 week ago
Happy birthday🐾💙!!

Happy birthday🐾💙!!Woodbury City Police Department- NJ. K9 is celebrating birthday. ... See MoreSee Less

1 week ago
We will Never Forget. 
#HeroImage attachmentImage attachment+4Image attachment

We will Never Forget.
#Hero
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1 week ago
Our thoughts and prayers are with the Law Enforcement community.

Our thoughts and prayers are with the Law Enforcement community.The Boston Police Department extend our deepest condolences to the family, friends and colleagues of Officer Paul Elmstrand, and Officer Matthew Ruge of the Burnsville Police Department in Minnesota and Firefighter/Paramedic Adam Finseth of the Burnsville Fire Department in Minnesota, who were killed in the line of duty on Sunday, February 18, 2024, as well as another officer who was wounded during this incident and has a long recovery ahead. ... See MoreSee Less

1 week ago

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Make Saving A Habit

It is possible for you to save money even if you feel as though you live paycheck to paycheck and your wages are totally committed to paying your bills.  Saving money is a matter of habit not finances.

If you allow yourself to believe that saving money is a habit and that habits are derived from your own mindset, you will overcome the main obstacle you face in beginning to accumulate a savings account.  If you continue to believe that your ability to save is only a product of the amount of your income, you are thinking like a victim and not like someone who makes your own choices and takes charge of your own financial destiny.

Remember that stress, particularly stress associated with your finances, is only created from what you do not understand or what you cannot control.  You can absolutely take steps to better understand and control your finances and become a saver.

There are multiple ways that you can begin effective saving habits regardless of your level of income and without necessarily needing to make more money.  They include, but are not limited to direct deposit, proper withholding alignment, contributions to employer sponsored saving plans, and Roth IRA’s.

The most basic form of saving is the establishment of a regular savings account at your local credit union or bank.  Credit Unions will typically provide you with an easier route to a savings account because they very rarely charge fees or impose limitations, whereas most banks will require minimum balances and/or restrict usage and charge fees if you do not meet those requirements.

One way to start a savings account is to set up a direct deposit into the account straight from your paycheck.  This simple step can many times mean the difference between being a saver and being a spender.  While some of us will tend to spend money we do not have, most of us will find a way to live within our means.  If your money is taken out of your check before you receive it, it is much easier not to spend it.  While you will still have access to it, the mere fact that the money is not sitting in your checking account ensures that you will need to take additional action to use those funds.  If you are not currently a saver or if you are convinced that you need every cent of your wages to pay bills and cover your spending needs, start small.  Take $10 out of your paycheck through a direct deposit to your new savings account and forget about it.  You might be surprised how easy it is and because you are setting your own savings goal, there is no need to feel any pressure to increase the amount or reach a certain savings level.  At this stage, it is important just to concentrate on the act of saving, no matter the amount you save.

If you find that you are struggling even to identify $10 of savings in each paycheck or if you are looking for ways to increase your savings, take a close look at your income tax withholdings.  If you are committed to saving, your money is always of more use to you in your own hands than that of the government.  Many people routinely overpay their taxes during the course of the year and look forward to a refund the following year.  While you could make an argument for the validity of this option as a forced savings plan, keep in mind that the government does not pay you interest while holding your money.  Properly aligning your withholdings with your real tax liability is yet another step toward taking charge of your finances.

Another key to making saving a habit is to contribute to your employer sponsored savings plans, whether they are of the 401(k), 403(b), or 457 varieties.  Doing so creates another avenue of saving that takes place before you receive your check.  This type of savings contribution uses pre-tax income so that when you begin contributing you receive the additional benefit of reducing your income tax liability.  In fact, of all of the ways in which you can save, this is the most advantageous regardless of the amount of your income or the size of your contribution.  Not only will you benefit from saving on a pre-tax basis, but many of these plans include provisions for employer contributions as well.  As you save and your employer contributes to your account, your savings will grow tax-free.  Because of this, this type of saving will also provide you with the most immediate and meaningful results.  It is an excellent way to build wealth in preparation for your retirement and the younger you are when you start to contribute, the more money you will have when you typically will need it the most.

An additional alternative is to open up a Roth IRA savings account.  IRA is an acronym for Individual Retirement Account, of which there are many different types.  The Roth IRA, however, is somewhat unique in that you use after-tax dollars to establish it and, therefore, you have greater access to the funds.  In other words, because you have already paid taxes on the dollars you invest in a Roth IRA, there are fewer restrictions in place should you decide that you need the funds for another purpose.  Roth IRA’s will typically produce a higher rate of return than a regular savings account and you can contribute to them in a variety of ways, including via direct deposit.

You can begin using any of the aforementioned savings methods without increasing your income.  By establishing your saving habit before your wages increase, you will be better prepared to save and save at a higher level when you do earn your next raise or promotion.  Should your wages increase, take the opportunity to save a few more dollars.  At this point, you will have already proven to yourself that it can be done.

It is always important to seek professional advice when you are making decisions about your finances. The savings options and methods mentioned here, however, are straight- forward and can almost always be accommodated by your primary financial institution.

The act of saving can be as simple or as complicated as you would like to make it and you can more easily talk yourself out of the need to save than you can convince yourself that it is important to do so.  Just remember that you will encounter less stress and generally find yourself in a better position overall when you are living your life with a plan.  If you choose to live your life with a plan, remember also that you will often discover brilliance in simplicity.

Scott Arney
Chief Executive Officer
Chicago Patrolmen’s Federal Credit Union

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