avoid scams

Important Notice: Paper Statement Fee to Begin in July

In case you missed the notice in the June newsletter, MemberSource CU has implemented a nominal fee of $2 for each paper (mailed) statement. This fee will be charged per credit card statement as well as per monthly/quarterly account statement. Fees will be posted to the checking account (where applicable) or to the savings account if no checking account is held. An electronic statement, or e-statement, continues to be available for free. To sign up for e-statements, simply log into online banking at membersourcecu.org, click the Online Statements link, and complete the required fields. Need assistance? Call Member Service Center at 713.627.4000 Monday – Friday 9am to 5pm or Saturday 9am to 1pm.  The first fee will appear in August. This fee will be waived for accounts where the primary member is under 18 or 65 and over.

Those who budget and manage their money properly are more likely to never experience financial burdens. Creating financial stability that will keep you and your family secure is the best practice anyone can do in their life endeavors.

Budgeting can be overwhelming, but if done correctly, it can be very useful for your future. These helpful tips can help you begin to manage your money effectively, whether you’re budgeting for a home, a car, or a vacation. In addition to learning about budgeting, you will also learn how to set goals aside, become organized, track your spending, create a budget, and most importantly how to save money.

The importance of budgeting

The process of managing money involves knowing how to make wise use of it and categorizing it according to your most important factors in life, so when you have enough money for your needs first, you will be able to spend on your wants too.

Creating a budget can help you in many situations and potentially relieve financial burdens. In addition to helping you save money for an emergency, budgeting can also help you save for retirement, pay off bills on time, etc. There are many things for which budgeting is essential.

Steps to take when managing your money

There are many steps to take when you are ready to start managing your money. Here are 6 helpful budgeting tips for beginners to follow when creating a budget:

1. Have a clear vision of what you want your future to look like. Setting both long-term and short-term goals for yourself and making a list of your aspirations can help you construct a plan for the expenses you need to budget for.
2. Using a savings calculator can help you achieve your goal and determine how much money to put aside with much more accuracy without having to do all the math.
3. Organizing your finances and bills to handle everything in a more convenient manner can help you focus on the most essential things and clear out the clutter from the less important items.
4. Keeping track of how much you spend is essential when creating a budget because it helps you to see where your money is going. The ideal way to keep track of your spending is to retain receipts and review your monthly bank statement.
5. Creating a budget using Excel or any online worksheet can help you keep track of your monthly expenses and income. As a general guideline, you should list both your monthly expenses and net income.
6. The most important step in budgeting is to save money. Set up an emergency fund and a savings account so that you can save money specifically for emergencies and won’t touch it unless it is necessary.

How to start?

Not sure where to start? By Putting all of the recommendations into action will help to narrow down each category of your expenses. Writing down your monthly expenses into an excel sheet is a good place to start when establishing a budget. It can be as simple as categorizing them from most important to least important, for example:

• Bills –rent, utilities, car, insurance, medical/healthcare
• Unplanned emergencies, retirement
• School
• Gas
• Food
• Clothes
• Going out
• Travel
• Miscellaneous

Following the completion of your ideal list, you can begin to determine how much you want to set aside each month in each of those categories based on your income. This will help create a specific dollar amount you need to put aside in each of those categories each month. The purpose of this is to help you keep track of your spending and limit the amount of money you spend.

Just like that, you can get closer to achieving your money goals and the life you want with the help of these tips and tricks for budgeting.

Learn more about our member education resources we offer at MemberSource Credit Union in Houston, TX. Reach us at your preferred time to become a member.

Tax forms have been prepared and are available for viewing. Remember: If you earned less than $10 in dividends, a tax form was not generated. You may find the information you need by reviewing your December 2022 statement, and looking at the bottom under the last heading YEAR TO DATE TOTAL DIVIDENDS FOR 2022.

If you have paper statements, the tax form was mailed to the address we have on file.

If you have electronic statements, log into your online banking account and click on online statements. Then select Tax Forms in the Document Type box and view/print from there.

As always, if you need assistance, please contact us at web.msc@membersourcecu.org or call 713.627.4000.

Even if you think you’re pretty savvy about fraud and possess both the knowledge and skepticism needed to thwart most attempts, two factors can weaken your defenses: speed and feelings. Criminals commonly prey on our desire for convenience and our emotional relationship with money when devising their scams.

Here are some of the cons experts currently see surging and how to repel these attacks on your personal security.

THE SCAM: Unforgiveable student loan offers

This con has taken several forms over the years, but it boils down to the same primary tactic: using the offer of financial relief to seduce you into giving out your personal details. Recently, fraudsters have been sending texts, robocalls, and emails offering assistance with student loan forgiveness. All you have to do is fill out a simple form to expedite the process. Of course the form is fake and your vital information is stolen.

THE PLAN: Never Assume

One of the most critical information safety rules to remember is simple: Never assume the person or automated service you’re communicating with is who they say they are. While it’s enticing to think of quickly getting out from under crushing educational debt, there’s no need to rush it – despite what a fraudster might tell you. Visit www.studentaid.gov for the real lowdown on what you’re entitled to and how to get it.

THE SCAM: “Hitman” threats

If you ever wondered how low scammers will go, you now have your answer. In this pathetic attempt to blackmail you, criminals gather as much information on you as they can via social media. They then use that information, like the names of loved ones or common places you visit, to claim they will harm you or someone you love. Then, they offer to call off the violent act if you pay a ransom.

THE PLAN: Leave it alone and contact law enforcement

If the scammer knows they have your attention, they’re more likely to continue to harass you. DO NOT RESPOND TO THEM. Instead, contact the FBI’s Internet Crime Complaint Center and local law enforcement. As a general rule, be careful about what you post online, as it can potentially be used for intimidation.

THE SCAM: Fake delivery messages

Cybercriminals have taken to sending fake messages explaining that a package is delayed or that a delivery was attempted unsuccessfully. In the case of a delayed package, you’re advised that you need to update your account information for delivery to proceed. A link is provided that then harvests your personal information. In the unsuccessful delivery version of this scam, you’re informed that you’ll need to pay a fee for another delivery attempt.

THE PLAN: Take a deep breath and disengage

It’s a fast world. You’re used to accomplishing tasks or resolving issues in seconds with a few clicks and keystrokes. But it’s a good practice to avoid links in emails or texts and instead navigate on your own to sites where you’ve conducted business. It takes a bit longer, but during the extra seconds, comfort yourself because your information is safer.

It’s easy to get frustrated when a new type of fraud is being perpetrated everyday. But keep these fundamental questions in mind before responding to any unsolicited requests:

• Do I know to whom I’ve giving this information? Am I sure?
• Am I sure of the source of this link and where it will lead me?
• Do they really need this information?
• Should I send money this way? (Ex. Why would the IRS want me to pay them in the form of gift cards?)
• Can I end this interaction and contact the company directly?