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Where do young parents go to learn about getting rid of debt and building wealth? To the world of Marriage, Kids and Money of course!

Andy Hill is a father of two who learned hard financial lessons early on in life when he purchased a home he couldn’t really afford at age 22. He was thrilled to have achieved the American Dream at such a young age, but soon realized that his $200,000 investment was going to eat up 70% of his monthly after-tax income. To make matters worse, the house started requiring expensive repairs, forcing Hill to take out a HELOC against his home just to keep pace with his living expenses. Eventually, he decided to sell the home, barely breaking even with its initial price. This costly mistake was the catalyst that spurred Hill onto his journey toward financial wellness and empowerment.

Today, Hill and his family are in a completely different place. As part of their struggle to gain financial freedom, the Hills have reached the following remarkable goals:

• Paying off $48,032 of debt in one year
• Paying off a $195,000 mortgage in less than four years
• Increasing net worth from -$50,000 to $750,000 in eight years

On his blog, podcast and online platforms, Hill shares his hard-won tips and advice for achieving and maintaining financial wellness while raising a family. The award-winning blogger and influencer has been featured in major media outlets like Business Insider, Market Watch and NBC News. His message of financial empowerment has resonated with thousands of followers across the country.

You can check out Hill’s blog to read about his financial journey and timeless advice, follow him on Instagram and Twitter, and/or like his posts on Facebook.

Your Turn: Which financial influencers do you follow? Tell us about them in the Facebook comments.

Find the app on Google Play Store or Apple Store… on a phone or tablet near you!

• Scholastic: The leading educational company has set up a “Learn From Home” website with free daily courses for kids ages K-12.

• Zoom: The popular video conferencing app is offering free service during the coronavirus outbreak. It’s also lifted its 40-minute limit on conferences, making the app a perfect choice for hosting your child’s classroom learning, or even a video chat with friends.

• Neoufitness: Help your kids stay fit through the pandemic with this super-fun fitness app for kids ages 4-12. The app offers a selection of 10-20 minute exercise classes and is free for the first 30 days.

• Issasedibleadventures: If your child is an aspiring chef, they’ll love this free cooking app, in which gamers race to collect ingredients from around the world and use them to create a requested cross-cultural dish.

• SmartMusic: The popular music practice app is offering free service through June 30 for all schools impacted by COVID-19. The app includes practice tools like a tuner, metronome and fingerings, along with an extensive music library and immediate assessment of pitch and rhythm.

• DuckDuckMoose: The adorable educational app for kindergartners and preschoolers makes learning super-fun! The app is always free and features a delightful array of characters, a brightly colored interface, and a special focus on maps and puzzles.

• World of Cents: The NCUA’s free money app is the perfect way to teach your kids about personal finances. They’ll learn all about earning, spending, saving and more through the app’s fun games designed for kids ages 5-10.

After days of negotiations and last-minute changes, the Senate and the White House have signed a historic $2 trillion stimulus plan to help mitigate the economic fallout of COVID-19. The Coronavirus Aid, Relief and Economic Security Act (CARES) will put cash directly into people’s pockets, provide desperately needed funding for hospitals and help struggling businesses remain afloat in these financially fragile times.

Here’s all you need to know about the CARES Act.

Stimulus checks

One of the most crucial elements of the bill is the plan to distribute stimulus checks to Americans in the middle class and lower income levels. Officials hoped to deposit the one-time payments as soon as early April, though Americans likely won’t see the funds until a few weeks later.

Aid amounts will be based on household income reported in 2018 taxes (or 2019 taxes if they’ve already been filed), and will average $1,200 for each adult earning up to $75K a year and married couples earning up to $150K a year. Check amounts will begin to phase out for individuals whose income exceeds the $75K threshold, and for couples who earn more than $150K. Individuals earning more than $99K, and couples with no dependents earning more than $198K, won’t receive stimulus checks. Each household will also receive an additional $500 for every child under the age of 17 living at home. You can look up your anticipated check amount on this calculator.

The feds are hoping the stimulus checks will help the floundering economy and be a welcome relief to the millions of Americans struggling with a job loss or decreased hours due to COVID-19. The checks will provide benefits quicker than a tax credit and offer more spending freedom for recipients.

Increased unemployment benefits

Senate minority leader Chuck Schumer (D-NY) said the stimulus plan would put “unemployment insurance on steroids” to help employees in every sector survive the pandemic with their finances intact.

The enhanced unemployment insurance includes four months of full paid leave for laid-off workers; expanded coverage for employees who were furloughed; the inclusion of workers who generally do not qualify for unemployment, like gig workers and freelancers; and increased unemployment benefits for all eligible workers by $600 a week for four months in addition to each state’s predetermined unemployment compensation.

Funding for the health care system

The stimulus plan will pump $150 billion in the country’s overtaxed health care system to help it

meet the overwhelming demands of the pandemic. Of this funding, $130 billion will go directly to hospitals struggling to deal with a shortage of masks, ventilators, beds and protective gear; and $1 billion will go to the Indian Health Service. The rest of the money will be used to fund research and treatment and to help the Strategic National Stockpile raise supplies of ventilators, masks and other equipment for hospitals across the country.

Small business bailouts

Small businesses are among the hardest hit by the pandemic and national shutdown to help “flatten the curve.” The stimulus plan will offer $350 billion worth of funds to these corporations to help them remain solvent during these economically lean times. These funds take the form of loans, some of which may ultimately be forgiven.

Funding for state and local governments

State governments are especially active and vocal at this time, as they are the sole elected officials authorized to enact and enforce lockdowns on their jurisdictions. State treasuries are also straining to meet the surge in requests for funding from hospitals and individuals seeking unemployment benefits. Local governments are similarly mobilized during the pandemic, with law enforcement authorities in heavily infected areas putting in long, hard hours daily ensuring the safety and health of citizens.

The CARES Act will distribute $150 billion directly to state and local governments to enable them to address their spending shortages and to fund their increased labor at this time.

Additional provisions and addenda

There are several other components of the CARES Act, including the following:

• Establishment of a Treasury Department special inspector general for pandemic recovery and a Pandemic Response Accountability Committee to oversee loans to businesses
• Prohibition for all businesses controlled by the president, vice president, members of Congress and heads of executive departments from participating in the loan or investment programs. Their children, spouses and other relatives are also banned from receiving benefits.
• Provisions to ban stock buybacks during the period of government assistance. There is an additional ban of a year for all companies receiving a federal loan from the CARES Act
• Establishment of worker protections for businesses receiving the federal loans
• Prohibition for airlines from using the federal loans for CEO bonuses

The country is going through historically challenging times, but with the combined effort of the federal government, the cooperation and compliance of the public and generosity of each individual, we can all get through this together. Wishing all of our members and their families continued health and safety at this time.

Your Turn: How do you plan to use your stimulus check? Tell us about it in Facebook comments.

Did you know there were 14.4 million victims of identity theft in 2018? According to Javelin Strategy, each case cost the victim an average of $1,050 – and that’s only the cost in dollars. When an individual’s identity is stolen, the thief wreaks major havoc on the victim’s financial health, which can take months, or even years, to recover from.

Fortunately, there are steps you can take to prevent yourself from becoming the next victim. Here is your complete guide to identity theft protection.

1. Monitor your credit

One of the best preventative measures you can take against identity theft is monitoring your credit. You can check your credit score for free on sites like CreditKarma.com and order an annual report once a year from each of the three credit reporting agencies at AnnualCreditreport.com. Check your score for any sudden hits and look through your reports for suspicious activity. It’s also a good idea to review your monthly credit card bills for any charges you don’t remember making.

2. Use multi-factor authentication

When banking online, or using any other service that utilizes sensitive information, always choose multi-factor authentication. If possible, use your thumbprint as one means of identification. Otherwise, use multiple passwords, PINs or personal questions to make it difficult for a hacker to break into your accounts.

3. Use strong unique passwords

Never use identical passwords for multiple accounts. If you do so, you’re making yourself an easier target for identity thieves. Instead, create strong, unique passwords for every account you use. The strongest passwords use a variety of letters, symbols and numbers, and are never mock-ups or replicas of popular phrases or words.

If you find it difficult to remember multiple passwords, consider using a free password service, like LastPass. You’ll only need to remember one master password and the service will safely store the rest.

4. Only use Wi-Fi with a VPN

Did you know you are putting your personal information at risk every time you use the free Wi-Fi at your neighborhood coffee shop (or any other public establishment)? When using public Wi-Fi, always choose a Virtual Private Network (VPN) instead of your default Wi-Fi settings to keep the sensitive information on your device secure.

5. Block robocalls

Lots of identity theft occurs via robocalls in which the scammer impersonates a government official or the representative of a well-known company. Lower the number of robocalls reaching your home by adding your home number to the Federal Trade Commission’s No Call List at donotcall.gov. It’s also a good practice to ignore all calls from unfamiliar numbers, because each engagement encourages the scammers to try again.

6. Upgrade your devices

Whenever possible, upgrade the operating system of your computer, tablet and phone to the latest versions. Upgraded systems will keep you safe from the most recent security breaches and offer you the best protection against viruses and hacks.

7. Shred old documents

While most modern-day identity theft is implemented over the internet or through phone calls, lots of criminals still use old-fashioned means to get the information they need. Dumpster-divers will paw through trashed papers until they hit upon a missive that contains personal information. It’s best to shred all documents containing sensitive information as soon as you don’t need them.

8. Keep personal information personal

Be super-cautious about sharing sensitive data, like your Social Security number and banking PINs, with strangers – and even with friends. It’s also a good idea to use the strongest, most private security settings on your social media accounts to keep hackers out.

9. Invest in identity theft protection

If you’re still nervous about being the next victim of identity theft, you may want to sign up for an identity-theft protection service. They don’t come cheap, but services like LifeLock and IdentityForce will monitor your personal information online and immediately alert you about any suspicious activity.

Identity theft can be an expensive nightmare. Be proactive about protecting your identity and keep your information and your money safe.

There’s lots of talk in the world of personal finance about how to best manage a savings account. You might read up on financial experts who recommend keeping three to six months’ worth of living expenses in your savings account, or maybe you’ve seen a tip about socking away enough money to cover larger expenses. Either way, there’s lots of discussion about the ideal amount of money to keep in a savings account.

But what about our checking accounts? Most of us use these accounts on a daily basis. Every swipe of a debit card, every bill we pay and every personal check we write takes money out of our checking account.

How much money should we be keeping in these super-convenient accounts? Let’s find out.

What’s your magic number?

According to a 2019 NerdWallet survey, the average American checking account balance is approximately $2,900 but this number may not be right for you.

Everyone’s financial realities are different, and because of that, we have different answers to the question of how much money we should be keeping in our checking accounts. The general rule of thumb is to try to have one or two months’ of living expenses in it at all times. Some experts recommend adding 30 percent to this number as an extra cushion.

To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending. Be sure to include seasonal and occasional expenses as well.

Why keep that much money in your checking account?

Your checking account is your transactional account. This is where you’ll draw the money for all of your spending throughout the month, so you’ll want to be sure you have enough funds to cover those expenses. But it goes deeper than that. Here are three reasons you want to keep your checking account well-padded at all times:

1. Avoiding overdrafts. Even high-income earners can miscalculate their spending and end up with an overdrawn account. Why risk being charged overdraft fees for every transaction when you can easily avoid this mistake? [Here at Weld Community Credit Union, you can sign up for overdraft protection to ensure you never again pay a fee for an overdrawn account.]

2. Providing a cushion for pre-authorization holds. Some merchants, including those that operate gas stations, hotels, and car rentals, will place a pre-authorization hold on your debit card until you complete a transaction. Pre-authorizations can reduce your available checking account balance by up to $100 per hold. Once your transaction clears, the hold is released and the funds are available to you again. However, until then, the money is tied up. Keeping your checking account well-funded allows you to comfortably agree to pre-authorization holds without fearing an empty or overdrawn account.

3. Keeping liquid funds available. A robust checking account means access to cash is just an ATM transaction away. While most vendors accept various forms of payment, it’s helpful to know you have cash available if and when you need it.

Can I be keeping too much money in my checking account?

While it’s great to keep your checking account well-padded, taking it to the extreme is not recommended. Having an overstuffed checking account means you’re possibly missing out on the higher returns you can earn if you were to keep those same funds in a Weld Community Credit Union Money Market Account or in a Savings Certificate.

Once you’ve determined exactly how much money you should be keeping in your checking account, look into other options for the rest of your funds. You can speak to an MSRP at Weld Community Credit Union to learn about our available options and other high-yield options to find the one that’s right for you.

If you dare

Now that you’ve got your checking account numbers all worked out and you’ve chosen a place to keep the rest of your money, you may want to consider an unconventional practice, which makes money management simpler: opening two separate checking accounts. Some financial experts, such as Kristen Euretig, founder and CEO of Brooklyn Plans, recommend using this approach to give you a separate place for keeping the funds you’ll need for bills and the money you’ll use each month for your discretionary spending.

Here’s how it works. Open a second Weld Community Credit Union Checking Account, and as soon as your monthly paycheck clears, transfer all the funds you need to pay your monthly bills into your second account. If you have any bills linked to your previous checking account, be sure to update the information before they are due. This way, you’ll be paying all of your bills from one account. Best of all, with two accounts, you’ll be able to tell exactly how much spending money you have left each month without doing mathematical gymnastics to determine how much of your money is still earmarked for bills. It’s budgeting made simple!

Here at Weld Community Credit Union, we take the stress out of money management. Optimize your Weld Community Credit Union Checking Account by learning the ideal amount of money to keep in your account at all times.