Tax season is here, and if you’re expecting a big refund, you might be feeling like you hit the jackpot! But before you start planning how to spend that extra cash, it’s important to ask: Is my tax refund too big? Let’s break down what it means when you receive a large refund, why it may not be in your best interest, and what steps you can take to better manage your money throughout the year.
You’ve tracked your spending, designed a budget for your monthly expenses, and you’re on a good path to financial wellness. In this next step, you’ll create a plan for paying down debt.
Consumer debt can be one of the biggest challenges to financial wellness. With some intentional action and commitment, reaching true financial wellness is possible.
Here’s how to pay down or off your debt in five simple steps.
List every credit card you own along with an outstanding balance. Jot down the amount owed to each card issuer. Next, list the interest rate of each card. Repeat these steps for other loans you may have as well.
There are two approaches generally advised to folks who are seeking to get rid of their debt:
The snowball method involves paying off your smallest debt first, and then moving to the next-smallest until all debts have been fully paid.
The avalanche method involves getting rid of the debt that has the highest interest rate first before moving on to the debt with the next-highest rate until all debts are paid.
Choose the method that makes the most sense for your personal and financial circumstances.
Once you’ve chosen your debt-crushing method, find ways to maximize your monthly payments. You can do this by trimming your spending in one budget category and channeling that money toward your debt. You can also find ways to get some extra cash for your payments, such as freelancing for hire.
When you consolidate debts to one low-interest loan, it’s a lot easier to manage the monthly payments. Plus, the savings in interest you won’t pay can be significant, especially if the new loan has a low-interest rate. If this approach sounds right for you, consider taking out a personal loan.
Many credit card companies will be willing to lower your interest rate once you prove you are serious about paying down debt. After kicking off your debt payment plan, it’s worthwhile to contact each credit card company to discuss options.
No matter which strategy you go with or the methods you use for paying off your debt, commit to not adding more debt onto your card while paying it down. Paying off a large amount of debt will take time and willpower, but living debt-free is key to financial wellness. Best of luck on your debt-crushing journey!
Read Step 1: How to Track Your Spending
Read Step 2: Creating a Budget
Read Step 4: Have the Money Talk With Your Partner
Read Step 5: Practice Mindful Spending
Read Step 7: How to Pay Yourself First
Read Step 8: Know When and How to Indulge
Read Step 9: Build and Maintain an Excellent Credit Score
Read Step 10: Plan for Retirement
Read Step 12: Review and Tweak
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose
Budgets play a crucial role in promoting financial awareness, which leads to more responsible money choices.
Let’s take a look at how to create a budget and review some popular budgeting systems, as well as how they work.
While every kind of budget involves tracking expenses and committing to a maximum spending amount each month, there is a wide range of budgeting systems to fit every kind of personality and money management style.
Read Step 1: How to Track Your Spending
Read Step 2: Creating a Budget
Read Step 4: Have the Money Talk With Your Partner
Read Step 5: Practice Mindful Spending
Read Step 7: How to Pay Yourself First
Read Step 8: Know When and How to Indulge
Read Step 9: Build and Maintain an Excellent Credit Score
Read Step 10: Plan for Retirement
Read Step 12: Review and Tweak
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU.
Learn More About Banking with a Purpose
AGCU is committed to serving your financial needs while ensuring the safety and reliability of your funds. To better protect your account and align with industry best practices, we’re updating our Funds Availability Policy for check deposits made at ATMs. Starting January 21, 2025, all checks deposited at ATMs will be subject to a standard 2-business-day hold. However, Treasury and cashier’s checks will be available the next business day, per federal regulations.
We understand this policy change may raise questions, so we’ve outlined key details below to help you understand why this adjustment is necessary and how it benefits you.
When you deposit a check at an ATM, the funds are credited to your account immediately; however, this does not mean they are immediately available for withdrawal or use. A funds availability hold delays access to the deposited amount until the check can be reviewed and validated.
Placing a temporary hold on check deposits serves several important purposes:
Here’s a breakdown of our updated policy:
To check your available balance at any time:
We understand that unexpected financial needs can arise. If you need access to funds before the hold period ends, please reach out to a Member Care representative. In some cases, we may be able to expedite the availability of funds.
Here are a few tips to help you plan deposits and access funds more efficiently:
AGCU is committed to providing secure, accessible, and faith-centered financial solutions. Our Funds Availability Policy ensures your deposits are handled responsibly, protecting you and your account from potential risks.
For more details about our updated policy, feel free to review your account documents or speak with an AGCU representative.
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
When it comes to managing your finances, choosing the right financial institution can make a world of difference. Both banks and credit unions offer similar services, like checking and savings accounts, loans, and online banking. However, their structures, goals, and the benefits they provide set them apart. Let’s dive into what makes them different—and why AGCU might be your ideal choice.
Banks vs. Credit Unions: Key Differences
Ownership and Purpose
Banks are for-profit institutions owned by shareholders. Their primary goal is to generate profit, which is returned to shareholders as dividends. In contrast, credit unions are not-for-profit organizations owned by their members. This means that when you join a credit union, you’re not just a customer but an owner. You can attend annual meetings, vote on credit union board members, and help guide the direction of the credit union.
While anyone can open an account with a bank, credit unions typically have specific membership requirements. Qualifications vary but are generally based on factors like where you live, work, worship, or your association with a particular organization.
As a credit union, AGCU is committed to serving our members and the Assemblies of God by offering tailored financial solutions that reflect our shared faith and community values. When you bank with us, you support a financial institution that shares your values and helps build the Kingdom of God.
At AGCU, every decision is made with members in mind, not shareholders. Our mission is to help you manage your finances to align with your faith and values.
How Profits Are Used
Since banks operate as for-profit entities, their income often goes toward paying taxes, expanding operations, or rewarding shareholders. On the other hand, credit unions reinvest their earnings into member benefits like lower interest rates on loans, higher rates on savings accounts, and reduced fees.
For AGCU members, this translates into financial advantages like affordable loan options, competitive savings rates, and resources designed to support ministries, families, and individuals alike. But more importantly, when you use AGCU for your day-to-day banking needs, you support worthy causes, both where you live and worldwide.
We donate 10% of our annual earnings to support churches, ministries, educational scholarships and programs, and humanitarian efforts each year.
Every day, we provide vital financial services to people, ministries, and businesses throughout the United States. We also support missionaries in 190 countries around the world.
Convenience Without Compromise
Big banks often focus on scale and efficiency. While they have great online and mobile technology, many customer transactions are limited to their specific bank branches and ATM locations.
Credit unions typically have fewer physical branches, so they make up for it with shared branch networks and robust digital tools. AGCU members enjoy access to over 5,000 shared branches and 30,000 surcharge-free ATMs nationwide through the CO-OP Shared Branch Network, along with user-friendly online, mobile, and video banking. You’ll always have access to your accounts when you need it.
Lower Fees and Better Rates
Credit unions are known for their lower fees and competitive rates. Whether it’s a loan for a new car, a mortgage, or a savings account, you’re likely to find better deals at a credit union.
Are Credit Unions Safer Than Banks?
Federally insured credit unions and banks are both safe places to keep your money. Money kept in banks is insured by the FDIC. And federally insured credit unions offer NCUA insurance. Both are federal insurance backed by the U.S. government. Both offer protection up to $250,000 per account.
AGCU: More Than Just a Credit Union
At AGCU, we’re more than a financial institution. We’re a ministry partner, here to help you live out your Kingdom calling. From checking and savings accounts to loans and digital banking, we offer a full suite of financial services tailored to your needs.
When you bank with AGCU, you’re not just making a wise financial choice but investing in a mission-driven organization that shares your faith and values. It’s Banking with a Purpose.
Why Choose AGCU?
To decide if a bank or a credit union is better for you, you’ll need to identify what’s important to you and how each type of financial institution matches your priorities.
At AGCU, we offer a comprehensive range of financial services to meet the needs of our members. Whether you’re managing your family’s finances, leading a church, or running a small business, we have the tools and resources to help you achieve your goals.
Making the Switch
If you’re looking for lower fees, personalized service, and a financial partner who truly understands your values, a credit union like AGCU might be the perfect fit.
Ready to experience the difference? Call us today at 417-831-4398 , Apply online, Begin a Video Call or Stop by one of our branches to learn more about becoming a member today. Together, we can build a better financial future rooted in faith, community, and trust.
Is your monthly budget still working well for you? Are you stretching some spending categories or finishing each month in the red? Take some time to review your budget and make any necessary changes.
Insurance is not a “buy it and forget it” product. An annual check-up on your current insurance policies can result in a healthier policy and a healthier pocketbook.
Regardless of which types of insurance you own now, your coverage will probably need some adjusting over the years. You may even have to purchase new types of insurance that you didn’t need before.
An annual insurance checkup is a smart idea! Considering what new types of coverage you might need and reviewing your current coverage once a year, even if you don’t think there have been any significant changes in your circumstances, will help ensure that you stay adequately protected and avoid any unpleasant surprises if you ever have to file a claim.
To stay on track, do your annual review around the same time each year.
In addition to your routine annual insurance review, you should re-evaluate your coverage any time there is a life event or significant change in your circumstances that either increases or decreases your risk—and, therefore, your need for protection.
This area of insurance changes frequently which means there could be opportunities to get more coverage and perhaps save money. It isn’t unrealistic to consider getting new bids for all your non-life policies every year to be certain you’re not spending too much or getting too little for your dollar. It is also a good time to make sure your home policy covers any upgrades or additions you’ve made to your home since its original purchase.
You might think you already did an in-depth review of your needs when you originally purchased your life insurance policy. At that time, you considered your family’s financial needs, took inflation into consideration, and decided on a coverage amount and term. Yet, every new year brings changes into our lives, such as weddings, births, divorces, new jobs, new roles, variations in salary, etc. These important events should be reflected in your life insurance policy to ensure it is keeping up with your expectations.
AGCU Insurance offers over 20 different types of insurance. This includes traditional home and auto insurance but also includes other policies like pet and wedding insurance. Here are some of the most popular insurance policies currently offered:
Your AGCU insurance professional will be familiar with your current coverage and can provide valuable guidance regarding what you need to stay adequately protected and even how to save money on premiums.
Block out an hour, call an insurance agent, and get answers to these important questions.
What Type of Coverage Do I Have?
How Much Coverage Do I Really Need?
How Can I Lower My Premiums?
What are my deductibles and discounts?
In order to ensure that you’re getting the most bang for your buck, AGCU Insurance is dedicated to minimizing fees, loading on discounts, and offering competitive policies. There are a variety of discounts available. These include multi-car, multi-driver, new car, paperless, multi-policy, good student, and many others.
Additionally, AGCU Insurance offers free coverage checkups.
If you live in Arkansas, Kansas, Missouri, Oklahoma, or Texas, Fill out the Quote Request Form at the top of the page, or contact Sherrie and Dee today to obtain a quote!
Phone: 866-508-2428 or 417-447-9356
Email: insurance@agcu.org
If you live outside of those five states, visit the AGCU InsuranceAisle website or call 866-397-4086 for more information.
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
Need some extra cash this holiday season? You may be eligible to skip your consumer loan payment in November or December!*
Simply download and fill out the “Holiday Skip-a-Pay” form. Then send it to one of the following:
Email: skipapay@agcu.org
Fax: 417.831.4420
Mail: AGCU (Attn: Skip-a-Pay), PO Box 2328, Springfield, MO 65801
Click here to download the form.
Loans financed elsewhere? You may be able to lower your rate and payment by refinancing with us, and you can delay your first payment up to 30 days.
Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose
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*CONSUMER CREDIT CARDS, REAL ESTATE LOANS, HELOC LOANS, BUSINESS LOANS, AND BUSINESS CREDIT CARDS ARE EXCLUDED FROM THIS OFFER. Skip-a-Pay Processing fee of $25.00 or 10% of the monthly payment – up to $50.00 (whichever is the greater amount). Maximum of two (2) payments may be skipped per loan, per calendar year. Maximum of four (4) payments may be skipped over the life of the loan. Interest will continue to accumulate on the loan during the month the payment is skipped. All loans must be current to qualify and must have been opened at least 60 days prior to the month of loan payment skipped. Only loans that have had the first monthly payment since origination are eligible for the Holiday Skip-A-Payment program.
If the processing fee is not paid, this offer is void. Offer expires 12/31/2024
Many homeowners rely on escrow accounts to manage real estate tax and homeowners insurance payments. These accounts allow mortgage servicers to collect a portion of your taxes and insurance along with your monthly mortgage payment, ensuring those big bills are handled on time. However, not all members choose this option—either because they’ve paid off their mortgage, or they’ve received an escrow waiver. If you’re in this situation, here’s how to manage these payments on your own and make the most of your money in the process.
An escrow account is typically required by mortgage lenders to ensure real estate taxes and homeowners insurance are paid on time. Each month, part of your mortgage payment goes into this account, and your lender pays those bills on your behalf when they’re due. It’s a convenient way to break large, annual bills into smaller, more manageable amounts.
Benefits:
Drawbacks:
If you’ve opted out of escrow, you’ll be responsible for paying your real estate taxes and insurance on your own. Here’s a disciplined approach to make sure you have the money when you need it:
One of the main challenges of managing these payments without an escrow account is the discipline required to save consistently. If you’re not careful, it can be easy to fall behind on saving and face a large, unexpected bill at the end of the year. A separate savings account with automatic transfers can help avoid this issue.
If you don’t have an escrow account, we highly recommend opening an interest-bearing savings account today. Not only will this help you prepare for your annual real estate tax and insurance bills, but it also allows you to earn interest in the meantime. Talk to one of our Member Services Representatives today about setting up an account that works for you.
Disclaimer: This article is for informational purposes only. Please consult a lawyer or accountant for professional advice on managing real estate taxes and insurance.
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