Money Matters: LAPFCU Blog

SMART HOLIDAY SHOPPING TIPS

Celebrate the season without overspending! Use these smart strategies to maximize your dollars, keep your finances secure, and even earn rewards along the way.

1. Plan Ahead and Set a Budget

Before shopping, decide how much you can afford to spend on gifts, decorations, and holiday festivities. Create a list and set spending limits for each person and event to prevent impulse purchases and post-holiday debt.

2. Hunt for Deals

Take advantage of sales, discounts, and promotional events like Black Friday, Cyber Monday, or Small Business Saturday. Compare prices online and use price-tracking tools or apps to monitor price drops.

3. Maximize Credit Card Rewards

Use rewards credit cards for purchases to earn cash back, points, or travel miles. Check for seasonal bonus rewards offers for specific retailers or categories like groceries and dining. Pay your balance in full to avoid interest charges. Apply for a Platinum Rewards Visa.® LEARN MORE

4. Keep Your Money and Identity Safe

Protect yourself from fraud and identity theft.

• Use secure payment methods like credit cards or digital wallets instead of debit cards.
• Shop only on secure websites (look for “https” in the URL).
• Avoid using public Wi-Fi for online transactions.
• Monitor your account activity regularly and set up transaction alerts. LEARN MORE
• Use an online data protection service. Learn about FREE Guardian Checking protection solutions. LEARN MORE

5. Support Local Businesses

Shop locally to support your community. You’ll also find unique gifts and get personal service. Many local retailers offer special holiday discounts or promotions.

6. Redeem Points for Gifts or Savings

Use accumulated credit card points for gift cards, merchandise, or statement credits to offset your holiday spending. LEARN MORE

Happy Holidays from LAPFCU!

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BUILDING A LASTING LEGACY: THE IMPORTANCE OF ESTATE PLANNING

Thinking about what happens after you’re gone isn’t pleasant, but it’s important for your loved ones. Ensuring their financial security means they won’t face burdens during a tough time. For law enforcement officers, this is even more crucial. A will or trust will help protect your assets according to your wishes. Here’s why estate planning is essential:

1. Protect Your Loved Ones: Estate planning allows you to decide how your assets are distributed after you’re gone. You can set up a will or trust to appoint guardians for your children and provide for family members as you wish.
2. Avoid Probate: Without a plan, your assets may go through probate, a lengthy and expensive legal process. Estate planning helps avoid probate, speeding up the transfer of your assets and saving money.
3. Ensure Privacy: Trusts keep your financial affairs private, unlike wills, which become public records during probate. This keeps your family’s details confidential.
4. Plan for Incapacity: Estate planning also covers situations where you might be unable to manage your affairs. You can set up a power of attorney and healthcare directives to allow loved ones you select to make decisions for you, if needed.
5. Minimize Estate Taxes: Good estate planning can reduce the taxes on your estate. By using strategies like gifting and setting up trusts, you can help ensure more of your assets go to your beneficiaries.

At LAPFCU, we offer estate planning services to help you protect your legacy and ensure your loved ones are provided for. Don’t leave your future to chance. Start planning today to provide peace of mind for you and your family.

GET A DISCOUNT ON A WILL OR TRUST!*

It’s affordable to ensure a secure future for your loved ones with an LAPFCU member discount. LARFPA discounts also available.

Low Cost ● Convenient ● Expert Help

Act now to save hundreds or even thousands of dollars compared to hiring an attorney!

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4 STEPS TO PAY OFF DEBT

Managing finances can be a challenge, especially In the world of law enforcement. Between rising living costs, high-stress careers, and irregular work schedules, debt can accumulate quickly, robbing your present and stealing from your future. Follow these steps to regain control.

1. ASSESS YOUR DEBT

Take inventory of all your debts, including credit cards, loans, and outstanding balances. Calculate total amounts owed, interest rates, and minimum monthly payments to gain a clear understanding of your financial obligations.

2. CREATE A REPAYMENT PLAN

Choose a repayment strategy that suits your goals and keeps you motivated. Pay off the highest-interest debt first to minimize interest payments with the avalanche method. Allocate extra funds toward these balances while maintaining minimum payments on other debts. Or pay off the smallest debt for quick wins with the snowball method. If you’re unsure where to begin, you can speak with a certified financial coach at BALANCE, our financial education partner. This is a free benefit for LAPFCU members.

3. BUDGET WISELY

Develop a realistic budget that covers all expenses—debt payments, utilities, groceries, and voluntary spending. Identify areas where you can cut back and redirect funds toward paying off debt.

4. EXPLORE DEBT CONSOLIDATION OPTIONS

Managing multiple debts with varying interest rates can be overwhelming. Combine debt into a single loan with a lower interest rate, simplifying payments and potentially reducing overall interest costs. Consolidate high-interest debt smartly by rolling it into a home equity line of credit. Or, transfer high credit card balances over to an LAPFCU Visa^® for special intro rates, low regular rates, and no annual fees.

Contact an LAPFCU associate at (877) 695-2732 to explore consolidation options that fit your needs. With strategic planning and determination, you can regain financial control. Track your progress, celebrate milestones, and envision a debt-free future. At LAPFCU, we’ll support you every step of the way on your journey to financial freedom.

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SECURE YOUR FUTURE: WHY RETIREMENT PLANNING IS ESSENTIAL

Law enforcement careers come with physical and emotional challenges, making retirement planning crucial for financial security and health. Here’s why it matters.

Plan for Financial Independence

Save and invest wisely to build a nest egg that will help you maintain your standard of living and enjoy the lifestyle you’ve worked hard to achieve. For personalized retirement and investment planning advice, contact Patrick Infante, our in-branch Financial Advisor,* at [email protected] or call to schedule an appointment: (877) 695-2732, option 4. Press 2 for Investment Services. 

Mitigate Risks

Economic conditions and market fluctuations can impact your savings. Reduce potential risks by diversifying investments, purchasing insurance coverage, and preparing for unexpected expenses to protect against economic fluctuations.

Take Advantage of Tax Benefits

Use retirement accounts such as 401(k)s and IRAs to maximize savings and minimize taxes. Contributions to these accounts are often tax-deductible, and investment earnings grow tax-deferred until withdrawal. Consult a tax advisor for personalized advice on social security and pension optimization.

Make Smart Choices 

Explore alternative healthcare coverage, such as Medicare or private insurance, to allow for healthcare costs associated with aging and potential disabilities. Ensure you have resources available to support your post-retirement lifestyle, including hobbies, travel, or volunteering. Smart planning also provides for your loved ones, secures a lasting impact on your family, and helps you prepare emotionally and mentally for a smooth transition from active duty to civilian life. LAPFCU offers personalized advice and diverse options to support your future. 

*Non-deposit investment products and services are offered through CUSO Financial Services, LP (“CFS”) a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The Credit Union has contracted with CFS for investment services. Atria Wealth Solutions, Inc. (“Atria”) is a modern wealth-management solutions holding company. Atria is not a registered broker-dealer and/or Registered Investment Advisor and does not provide investment advice. Investment advice is only provided through Atria’s subsidiaries. CUSO Financial Services, LP is a subsidiary of Atria. 

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6 BENEFITS OF DIGITAL BANKING

In today’s fast-paced world, managing your finances can be challenging. Mobile and online banking offer convenient, secure, and streamlined solutions.

1. Ultimate Convenience—Access your accounts, transfer funds, pay bills, and apply for loans anytime, anywhere—no branch visits needed.
2. Cutting-Edge Security—Protect your data from fraud and unauthorized access with advanced security measures like multi-factor authentication, biometric logins, encryption, and real-time alerts.
3. Real-Time Account Monitoring—Track transactions, check balances, and manage spending instantly. Customized alerts help you avoid overdrafts and stay on budget.
4. Efficient Money Management—Simplify budgeting with expense tracking, automatic bill payments, mobile check deposit, and online fund transfers. You’ll stay organized, reduce the risk of late payments, and save time.
5. Exclusive Benefits—Quickly find special financial products, loan rates, investment options, and financial counseling tailored for you.
6. Eco-Friendly Choice—Choose paperless statements and digital transactions to reduce paper waste and lower your carbon footprint.

Bank on the go! Download the LAPFCU app or click ENROLL at the top of any page to get started. Note: Your login credentials will be the same for mobile and online banking.

LAPFCU is a full service financial services provider for sworn and civilian law enforcement professionals of federal, state, county, and city agencies and their family members in Southern California.