Tag: Tulsa Oklahoma

6 Tips to Save Money While on Vacation

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It is safe to say we are all ready for a vacation! You might be dreaming of going to the beach, seeing a new city, or having a staycation. Whatever your dream vacation might be, we have six tips that will help you save money before and during this getaway.

Tip #1: Saving Early

Saving money might seem like a no-brainer, but people tend to forget. Start by opening a savings account. Next decide how much you can save on a regular basis and set up automatic transfers to your savings account. Finally, stay motived/excited by naming the savings account with the name of the vacation you’re going on.

Tip #2: Set a Budget

Creating a budget is based on an educated estimate – research is key. Start by researching flights, transportation, accommodations, food, and activities. The type of questions you should ask are:

  • How many times are you going to eat out?
  • What activities are on the top of your list?
  • Will you be shopping?
  • What area would you like to stay in?

These are basic questions to keep in mind when creating/researching a budget. Within each category, you can break down the expense more to help you create an overall and daily budget. Once a budget is final, you may want to add a little more cushion to the dollar amount to help you with any unforeseen expenses.

Tip #3: Flights

Flights can be expensive, but there are ways to make sure you do not overpay. First, plan your trip early. Depending on where you are going and what time, purchasing tickets in advance will help make them cheaper. Another factor to consider is that prices can be higher on certain days of the week or during tourism season. Be flexible with dates to avoid this. Second, look at different airlines and sites to help find the cheapest flight.

Tip #4: Accommodations

Finding a place to stay can be overwhelming. You do not want to overpay, but you want to be comfortable. An easy way to save money is by getting a hotel with just the basics or try renting an Airbnb.

Hotel 

Before booking a hotel, you will want to search for the best deals. It can be as simple as typing the hotel name into Google or using a site to compare prices. Please note, some sites may not include extra hotel expenses, so make sure you research.

Airbnb

One great thing about Airbnb is that it can be an inexpensive alternative to a hotel. It works well when you are traveling with friends or family because you can split the price. When searching for an Airbnb, make sure you are close to the activities you want to do to save money on transportation.

Another accommodation tip is to find a place that has a kitchen or an area to keep food. This will help cut down your food expense by not eating out so much.

Tip #5: Food

Food can be one of the best parts of traveling, but it can be expensive too. To save some money, limit the number of times you eat out. Go to the local grocery store and pick up snacks or items for breakfast or lunch. You can also eat where the locals eat. Typically, prices are cheaper at local spots compared to tourist locations. Another way to save on food is by not having alcoholic drinks. Drinks can be expensive. If you want to drink, limit the amount to help with cost.

Tip #6: Experiences

The worst part of going on vacation is the cost of tourist attractions. Check the community calendar for free events and find attractions with free days. Look for deals on Groupon, TripAdvisor, and other sites.

Conclusion

These tips will help you have a great and fun vacation without breaking the bank. Remember, saving early and researching is key to having a successful vacation.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to save money. Individual results may vary.

COVID-19 Scams

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During the pandemic, there have been new opportunities for criminals to commit fraud by attempting to take advantage of people through COVID-19 scams. Knowledge about these scams can help you avoid being victimized. Red Crown has made a list of tips to keep you alert about COVID-19 fraud.

Unemployment Benefits

One major scheme that criminals are doing is taking someone’s personal information and filing unemployment claims. They are targeting employed people. People learn about this scam when they receive a notice from the unemployment benefits office or their employer.

If this happens to you, the quicker you act on the issue, the better! Click HERE to learn more about how to protect your finances/credit from this scam.

Relief Check Scams

The IRS has said they will be distributing the third round of relief checks the same way they did for the first round. The IRS saw scams with the last round and want you to be aware of some red flags. Below is what the IRS will not do:

  • Claim you received an overpayment and ask you to return the money.
  • Send you a password to use online to access or verify your account.
  • Contact you by email or social media to gather personal information.

One important thing to remember is that the IRS will first contact you by mail. For more information, go to the IRS website.

Vaccine and Treatment Scams

Criminals are now selling fake COVID-19 test kits and unapproved treatments through phone calls, social media, and at your door. Two scams you should be aware of are COVID-19 Testing Schemes and COVID-19 Treatment Schemes.

  • COVID-19 Testing Schemes: The scammer will say you are required to take a COVID-19 test. They will try to get your health insurance and other personal information. Once they have your information, they will bill the health insurance plan for tests/procedures that you did not get. The scammer will then receive money off those fake bills.
  • COVID-19 Treatment Schemes: These scammers are selling fake cures, treatments, and vaccines. They will ask for your health insurance information and other personal information. Approved treatment will not be communicated to the public this way. When approved treatments become available, you will not hear about them through a phone call, email, or online advertisement.

Never give your personal/health information to someone you do not know or trust. You should only share your information with a trusted medical professional.

For more information, go to https://www.fbi.gov/news/pressrel/press-releases/fbi-warns-of-emerging-health-care-fraud-schemes-related-to-covid-19-pandemic.

Other COVID-19 Related Scams

Fraudsters have always used emails, phone calls, or in-person methods to scam people. Below is a list of cons being used to get your medical/personal information:

  • Scammers are imitating the IRS through phone calls, emails, social media, and texts.
  • Robocalls making fraud offers to sell respiratory masks and other medical equipment/devices.
  • Fake emails to your personal/business account that appear to come from a trusted source.
  • Creating a non-existent charitable organization that is trying to get your money/or personal information. Make sure you do your research before clicking on links to donate.

Conclusion

Criminals will continue to find new methods to exploit people through COVID-19 scams. Remember, do not give out your personal or bank information – stay alert. For more information, go to fbi.gov/coronavirus and the FTC at FTC.gov/coronavirus.

*Red Crown Credit Union is not a financial advisor. The FBI, Consumer FTC, and IRS websites were used for writing this blog. This blog gives general ideas on ways to stay alert for COVID-19 fraud. Individual results may vary.

 

 

 

Tax Mistakes to Avoid

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It’s tax season. Tax season can cause us to feel anxiety, stress, confusion, and/or procrastination. These can lead to mistakes on your tax return, which can lead to late filings and even some penalties. Red Crown wants to help you avoid all of this with some basic tips. When researching common tax mistakes, we found the following:

Incorrect Status

Selecting your status is a big part of determining how your taxes are calculated. Deciding your status can be easy if you are single with no children, but for people who are married, single parents, or even caretakers, it can sometimes be difficult.

If you need help figuring out what your status is, go to https://www.irs.gov/help/ita.

Social Security Number

Who would have thought that one of the most common mistakes in filing your taxes is putting the wrong Social Security Number (SSN)? The Internal Revenue Service (IRS) uses your SSN on your taxes to match what your employer and financial institutions have paid you. Putting in the wrong SSN happens more when you’re writing or typing your spouse’s and dependent’s numbers. Simple Tip: double check- then triple check to ensure that your information is correct.

Math

According to Block Advisors, there are about 2 million math mistakes made on taxes. The mistakes range from simple addition to complex calculations. These math errors can happen when people are doing their taxes by hand. Why go through all of that when you can use a free tax filing software at https://apps.irs.gove/app/freeFile/.

Incorrect Bank Numbers

If you get a refund, you have the option for your money to be refunded by direct deposit – it’s the fastest way to receive your money! By choosing direct deposit, your refund will go right into your bank account. To go this route, you will need the financial institution’s routing number and your account number. Again, to avoid this mistake and possible delays on receiving your money, double-check your numbers.

Unsigned Tax Return

You made it to the end and everything is correct! Make sure you don’t forget to sign your tax return. If you submit an unsigned return, the IRS considers it invalid and your return will not be processed. Also, don’t forget that both spouses must sign a joint return.

Missing the Deadline

Make sure you file on time! The normal deadline to file is April 15th of each year. Start early, get it done and filed to avoid penalties.

Conclusion

Taxes season is no fun, but if you take the time to understand your tax situation you can get it done and avoid costly, frustrating mistakes. There are many helpful tools on the internet, such as: https://www.irs.gov/. If you are member of Red Crown, you can use TurboTax online at a discounted price. Click here for more information.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to save money. Individual results may vary.

 

 

 

Red Crown Helping Small Businesses

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Red Crown was able to help local businesses during COVID-19 with the Oklahoma Relief Fund and the Paycheck Protection Program (PPP). These programs provided financial support for businesses that were affected by COVID-19.

The Oklahoma Relief Fund was established with the CARES Act. It helps businesses by giving them cash in the form of a grant, which does not have to be paid back. To qualify your business, you must be located in Oklahoma and be affected by COVID-19. Red Crown was the only credit union in eastern Oklahoma to assist businesses with this grant. We were able to facilitate payout totaling $803,838 to 63 businesses. The businesses ranged from independent contractors to a not-for-profit youth theatre program.

The Paycheck Protection Program (PPP) was originally passed under the CARES Act. It authorizes the Small Business Administration (SBA) to guarantee low-interest loans to eligible small businesses. To qualify for this loan, you need to meet the SBA definition of a small business and be affected by COVID-19. In 2020, Red Crown was able to help 91 new and existing members with PPP loans. The businesses we helped were nail salons, nail techs, independent contractors, truck drivers, and larger employers with less than 100 employees.

The PPP loan is still currently available. You can apply until March 31, 2021. If funds are exhausted sooner than March 31, 2021, the application process will stop. The qualification terms are the same as above.

Below are some commonly asked questions regarding the PPP loan.

Do I need to be an existing member of Red Crown?

No, you do not. If you don’t have an account with us, you will be required to open an account. You can become a member if you live, work, worship, volunteer, or attend school in the Tulsa, Creek, Mayes, Okmulgee, Osage, Pawnee, Rogers, and Wagoner counties of Oklahoma.

How do I apply for a PPP loan?

  • Call us at 918.477.3200 and ask for Misty Wooldridge or Aaron Bertoson. They will provide the application.
  • When you first apply for PPP loans we will need your 2019 1040 Schedule C for self-employed individuals or payroll reports for W2 employees.

How can the money be used?

A PPP loan can be used for payroll expenses, utility expenses, rent or mortgage expenses, and certain COVID-19 related expenses. A business or individual must use at least 60% of the loan amount for payroll expenses and the remainder can be used for other qualified expenses.

Can a business apply for PPP more than once? 

Yes, as long as they meet the initial criteria and experienced a 25% gross revenue reduction between 2019 and 2020.

Red Crown is here to help you throughout this process. If you have any questions about the PPP loan, contact us at 918.477.3200 and ask for Misty Wooldridge and Aaron Bertoson.

 

Red Crown Breaks Ground at MidAmerica Industrial Park

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Red Crown Credit Union (Red Crown) is happy to announce our partnership with MidAmerica Industrial Park. Red Crown was chosen as the first retail location to break ground in MidAmerica’s new multi-use development called “The District,” combining retailers, housing and public recreation areas.

Set to open in 2020 The District will include 32,000 square feet of retail space, a 100-unit, multi-story living complex, 100 residential homes and 10 acres of parks and outdoor spaces connected by walking and biking trails, officials said. “Red Crown will occupy a space in The District and will be able to provide financial products and services to individuals who live and work in the industrial park,” said Mike Moyer, President/CEO – Red Crown. “Mayes County has been a great community for Red Crown. We are happy to be presented this opportunity and happy to serve the community members of Mayes County,” said Moyer.

Picture includes, Mike Moyer: Red Crown President/CEO speaking at the MidAmerica Industrial Park ground breaking.

Folds of Honor Foundation Donation

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Folds of Honor From Red Crown Credit Union

 

Red Crown is supporting the Folds of Honor Foundation with the Folds of Honor debit card. The Folds of Honor’s mission is to provide educational scholarships to spouses and children of America’s fallen and disabled service-members.

With every swipe of the Folds of Honor debit card, Red Crown makes a donation to the Folds of Honor Foundation. In the last 17 months, $8,000 has been donated.

“We are happy to support a great cause like the Folds of Honor,” said Mike Moyer, President/CEO, Red Crown Credit Union. “The work they do for military families is amazing and the fact that they are a local foundation creates a connection to everyone in the area.”

Members can stop by any Red Crown location to order a Folds of Honor debit card.

To learn more, visit the Folds of Honor Foundation webpage.

Picture includes, left to right: Folds of Honor Foundation Regional Development Officer, Dave Dierinzo and Red Crown Credit Union President/CEO, Mike Moyer.