Millennials & Money

shutterstock_192796643Achieving financial security before your 30’s

Diverse, tech-savvy and easily distracted are some ways to describe a Millennial, someone born between 1980 and around 2000. This generation experienced 9/11, the wars in Iraq and Afghanistan, and the Columbine and Virginia Tech shootings. But maybe the thing that has shaped this generation and its spending habits would be the 2009 recession. Many of us saw how our families and friends were hit by this recession. Now Millennials are graduating high school, college, starting families and paying off those student loans we knew would come around about six months after college. Maybe you’ve thought about getting your first place, leasing a car, or investing in a mutual fund. Either way, it’s time to start budgeting for your future.

  1. Pay Yourself First

SAVE! SAVE! SAVE! Put the money away before you have the chance to spend it. Open up a savings account at different credit union and have some of your paycheck directly deposited to that account. You won’t even realize the money is gone until you remember once in a while and check the account.

  1. Good Debt v. Bad Debt

Many of us are taught to avoid debt at any cost. But what about when you need to pay for school or when you start looking for a home only to realize you haven’t built any credit for lenders to determine if you’re a good risk. There are two types of debt: the good and the bad. Good debt includes student loans, mortgages and business loans because they typically have lower interest rates and are considered an investment for the future. Bad debt is anything from credit card debt, car loans and personal loans. This debt has higher interest rates and can be prevented with a little smart planning.

  1. Employer Plans

It’s never too early in your career to think about retirement plans. Start putting money into your 401(k) every year. Many companies will match every dollar an employee puts in their 401(k) with around 50 cents. You might not be able to get this season’s sunglasses but you could be able to retire a few years earlier with proper planning. Retirement > Sunglasses

  1. 50/20/30

It’s all about budgeting. The 50/20/30 rule is great because you don’t need a certain salary to maintain it. It’s just an example to follow. Use these percentages to help you budget your lifestyle

  • 50% goes towards essentials like housing, food, transportation and utilities. It may seem high but it gives you room to adjust and keep your budget in check.
  • 20% goes toward your financial obligation such as savings, from retirement to emergency savings, and credit card debt.
  • 30% towards whatever you want; entertainment, cell phone, cable and gym memberships. Anything that isn’t necessary to have will go in this section

These are just a few steps to maintaining financial security for all the Millennials out there. Good luck! To manage all of your finances with BrightStar Credit Union, go to Online Banking and use Money Desktop for all of your account to see where all of your money is going.

The Charms of Charity

BrightStar Credit Union is happy to help the community with a brand new contest

 photo shutterstock_169952327_zpsb95114b9.jpgWho doesn’t love a good charity? Whether it’s making a child’s wish come true or helping someone who lives in poverty, charities have a way of making the world a better place. You may be someone that donates on a weekly basis or maybe you have always thought about donating but it always slips your mind. Whatever the case may be, donations to any organization have benefits that are not only physical, but emotional as well.

Most of us can agree that donating money, time or property would make even the scroogiest person feel good. But there are more benefits than just making yourself feel better.

1.Show your appreciation

Maybe you went through some hard times and there was a food bank that was always there when you needed help. Donating time, money or food is an excellent way to show your gratitude toward them. Another way to show your appreciation is to make a donation under the name of a lost loved one. It’s a great way to honor them and their beliefs. Just choose an organization that meant a lot to them and give what you can. Any donation will show your appreciation and give back to the community.

2. Stay informed about social injustices

A social injustice is something that is happening in society that is unfair. For example, maybe you heard of the KONY 2012 campaign sponsored by Invisible Children. It is a viral video that taught the world about Joseph Kony, a war criminal that kidnaps children in Africa to make them apart of the Lord’s Resistance Army (LRA). The children are often forced to kill their family with “blunt tools” and girls are abducted to become sex slaves. It’s a very horrific topic but still something the world should know about. Well, that campaign raised more than $15,000,000 back in 2012 and is still fundraising today. By donating to Invisible Children or any other organization, you can stay up-to-date with social issues that are important to you.

3. Simple as Paying It Forward

Imagine you’re in line at the Dunkin Donuts drive-thru, waiting to pay for your medium coffee and an egg and cheese bagel. When you pull up to the window (with your BrightStar Credit Union debit card of course) the worker tells you your breakfast has been paid for. It turns out the person in the car in front of you paid for your meal. This is known as Pay It Forward. If someone did a random act of kindness for you, all you have to do is Pay It Forward by doing an act of kindness for a stranger. This could be anything from complimenting a stranger to packing a lunch for a homeless person. It doesn’t have to be anything big, just something that will make your community a better place.

4. Tax-deductible donations

A tax-deductible donation is simply an item or expense you donated to a qualified tax-exempt organization. You then subtract your donation from your Adjusted Gross Income (AGI) to lower the amount of taxes you pay. These donations will actually help you because tax laws let you claim a deduction for most of the cash or items you donate as long as the value is more than $250.

5. Clean the clutter

Do you have a garage that is filled with old furniture, like couches, TV’s and dining room tables? Spring cleaning may have already passed but you can get rid of the furniture and donate it to organizations like Goodwill. It offers limited at-home pickup in certain areas for large, gently-used items.

6. Make new friends

If you’re new to the area and don’t have many friends or just interested in meeting a new group, volunteering is a great way to meet people. South Florida offers tons of opportunities to help your community, like becoming a Literacy Ambassador to help at-risk children enjoy reading or helping out at a charity dog wash to support the South Florida Siberian Husky Rescue. Wherever you decide to volunteer, you’re sure to meet new people and maybe even find a new hobby.

Now it’s time for the fun stuff! BrightStar Credit Union wants to help you help your community. Keep checking the BrightStar Credit Union Facebook, Instagram and Twitter for updates on an exciting contest coming up that could help out your favorite charity.






Wanderlust, Not Wanderbust

Pineapple   If you’re jealous of the pineapple, it might be time for you to start thinking about saving for a vacation

Beaches, barbecues, and the blistering heat is what we expect for South Florida’s summers. Wouldn’t it be nice to take a vacation and visit somewhere you’ve always wanted to go? Of course it would be. But tapping into that savings account unexpectedly would make anyone a little nervous.

At BrightStar Credit Union, we want to help make all of your dreams come true. Whether it’s a road trip to Savannah, Georgia or flying across the world to Fiji. When you open a vacation savings account, you can set aside money to make your wildest traveling dreams a reality. Here are some tips that will help the most careless spender save for their next summer vacation.

  1. Establish a Budget

Creating a budget is easier said than done. When you’re budgeting for a vacation, expenses can range anywhere from food to flights. If you’re working with a smaller budget, consider a staycation. Naples and Marco Island are just a few beach towns in Florida that are a couple hours away with numerous things to do. If you’re working with a larger budget why not start saving for the trip of a lifetime. Your list of expenses will be a bit longer if you have to include flights and passports. (If you’re a shopaholic like me don’t be afraid to put a little money aside for those must-have vacation shoes.)

  1. Open a FREE Savings Account at BrightStar Credit Union

Now that we’ve established your budget it’s time to do something about it. When you open a Checkings Account at BrightStar Credit Union you get a free Savings Account that will help you set aside your hard earned money. As long as your balance is $25 or more in your Savings Account we’ll pay you interest at a higher rate than most banks. At BrightStar Credit Union, members receive full benefits which includes being an equal shareholder.

  1. Save Money Automatically

But what happens if you forget to transfer your money over? No worries my friend. Here at BrightStar Credit Union we will help you set up automatic transfers to your savings account that can take place weekly, bi-weekly, semi-monthly, or monthly. There’s no need to stress about when you’ll find time to head to one of our many branches across South Florida. BrightStar Credit Union offers FREE Online Banking where you can check your account activity and transfer more money.

Now that you have all of these helpful tips, head to you nearest BrightStar Credit Union with locations in Davie, Ft. Lauderdale, Hollywood, Lauderhill, Margate, Pembroke Pines and Pompano Beach. One of our Member Service Representatives will be happy to help you create a savings account for the trip of a lifetime.

Free Financial Fitness Fair January 30, 2013 in Pembroke Pines


Mark your calendar and plan to attend BrightStar Credit Union’s Free Financial Fitness Fair, Thursday, January 30, 5:30 p.m. Get on track for a healthier financial future. Free seminars, snacks and giveaways. Location: Walter C. Young Middle School (901 NW 129th Ave, Pembroke Pines, FL 33028).  Click the image for more information.

Toy Drive! We’re Collecting Toys at Our Branch Locations.

holiday-toy-drivelargerHelp Spread a Little Holiday Cheer! BrightStar Credit Union is holding our Annual Holiday Toy Drive. The toy drive is a great way for members and BrightStar employees to help make a difference. We have partnered with Family Central Inc. on this project.

We’ve placed a Toy Drive drop box in each BrightStar location for you to make toy donations. NEW unwrapped toys are needed for ages infancy to 17 years. Please click here to view a list of suggested items. The deadline to drop off toys at BrightStar is Monday, December 16, 2013. Gift cards and movie passes are also welcome.

Help spread the word about the Toy Drive so we can collect as many toys as possible for needy kids. Even small donations can go a long way. We are still collecting donations for the victims of Typhoon Haiyan.

Have a wonderful Holiday Season, and thank you for your support.

Teaching Kids About Identity Theft


Are you prepared to teach your kids about one of today’s biggest online threats?  Identity theft can happen alarmingly early and have an enormous impact on a child’s financial future.  Savvy thieves often target children precisely because they have no financial accounts or history – as a result, many victims and their families fail to detect the theft for years. But with your help, your child can play an active role in keeping herself safe.  Here’s how to share the information she needs.

What is identity theft?  Although the term gets used frequently in the media, even older children may not fully understand that identity theft occurs when one person uses another person’s name or private information to open a checking, credit card or other type of account. Explain that although this can seem abstract – it’s not the same as someone stealing your toys or your car – it has big consequences. 

Use jargon-free language to lay out some of the crime’s likely outcomes. If someone opens and misuses an account in your name, it can prevent you from getting the money you need to buy a car or house. Identity theft can make you look untrustworthy when you’re applying for college or for a job. If your identity thief commits other crimes, government records may even end up listing them under your name. Your identity, including information like your Social Security Number (SSN), is important property and needs to be kept secret for the same reasons that we lock our front doors.

Make sure your explanation is age-appropriate; young children may need reassurance that identity thieves aren’t a physical threat like burglars, whereas teenagers will be ready for more detailed information about how credit cards are issued and used. 

How do we prevent it?  Once your child understands what identity theft looks like, explain how it happens and how you can deal with it. Most warning signs of identity theft (including declined applications for government benefits, strange bills or collection calls and financial mail items like pre-approved credit cards addressed to a minor) will be more visible to you than to your daughter or son. Instead of detection, your conversations with your child should focus on prevention

For starters, explain the different kinds of personal information that identity thieves use (name, address, SSN, phone number and more) and the degree to which each should be confidential.  Information can be stolen both in person and online, so teach your child to be suspicious of entering personal details into unfamiliar websites and to opt out of writing his SSN on school forms whenever possible. Home addresses and phone numbers should never be disclosed on social media. This conversation also gives parents a chance to talk about other online dangers, such as stalking, bullying and social media over-sharing. 

Sadly, many thefts of children’s identities originate with relatives or family friends. As with other kinds of safety, your child should know that the rules about what information is and isn’t okay to share extends even to adults they know well. 

What steps will keep your child safe? Finally, talk your child through the concrete steps you will take together to ensure that her identity stays safe. Both of you should watch for the warning signs mentioned above. Inquire with your child’s school about its data protection policies and keep a close watch on how much information about your child is posted on school websites, including those hosted by extracurricular activities like sports teams. Simple, commonsense procedures are also helpful – for example, make sure you shred any forms or documents with your child’s information before discarding them.

Although you may be tempted to request a routine credit report on your child to check for thefts, doing so can actually make her more vulnerable by creating a report where none had previously existed (minors, whose financial actions are strictly limited by law, should have no recorded financial history). If you’ve spotted warning signs, request a report carefully using a written cover letter. Consider requesting such a report around the time your child turns sixteen to ensure that he or she is heading toward adulthood with a clean slate.  If the report turns up any problems, you’ll still have time to correct them before college costs arrive.  When you do so, include her in the process so that she’ll be ready to do it on her own next time and can feel confident and in control of her own financial situation.

Although identity theft is a threat, you and your child can prevent it with vigilance and some simple precautions.  By doing so together, you’ll keep her future bright.

Find out more about how you can protect yourself and your family at BrightStar Credit Union’s Security & Fraud Center:


7 Ways to Trim Your Holiday Spending

Holiday shoppingThe average American intends to spend $421 on gifts this holiday season. That alone is a substantial amount, but that sum doesn’t even include food, travel and other common holiday expenses. If you throw in the price of a few plane tickets for good measure, you could find yourself deep in the hole by the time the holidays are over.

The holiday spirit often overpowers rational thinking, leading some to spend thousands before they know what hit them. However, you, the smart holiday shopper, will have a leg up on them. Consider these seven ways to keep your wallet padded this holiday season without becoming Scrooge!

1 – Create a Budget

Review how much you’ve spent during previous holiday seasons and remind yourself how long it took to pay off those holiday expenses. Decide whether that level of spending is financially acceptable this year. If not, make your budget a little tighter this time around.

Factor in items such as:

  • Cards
  • Decorations
  • Food
  • Entertainment
  • Gifts
  • Travel
  • Wrapping paper

If you typically purchase a Christmas tree, add that to the list too. The idea is to cover not just gifts, but everything related to the holiday you celebrate.

Having a budget on hand will help immensely when deciding whether or not to pay $100 for that cute little robotic dog. After all, if your gift budget is $300 and you have 14 other people on your list, the recipient will get five times her fair share of your gift money.

2 – Prioritize

If you typically purchase gifts for 50 people and want to radically cut your budget to $250 this year, consider dropping Kim from accounting, the mailman, your neighbor’s uncle and maybe even that distant cousin who you haven’t talked to all year. After all, your significant other, children, parents and others you cherish most should be your primary focus.

3 – Make a Shopping List

Retailers lay out their merchandise to maximize profits. Thus, if you walk in without a plan, you could easily be suckered into buying items you had no idea even existed.

Instead, know what you want to buy and stick with it. Get in, find your pre-planned merchandise, pay for it and leave.

4 – Be the Early Bird

To get the holiday worm – if you will – your best bet is to shop as early as possible. Not only will doing so give you the best chance at actually finding the best deal, but prices generally rise as holidays draw near.

Ideally, find bargains on your entire gift list on Black Friday, Small Business Saturday and Cyber Monday.

5 – Cash is King

Shoppers spend 12-18% more when using credit cards as opposed to cash. That’s because people feel the “pain” of spending money more with the latter. As such, carry only enough cash with you to purchase your target items and leave your cards at home.

For online purchases, consider using a debit card. It’s still plastic, but it limits you from spending more than you have.

6 – Don’t Sign up for Store Credit Cards

“Would you like to sign up for the XYZ card today? You’ll save 10 percent on your purchase.”

Chances are you’ll hear something like this at some point during your holiday shopping. While the offer may be tempting, it’s likely a bad deal. Such cards encourage you to spend more in the long run and usually have high interest rates.

Again, stick with cash.

7 – Remember what the Holidays are Really About

The holidays are about sharing positive moments with loved ones, not swimming in wrapping paper and pretending you like every trinket that will later wind up in storage. Consider toning the spending down a bit, and perhaps doing it as a family.

For instance, a family of four might urge the kids to skip buying socks for dad and agree that each child kid gets one big gift and two or three smaller ones versus a new bicycle, video game console and 12 new games. They could focus more on spending meaningful time together. An affordable family outing might be an attractive alternative to presents.


By creating a budget, prioritizing and sticking to a shopping list, you’ll clear the path for a financially responsible holiday season. Remember to shop as early as possible and pay with cash. Be sure to let the cashier know you’re not interested in the store credit card!

Finally, remember that the holidays aren’t all about gifts. They’re about spending time with loved ones. Keep that in mind and conserving your holiday spending should be a piece of holiday fruitcake.

Treat Yourself to a LOW Interest HOLIDAY LOAN

Holiday loan 2Need extra cash this Holiday Season?  Your Credit Union can help with a low-cost Holiday Loan.  Borrow up to $5000 for as low as 7.99% APR from BrightStar Credit Union.

So go ahead, buy those holiday gifts, go on that special trip or do anything else to brighten up your holiday! Holiday Loans are available now through December 31st 2013.

Conditions apply; please see website for more details