How To Get Your 2020 Tax Documents

Your 2020 tax documents are now available in Online Banking or through the mail.

  • Tax Documents through Electronic Statements (eStatements):
    If you have e-Statements, 1099s and 1098s are archived and available in Online Banking. First, log in to Online Banking and click on any share or loan account, then click the documents tile to get to the eStatements portal.**  Once you are in the eStatement portal, choose tax forms from the drop down to view and/or print your document.
  • Getting Tax Documents if you DO NOT have Electronic Statements (e-Statements)
    We have mailed tax forms to members not registered for e-Statements. Forms went to the mailing address we have on file.

Please remember to list Freedom online banking as a trusted site to prevent pop-up blockers from blocking access to e-statements.

If you have any questions, please call us at 1-800-440-4120, or email memberservices@freedomfcu.org.

 

**Please be sure to disable your browser’s pop-up blocker to ensure our e-Statements page will load successfully for you.

Taking Steps Towards Financial Improvement For The New Year

The start of a New Year is a wonderful time to make important changes in your financial life. And you don’t have to go it alone. Here are some tips on financial improvements you can make starting now. And know that Freedom Federal Credit Union will be here with you every step of the way.

We’ve broken down some of the most popular financial resolutions into concrete steps and outlined the ways Freedom can help you implement each change into your life.

Build a Budget

Why it’s crucial: Creating and sticking to a monthly budget will force you to be accountable for your spending while giving you a clear idea of your financial reality.

In 3 steps:

  • Track your spending over three months.
  • Using a spreadsheet, or a personal finance app like Mint, divide your expenses into categories, such as mortgage, auto, groceries, entertainment, etc. Use an average of the last three months to set a reasonable spending limit for each category.
  • Going forward, track your spending and be sure to stick to your preset limits for each category.

If your budget reveals your monthly income doesn’t cover your expenses, or you find you’re overspending in any area, look for ways to cut back.

How Freedom can help: Stop in at any time to speak to a Financial Service Representative for help with managing your money. We also offer our members great online budgeting software and financial educations tools, absolutely free.

Get Out of Debt

Why it’s crucial: Carrying long-term debt can often mean paying extremely high amounts of interest for years on end. It can also devastate your credit score.

In 3 steps:

  • Make a complete list of all your outstanding debts, in order, from smallest balance to largest.
  • Review your monthly budget and look for ways to cut back. Alternatively, you can look for ways to increase your monthly income.
  • Work on paying off your smallest debt with the money you trimmed from your budget. Once you’ve paid off that debt, move on to the second-smallest. Repeat until you’re completely debt-free.

How Freedom can help: If you’re carrying multiple high-interest rate debts, consider taking out a debt consolidation loan to simply things. This way, you’ll only have one low-interest loan payment each month. It may even reduce the total amount you’ll pay each month.

Start (or Increase) Savings

Why it’s crucial: According to the Federal Reserve, 40% of Americans can’t cover a $400 expense. Living without a safety net means a relatively small, unexpected expense can throw off your finances and force you into debt. Aside for paying for emergencies, savings can help fund your long-term plans, goals and dreams.

In 3 steps:

  • Review your monthly budget to identify your biggest spending traps. Then, find ways to cut back, such as shopping with cash only, cancelling subscriptions you never use or initiating a “financial fast” one weekend each month, in which you spend no money.
  • Use all money saved to open an emergency fund and a long-term savings fund at Freedom Federal Credit Union. It’s best to focus primarily on your emergency fund until you have 3-6 months’ worth of living expenses stashed away.
  • Set up an automatic monthly transfer from your Freedom Checking account to your Freedom Savings account(s) so you can focus on your savings without thinking about it.

How Freedom can help: Freedom offers several options for Savings and Checking Accounts that provide excellent opportunities for growth. You can open an account today with an initial deposit as low as $1.00.

Maximize Your Retirement Contributions

Why it’s crucial: Many workplaces offer to match 401(k) contributions. These contributions aren’t taxed and they come off your paycheck, which is taxed, making participation an excellent decision.

In 3 steps:

  • Speak to an HR representative at your workplace to find out about your current 401(k) contributions.
  • Identify how to best maximize your 401(k) contributions going forward.
  • If you have any other retirement funds, such as an IRA or a Roth IRA, also review your contributions to determine if you are making the maximum funding allowed.

How Freedom FCU can help: Our Financial Service Representatives will be happy to help you determine the best course of action for planning your retirement. Let Freedom help you meet your financial goals this year.

On behalf of everyone at Freedom, we wish you a very Joyous and Happy New Year.

 

About Freedom Federal Credit Union

Freedom serves and is open to anyone who lives, works, worships, attends school, volunteers, or has family in Harford County, MD. As a credit union, we are committed to putting you first, not shareholders, and helping you achieve your financial goals. Learn more at freedomfcu.org or call us 800-440-4120 to see how we can help.

2019 Holiday Poem

‘Twas the holiday season, two zero one nine

And the year has been good, we’re all feeling fine.

There’s been a lot of good stuff and mostly success

Though there was, to be sure, the occasional stress.

 

So we all at Freedom just keep rolling along

Serving our community, making sure we stay strong.

And I my office with scented candles all glowing

Was thinking of ways for us to keep growing.

 

When out in the lobby I heard a sounded like crying

I jumped from my chair and out my door I went flying.

I raced down the hall then swiftly downstairs

In order to see what caused the commotion down there.

 

And what, to my shock, did come into sight

But a man all in red, his face pale with fright.

His clothes were all tattered and wet from the snow

I could tell it was Santa despite his voice full of woe.

 

I asked what was wrong, what brought him to this state.

He said, “My reindeer won’t fly right.  Christmas could be late.

You see I think something went wrong with their magical feed.

Now they only fly backwards or upside down at odd speed.”

 

“It seems the elves special eggnog got into their hay

Now nothing I do will keep them from going astray.

I’ve talked to the vet who has some sure fix medication,

But the ingredients are expensive for such a libation.”

 

“The kind of money it requires is quite monumental

And insurance won’t cover something so experimental.

Sure, I could travel by truck, train and plane

But the logistics of that would be simply insane.”

 

“Besides, there’s an expectation of sleigh bells and my reputation

Not having my reindeer would create too much frustration.”

I said, “Santa, don’t worry.  You’ve come to the right place.

“Our Anything Loan will do the trick and help you save face.”

 

“We can get you the funds for this and anything you please

With the very best of terms that will put your mind at ease.

“But Santa”, I said, “the money in question might not be needed

For there’s some advice I can give that should really be heeded.”

 

I said, “While it may not have been reindeer with the ability to fly

I’ve seen similar experiences that just might apply.

People that were afflicted in much the same way

When the special eggnog came out around the holiday.”

 

I know of an old remedy that should do the trick

So, I started concocting a potion for dear old St Nick.

A pinch of this, a dash of that and Pepto a plenty,

A little hair of the dog to help it go down more gently.

 

Santa sighed with relief knowing everything would be fine

His status intact and reindeer good as new just in time.

He said, “I can’t thank you enough for your help and understanding

For patiently listening and my problem comprehending.”

 

“Whether it was help with a loan or the right piece of advice

I knew Freedom was the place to provide all that would suffice.”

You came through like always as you do for all your members

And showed Freedom doesn’t think of me as just a number.”

 

Once all the reindeer were cured and he was ready to fly

Santa boarded his sleigh with a tear in his eye.

I thought he was crying, but soon realized I was wrong.

Because I forgot about the side effects that could be quite strong.

 

Before he took off, he wrapped his scarf ‘round his face tight

And looked at me wryly as he started on his flight.

He said, “I am happy, it’s true, there’s no need to assume

But you could have warned me about these horrible fumes.”

 

We both laughed out loud and my shoulders I shrugged

But I guess this is what happens when reindeer get drugged.

Then I heard him exclaim as he flew out of sight

“Happy Christmas…WHEW!…to all and…GEEZ PRANCER!..to all a…AWWW C’MON!!!!!!…good night!

Mike MacPherson
President and CEO
Freedom Federal Credit Union