Your Neighbourhood Credit Union

Being able to manage debt is one of the most important financial skills you can have. If you already have or plan to take on debt, make sure to have a solid repayment plan in place to avoid paying an excess of interest. Interest compounds quickly so adding an additional $50 to your regular payments can shave off years of payments and hundreds of dollars. When managing multiple debts, there’s two effective methods that can help you prioritize payments. First is the Snowball Me...thod. This method focuses on prioritizing debts based on size paying off the smaller loans first. The second method is the Avalanche Method. Here you pay the minimum payment on each debt and then use any remaining money to start paying down the debt with the highest interest.

Investors often hear about diversifying their portfolio between stocks and bonds, but what’s the difference? Stocks represent a share in a company in exchange for money. A company will issue stocks to raise capital in order to grow the business or undertake new projects. Bonds, on the other hand, are used to represent a debt taken on by the company with the agreement to pay interest for the use of these funds. At maturity the bond is paid out in full.... Stocks are the riskier investment because you’re relying on the success of the company. Bonds are considered a low risk investment and lack the powerful long-term return potential of stocks. We have a knowledgeable team that can’t help you determine the right products for your individual financial goals. Book an appointment with a wealth professional today: www.yncu.com/BookAppointmentOnline.

The pandemic has affected our lives in so many different ways. Since the beginning of COVID-19 there has been a 30% increase in reported domestic abuse. Help women and families create a new beginning free from violence. This holiday season, donate a gift card at your local YNCU branch. For donations of $25 or more, YNCU will donate $10 to support Women In Crisis. For details visit www.yncu.com/sheisyourneighbour. #sheisyourneighbour #movingbeyondviolence

Shop Your Neighbourhood is LIVE and we're so excited to support local businesses during these uncertain times. #shoplocal #banklocal

Payfirma provides businesses all the hardware and software needed to accept payments. Until Nov 30th when you sign up with Payfirma you’ll receive exclusive savings on your terminal purchase and no monthly fees for 1 year*! Learn more by visiting www.yncu.com/MerchantServices.

A Capital Gain occurs when you sell an asset for more than you paid for it. These assets include, but are not limited to, stocks, bonds, and real estate. Capital gains are subject to tax once the asset is sold. In Canada, 50% of the value of your capital gains must be added to your income. This means the amount of tax you pay on your capital gains will vary depending on your tax bracket.

What does your retirement plan look like? No one wants to be working well into their golden years so planning ahead can help ensure a more comfy, secure retirement. Start by thinking about your retirement goals and then evaluate how long you have to get there. Your next step is to open up an RSSP to help with the saving process. A lot of companies match RRSP contributions so check with your employer to see what your options are. We can help you organize your finances so you’re set up for retirement. Book an appointment today: www.yncu.com/BookAppointmentOnline.

Looking for a mortgage that fits your life? With rates as low as 2.04% we have you covered. Plus all YNCU mortgages come with our best packaged chequing account, absolutely FREE. Visit www.yncu.com/MortgageSpecial today to learn more about this and other great offers!

Having a buffer more formally called an emergency fund is crucial for managing times of uncertainty. In the event of job loss, a medical emergency or other unforeseen expenses, being able to avoid using high interest debt can keep you on your feet. It’s recommended that you have at least three months saved to cover household expenses. That being said it’s not easy for everyone to achieve this. If you’re unable to hit that number, try to reach at least $1,000. The other tricky part is making sure not to spend your emergency fund. Keep this money in a separate savings account so you’re less tempted to spend it. Check out our savings account options to get started: www.yncu.com/Accounts.

Today we honour all the men and women who sacrificed for our freedom. Please join us in a minute of silence at 11am to pay your respects for those we have lost.

Happy Thanksgiving from all of us at YNCU! We hope you are staying safe and enjoying some quality time with 10 or less loved ones.

Follow our Instagram to find out what we've been up to: www.instagram.com/shopyourneighbourhood/ #supportlocal #smallbusiness #supportlocalbusiness

Do you know a student who is making a positive impact in their neighbourhood? Nominate a Community Change Maker and we will recognize the first 50 nominees with a Young Neighbours Achievement Award and donate $150 to a cause of their choice. Learn more: www.yncu.com/ChangeMakers

Nominate a Community Change Maker and we will donate $150 to a cause of their choice! Learn more in the article below!

Our branches will be closed Monday, October 12th in recognition of Thanksgiving. Temporary branch hours will resume next business day. For an up-to-date list of our branch hours, visit www.yncu.com/OurBranches Have a wonderful holiday weekend!

It may be your business but we’ll treat it like our own. We want to see you succeed and we’ve got all the tools to make sure that happens. With a customized plan to suit your individual needs, we’ll make sure your business is performing at its very best. Let’s get started: https://bit.ly/3jfkyBU

There when you need it, growing when you don't. The Combination Savings Account is only open until October 10th. Don’t miss out! Take advantage of our limited-time rate today. To learn more, visit www.yncu.com/CombinationSavings

Small businesses are being hit hard due to the effects COVID-19 has had on our economy. Now more than ever they need your support. What’s one of your favourite local shops? Show some love and tag them in the comments below! #shoplocal

Celebrate Small Business Month with Payfirma! Sign-up between October 1st November 30th and receive exclusive savings on your terminal purchase and no monthly fees for 1 year*! Payfirma provides all the hardware and software needed to accept payments online, in store, at the office, or in the field. Get started today: www.yncu.com/MerchantServices

The Combination Savings Account is NOW OPEN for a limited time. With the earning power of a GIC and the flexibility of a savings account, enjoy peace of mind knowing your money is there when you need it and growing when you don't! Learn more: www.yncu.com/CombinationSavings

Help us congratulate Lauren who tied for top submission for the Ontario Credit Union Foundation CU Succeed Youth Bursary, receiving a perfect score! Best wishes Lauren with the school year and your education goals! #CUSYB "I would like to take this opportunity to thank all those who have helped me along my journey to becoming a successful recipient of the 2020 CU Succeed Youth Bursary. I have tried to consistently act in positive manners both in my volunteer work and academics and this has brought many kind and positive people into my life for whom I am very thankful for. I am proud to be a leader and receiving the CU Succeed Youth Bursary will be extremely helpful in being able to continue my post-secondary education and ultimately reach my academic goals."

Happy #GoodNeighborDay to all of the YNCU Good Neighbours who donated more than 1700+ volunteer hours since launching our Employee Volunteer Program last year. You’re helping change neighbourhoods for the better!

A new litter of Police Pals has arrived at the London Police Service - Canada headquarters. 120 stuffed canine toys donated by YNCU, will make their way into the hands of children experiencing trauma. Read more about the Police Pals program: www.yncu.com/Contributions