Tech CU awards $1,000 to Super Saver of 2009

San Jose, CA (Dec. 31, 2009) —Technology Credit Union (Tech CU) is proud to announce that Ron Vogel of San Jose, Calif. has been selected as the Grow Your Green Super Saver of 2009 and, as a result, Vogel has been awarded the $1,000 grand prize in Tech CU’s Grow Your Green Savings Challenge.

In March, Tech CU launched the Grow Your Green campaign and online community in an effort to support and encourage members to set and achieve savings goals in 2009. Then on Dec. 15, Tech CU picked the Super Saver of 2009—someone who had been actively saving and participating in the community—and that person would win $1,000 toward their savings goal.

Not only did Vogel save consistently all year to reach his financial goals, but he also shared many of his valuable money-saving tips with other Grow Your Green members. From advice on investing to tips on finding free music and video on the Internet, Vogel regularly contributed to the Grow Your Green community, posting several blog entries each week. (Read them here.)

“We worked hard to win this,” Vogel said, as his wife, Shih-Shan Tan, stood next to him. “This was a team effort. Shih-Shan would look for story ideas and then I would research them and develop them into blog posts. We wrote them with our own experiences of spending and saving in mind.”

One of those experiences, Vogel said, came when he was six years old.

“I loaned my grandfather $20 and a week later, he gave me $30—to cover the full amount, plus interest,” said Vogel. “That’s when I learned that if I was smart with money, I could make more of it.”

Vogel says since then he has tried to share his money management skills with the world. This time it has paid off—literally.

“We knew that more people were being affected by the economy this year so we wanted to help them focus on saving,” said Kathleen Litman, vice president of marketing at Tech CU.  “From the start, we designed the Grow Your Green site to encourage comments from, and interaction between, the participants who were saving toward a particular goal. Ron was a major contributor and really cared about helping others. We’re thrilled he’s our Super Saver of 2009.”

And Vogel’s thrilled too.

“I opened the Grow Your Green savings account because I wanted to win the $100 monthly prize,” Vogel said. “That was appealing, but to win $1,000 is an even more wonderful surprise. It’s definitely a great way to end the year. Thank you, Tech CU!”

How to save for college and retirement

Is it possible to save for retirement and for a child’s education at the same time? Sure, but it requires a pretty decent income and lots of disciplined saving. And even then it’s no picnic.

Indeed, as a practical matter, I think most people have enough trouble just saving adequately for their retirement. Throw in college education and it just becomes too overwhelming. Too often the result is that people don’t address either goal adequately, or they get so discouraged that they sometimes give up altogether, figuring it’s hopeless. Full story

It does really pay to wait

Collecting Social Security as soon as you are eligible is a tempting proposition — but experts agree you should try to resist if you can. The majority of people don’t follow that advice, choosing instead to start benefits early. Why wait to collect what is rightfully yours? Full story

Money tips for new grads

Congratulations! You’ve done it! You’ve survived four years as a “starving student”–forgoing lots of luxuries and instead using what little money you have to pay rent and tuition, plus buying those ridiculously expensive books. I know you’re tired of being broke but  now you’re on your way. Soon you’ll have a real job and you’ll be able to have the life you’ve always wanted, the one you’ve worked so hard for.

But before you do, here are a few real-world lessons on money management to help you get on your way. These are some things I wished someone had told me before I donned my cap and gown. I hope they can help you now.

Your finances need a check-up

Take a good, hard look at your balance sheet. List all the debt you have, as well as the expenses and income you expect. Make a budget based on that information. It’s really helpful to see this on paper so you can get a better picture of how things stack up at the end of the month. Oh, and when you’re listing these numbers, remember to find a way to save. Cut out extra expenditures wherever possible: Are you really using that gym membership? Could you work out at home instead? Could you stop renting movies and set up a cheaper Netflix account? Do you need to go out on both Friday and Saturday nights?

It may feel daunting now, especially if you have student loans and credit card debt, but saving even just a few dollars a day helps you develop a habit of saving. And that will help you so much in the long run. (Just look at how much Americans are in debt. You can avoid all that with some simple habits.)

Manage your money with a little help

Now that you have your balance sheet in place, check out how your bank can help you manage your money. Have you bounced any checks? Ever been late on a car payment? Most banks offer free overdraft protection so you can avoid penalty fees for an overdrawn account, online bill pay to make paying bills fast and convenient, and e-mail or SMS alerts to remind you when a payment is due so you can avoid late fees and dings on your credit report. (Read our post, 5 easy steps to avoid bank fees, for more tips.)

Beware the credit card

You probably have at least one credit card you need to pay off. A new study by Sallie Mae finds that the average undergraduate carried $3,173 in credit card debt in 2008, the highest level since Sallie Mae began collecting this data in 1998.

If you carry any credit card debt, try to pay it down as quickly as possible. (It could take you years to pay off a credit card if you just pay just the minimum due every month.) And while you pay off your existing debt, try to use your credit card only in emergency situations. Spend only what you have. It’s a lesson a lot of us are learning the hard way as we try to pare back, given this recession.

And, while you’re managing your credit card debt, we have tips on improving your credit score too, since the higher the score, the better the loan rate you’ll be able to get when you’re ready to buy that new car or your first home–hey, the time will come before you know it!

Start saving for retirement

I know it also sounds crazy to think about retiring when you haven’t even landed your first job yet, but this is so important. Trust me on this.  If you start stashing away money for retirement at age 25 as opposed to 35, and you invest it wisely, you could have hundreds of thousands of dollars more by the time you retire.  (Check out this retirement calculator to see for yourself.)

If you want more savings tips, check in with us regularly. We have all kind sof advice, from getting the most from your tax filings to getting rid of all those pennies in your pocket. You can also stay up-to-date with the latest ‘Grow Your Green’ posts; just follow me on Twitter.com/CashCat and join my network on Facebook. I’ll let you know when we’ve got new stuff on here.

Oh, and again, CONGRATULATIONS, graduate! Now it’s time to make your place in the world and we’re here to root you on! Now, go get ‘em!

Money grows on trees (sort of)

If you visit one of Tech CU’s 10 Financial Centers in the SF Bay Area, you may notice our ‘Grow Your Green’ money trees on display. These serve as little reminders that money doesn’t grow on trees, but that we can still plant the seeds of financial success and continue to grow our green every day.

It’s symbolic of the entire ‘Grow Your Green’ movment, really–to remind us that, just like those trees, our savings accounts need care and attention in order to grow and thrive. So we’re so glad you’re part of the GYG movement because that means you’re planning for your future too.

And hey, we want to help. Remember to post comments and videos. In fact, Tech CU is holding a video contest, and giving away a gift card* worth $25 to the first two members who post a video** on GYG each week, starting Monday, April 20 through the end of May. (We’ve even posted how-to instructions.) Oh, and at the end of the month we’ll ask our online community to vote on their favorite video; that person will receive $50! And then there’s the grand prize of $1,000–at the end of the year GYG members will vote for the winner of the $1,000 grand prize. How’s that for a boost in growing your green?!

So whether you’re stopping by a Financial Center to make a deposit to your savings account or you’re logging onto GYG to let us know how you’re doing, keep up the great work!

Oh, and while you’re at it, remember to tell your friends and family about the ‘Grow Your Green’ way to save for their financial goals–how being a member of this online community can help them to save even more. They’ll thank you for it, because we all can use the support and encouragement. (At least I know I can!)

*To be eligible for the $25 gift card, you must have a Tech CU Savings Challenge account. The two weekly winners will receive an email with a choice of gift cards valued at $25. After winners select their choice via email, Tech CU will mail them their gift cards. We must have a valid home or office address in order to mail the prizes. Tech CU is not responsible for lost or stolen cards.

*Video topic must be related to the ‘Grow Your Green’ Savings Challenge.