It’s a common saying but not everyone really understands what it’s about. So, I got paid, now what? What pay yourself first really means is that you can’t wait to see what you have left at the end of the month to put into savings or investing. Unless you’re really doing well (and frankly even…
Inspiring Hope for International Credit Union Day
by Ian Burns, President and Chief Executive Officer, Alberta Credit Unions Inspiring hope for a global community. It may sound like a formidable challenge, but that’s exactly what credit unions around the world strive to do every day. It’s also the theme for International Credit Union (ICU) Day, which falls on Thursday, October 15 this…
Encompass accepting community grant applications for 2021
Encompass Credit Union is accepting applications for its Community Social Responsibility Investment Program until the end of November 2020.The annual community grant funding allows for up to a maximum $10,000 grant for a capital project in 2021. The program was designed for larger requests that would fall outside of the usual requests from minor sports…
How can I help my adult children and grandchildren financially?
Wealth transfer can happen in many ways. The most inefficient and unfortunately, most common way, is transferring assets at death. When you have assets to provide enough income during your retirement years, you can start this transfer earlier. You get to see your children and grandchildren enjoy these assets, making their lives a little easier….
So you want to be financially independent. Now what?
What’s your plan to be financially independent? For many of us, winning the lottery seems to be in the top five ways to have a comfortable retirement. That, or maybe getting adopted by Jeff Bezos. If you’re not that lucky, or you’re not going to develop a million-dollar mobile phone app game or become the…
Saving money the Millennial way
Millennials get a hard time for being, well, Millennials. They’re young, inexperienced and were branded as lazy, eating Cheetos and holding out for management positions. None of that is true anymore. In fact, they’re not really that young anymore. Sorry. The truth is, Millennials must work harder to get what previous generations may have had…
Now’s the time to buy real estate
For some people, the pandemic has not caused a giant shift in their finances, although for many, with the addition of low oil prices it has been difficult for many Albertans. Yet, new homes are being built, and real estate sales are starting to increase. In the Wainwright area, if any indication of how…
Don’t use a public computer for your digital banking
You wouldn’t leave your debit card in an ATM and walk away, so don’t leave yourself open to fraud when doing your digital banking at a public computer. It really isn’t a great idea to use publicly available computers to access digital banking, like in a public library. Even benign programs, like popular desktop search…
9 Tips to be smarter with your smartphone
Unless you live under a rock, or are under 13, you probably have a smartphone. It may be hedging my bets, but that’s more common than uncommon now. Smartphones let you surf, shop or bank wherever you are. Make sure your information stays secure while you’re on the move by following these smartphone-safe browsing tips:…
How to protect yourself and report scams
At Encompass Credit Union we offer tips on how to protect yourself from cyber threats. But what should you do when it does happen? The type of recourse depends on the type of cyber incident. One of the most common scams in Canada is a phishing or smishing scam, where a scammer poses as a business or…
Don’t use free WiFi for your digital banking
These days, everyone is on the go and it’s not uncommon to access Wi-Fi at coffee shops, hotels, restaurants or airports. Using wireless networks to access information is convenient, but not risk-free. Be smart when you surf. Protect yourself from threats by: Not using a shared computer to access your digital banking. We strongly recommend not…
Be fraud aware when shopping online
Online shopping is definitely convenient especially now. There are no lines and no crowds, but it can also be a haven for fraudsters. Consider the following tips when shopping online to ensure your information stays secure: Make sure that you are shopping at a trusted retailer when you enter your credit card details online. Use…
It’s not us or them, it’s we
I’m sure everyone is sick of hearing about COVID-19 and its lasting effect on everything from those that become infected to how we live our life each day. It seems incredulous to think that “The Greatest Generation” fought in world wars, and baby boomers built strong economies which we enjoy. But at the same time,…
7 Tips to Protect Yourself From Identity Theft
Identity theft is a serious crime where your personal information—anything from your name, driver’s license, or Social Insurance Number—has been compromised by an impostor who intends to commit fraud in your name. With your Social Insurance Number, someone can easily obtain false lines of credit and rack up significant debt in your name. With a…
It’s never too early to teach your kids financial literacy
We teach our children their ABC’s, 1, 2, 3s, about life, right and wrong, work ethic, and maybe if we’re lucky, influence them on how to be a good person. But one thing that most parents don’t teach their kids soon enough, is the value of being smart with their money. I never really had…
Don’t skip your savings goals during 2020
You may be feeling like the rest of us and just waiting for this very long year to be over, but it’s only halfway through. Barring giant zombie cockroaches or alien invasion, 2020 can only get better, right? Woof, kiss of death. Regardless of what has happened with COVID-19 and all the economic issues in…
Canadian Credit Unions serve their communities
If you’re reading this on July 1st, Happy Canada Day! If you’re reading this any other day, Happy Canada Day anyway. Since it is that time of year, even though 2020 is the year that everyone would like to forget, let’s talk a tiny bit about Canadian credit unions and other financial institutions! How patriotic!…
COVID-19 scams, and how to avoid them
It should come as no surprise to anyone that some people like to pray on the vulnerable. Perhaps it is in our caveman DNA, or perhaps it’s just that we have some really awful people in this world that take something like the pandemic as an opportunity to fleece people out of their money. A…
Quick tips for saving in this economy
Right now we know that money is tight, and there are certainly some unknowns going forward as Alberta enters Phase 2 of the re-opening of the province. So here are money-saving tips that might help you just keep a few extra hard-earned dollars in your wallet, during this umm, ‘downturned’ economy. Yeah, let’s call it…
Could we be on the road to recovery?
As Canada and Alberta make their way through this pandemic, moving into new stages of whatever the future normalcy looks like, we are seeing positive trends in the Canadian economy, and maybe for some areas, some of the worst is behind us. That being said, if you have your 2020 bingo card handy, the chances…
The pandemic making us an even more cashless society
During the pandemic, how often have you reached into to your wallet or purse and instead of paying with cash, you reached for your contactless or “tap” debit card or credit card so you didn’t have to touch anything? If you used cash then you’d have to accept change, from someone else. Everywhere you go,…
After COVID, what is the New Normal?
As Alberta and Canada start to return back to the “new normal” things have definitely changed since COVID-19. Economically, physically, and even how we shop for groceries or enjoy sporting events will likely be different. What does that mean for you and your banking? Since early March, when the spread of the virus became a…
What’s Lock’N’Block?
For years, lost or stolen debit cards have been a source of frustration, and especially when fraudsters have been able to steal your PIN to access your accounts. Card fraud is on the decline, especially when you have a service like Lock ‘n’ Block from Encompass Credit Union. In this new normal, we’re also using…
Don’t let your passwords expire
In many circumstances, some online banking passwords, sunscreen and in most cases, potatoes expire at some point. No one likes when you reach into that bag and your ‘spuds are mushy and full of sprouts, or when that sunscreen you had to remortgage your house to purchase turns into a runny mess. Passwords are like…
Top 7 Ways to Save Money This Spring
This last winter was a brutal one for the prairies, but while there may still be snow in nooks and crannies, the sunny season is here, and although we’re still coming out of pandemic isolation, perhaps it’s time to start saving for that destination trip when things are safe to do so! Here are our…
How will the pandemic affect my savings and loans?
The coronavirus pandemic has hurt the economy bad, sending interest rates down. What does that mean to you, your mortgage or your investments? Canada’s central bank lowered its key interest rate three times in the past month to a current level of just 0.25%. While that’s not the rate of interest you will earn on…
Is a mortgage deferral right for you?
The COVID-19 pandemic has sent many people into positions of financial stress, from lost jobs, to general financial uncertainty. One of your biggest expenses each month is likely your mortgage. Most Canadian financial institutions understand those worries, so many have implemented relief programs, such as payment deferrals on mortgages. Deferring your mortgage payment may reduce…
What should I do if my email is hacked?
Email hacking is one of the very unfortunate downsides to living in our connected, digital world. And it’s often a situation that even the savviest tech experts find themselves in. It can happen to anyone. But Why Should I Worry? I Have Nothing Valuable in My Email If you have an identity and email address…
The scariest thing about mobile banking
Let’s face it, people are scared of a lot of things. I guess they should be, you can see it every day on TV, or in your social media feeds. Everything is out to destroy your lives, take your jobs and eat your lunch, or that you’re going to catch the virus. The hackers are…
What Can You Claim for Personal Expenses on Your Taxes?
As a small business owner, you might be wondering what you can claim as personal expenses on your taxes this year. Here’s what you need to know when it comes to doing your taxes for your business or side hustle. Expenses You Can Claim The CRA defines business expenses as certain reasonable costs that are…
What Should I do During Market Volatility?
By Tim Parchewsky Manager, PlanWright Financial, Wealth Consultant Low oil prices and the COVID-19 Virus have caused investors a lot of stress over the last few weeks. Periods of market volatility are not new to long term investors. These ups and downs can wreak havoc on our portfolios and emotions. However, history has shown that…
Leadership in Times of Crisis
by Doug Griffiths This has been prepared as a source of guidance and support for communities facing an emergency that affords limited time and capacity to prepare and react. This advice has been specifically created for community and municipal leaders, especially those in smaller communities where capacity, expertise, and time may be limiting factors. This document…
Letter from our CEO regarding COVID-19
To our valued members, Encompass Credit Union is closely monitoring the evolving situation with respect to the COVID-19. We are continuing to review and monitor information from the Provincial Public Health Authority as well as both the Government of Canada and Government of Alberta. We have met with our lenders to discuss the potential impact…
What Can You Claim for Personal Expenses on Your Taxes?
As a small business owner, you might be wondering what you can claim as personal expenses on your taxes this year. Here’s what you need to know when it comes to doing your taxes for your business or side hustle. Expenses You Can Claim The CRA defines business expenses as certain reasonable costs that are…
Investing on Your Own vs. through a Financial Advisor
When it comes to investing in the stock market, many people debate whether it’s worth doing the investing themselves or through a financial advisor. Let’s take a look at the pros and cons to these methods of investing to determine which one is best for you. Before You Begin Before you begin considering how you’ll…
Estate Planning Make the most of your funds with a budget
Estate planning You don’t have to be an eccentric billionaire to need to organize your estate. An estate plan is important to ensure that financial matters are resolved quickly, and family and loved ones don’t end up losing much of what you’ve acquired through taxation. Talking about oneself or aging parents passing away isn’t exactly…
5 ways to be smarter with smartphone apps
As the smartphone market matures, we’ve all come to depend on apps that make our lives easier and more fun. We have instant access to news, weather, shopping, games, and social networks. With new apps appearing all the time, it’s easy to get caught up in the moment, and download something offered to us online….
When RRSPs are the best choice
While the decision to use a Registered Retirement Savings Plan (RRSP) has been made more complicated over the last ten years by the popularity of the Tax-Free Savings Plan (TFSA), it is still an important savings tool. The TFSA allows an individual to contribute after-tax dollars into an investment and withdraw funds with no tax…
TFSA vs. RSP: What’s Best for You?
As a new generation of Canadians begins dealing with the tricky field of finances, a common question we hear is “What kind of account should I have”? At Encompass Credit Union, we have a wide array of plans and programs for money-savvy Canadians and the most popular for retirement or tax deferral are TFSA and…
Five ways cybercriminals try to steal your personal info
Identity theft is something you’ve probably heard about on the news. But what does it really mean, and what is the risk to you, your family, or your business? Identity theft is when someone uses your personal information without you knowing about it. They may try to get your basic information, such as name, date…
Cyber safe tax filing
Taxes: about as much fun to blog about as to calculate, and as essential to a functioning modern society as high-speed internet. And speaking of which, one of the easiest ways to file one’s taxes is through the Canada Revenue Agency’s MyAccount system. You can even find your T4, T5 and RRSP contribution slips there. Accessing MyAccount…
How to Pay off Your Debt After Christmas
As joyful as the holidays may be, it can be easy to rack up credit card charges and debt. If you’re unsure about how to pay off your holiday debt, follow our tips below to get started! Set Your Goals Set realistic goals for yourself and focus on paying down your credit card with the…
When a Term Deposit (GIC) is a smart investment choice
Investing your money is important. Some people are more risk tolerant than others, depending on how they view investing, or perhaps even due to the stage of life that they are in. If you’re planning on going into a long term investment with a mutual fund, or RSP, the ups and downs of the market…
Your Budget – Death by a Thousand Cuts
By Jess McEvoy, CIM, PFP When we create a personal budget, we usually start with our take-home pay and then subtract expenses. For simplicity’s sake, we lump as much as we can into as few categories as possible. We have categories like mortgage/rent, food, vehicle expenses, entertainment, utilities, gas, and maybe one or two others….
Credit unions work for Albertans – why this matters today more than ever
Credit Unions of Alberta’s Ian Burns shares his thoughts on how credit unions work for Albertans Albertans are incredible people. Over time we’ve built great industries, institutions and communities, with a standard of living that for many years has been a lure for entrepreneurs and anyone who dreamt big. And we did it by working…
What we can learn about finances from Christmas movies
By Kelly “The angry elf” Clemmer, Encompass Marketing Ok, it’s Christmas time, and here you are, reading a financial institution’s blog. Maybe you’re just taking a minute away from the family or your drunk uncle talking about politics… either way, there’s something that we all can learn, financially (when in Rome) from your favourite Christmas…
How to spot misleading info online and what to do about it
The case of the Misleading Meme With all the information that’s available online, it’s inevitable that some of it will be wrong. Sometimes it’s a case of inaccurate facts, sometimes it’s opinion, satire or parody, and other times, it’s a case of deliberate attempts to mislead or influence public opinion through alternative media. Either way,…
Top 12 Christmas Destinations (That You Can Afford!)
Wearing 5 layers of clothes? Muddy footprints by the door? Spending your morning shoveling the sidewalk? Winter is here, but that doesn’t mean you have to be! Here are just a few of the best affordable winter vacations this season. Florida Keys This chain of islands connected to the mainland gives you all the benefits…
5 ways to protect your privacy on a new smart device
Whether it was on your wish list, or you gifted one to a family member, chances are someone in your household received a new device that connects to the Internet. While connected devices (also known as “smart devices”) are fun and make our lives easier, they also provide opportunities for hackers to access personal and…
Black Friday and Cyber Monday Top 10 Fraud Tips
It’s Holiday Season for the bad guys too! But not the way you might think. They go into scam-overdrive mode. Black Friday and Cyber Monday are the busiest on-line shopping days and the bad guys are planning to get rich with your money. So, here are the Top 10 Fraud Alert Tips Never click on…
November is Financial Literacy Month
It’s really easy to feel overwhelmed or bogged down by that stormy cloud that hangs over one’s head when it comes to personal finances. Most of us are not accountants, and don’t have dreams of spread sheets and flying numbers, to most of us, that sounds like a nightmare. November is financial literacy month, and…
5 Easy Ways Young Adults Can Start a Side Hustle
Everybody dreams of starting their own business and being financially independent. This is a fantastic goal that the Encompass Credit Union team is happy to help with, but there’s no better way to make your dream a reality than starting early. If you’re a young adult looking to be your own boss, here are just…
Encompass accepting community grant applications for 2020
Encompass Credit Union is currently taking applications for its Community Social Responsibility Investment Program until the end of November. The annual community grant funding allows for up to a maximum $10,000 grant for a capital project in 2020. The program was designed for larger requests that would fall outside of the usual requests from minor…
A local success story, Jay and Sam Robinson
For Jay and Sam Robinson, the local Credit Union helped them realize their dream. Over twenty-five years ago, Jay and Sam wanted to start their own business, but major financial institutions were not interested in funding them. The local Wainwright Credit Union, now Encompass Credit Union, took a chance on the entrepreneurs, and lent them…
How we can work together
Cyber defence is a team sport. Government, industry, academia, and civil society must all work together to strengthen Canada’s cyber security. Canadian cyber systems, inside and outside of government, hold valuable information that is critical to our health, our economy, and our security. Those systems are targeted by threat actors. We need to work together…
