Borrowing & Investing
PenFinancial Credit Union

PenFinancial Credit Union


Recent posts by PenFinancial Credit Union

3 min read

Do I really need to start saving for my child’s education this early?

By PenFinancial Credit Union on Apr 1, 2024 12:00:00 AM

Whats the Big Deal?

The news coming out of the USA that up to $10,000 of student debt was being eliminated for most students by the government has dominated the news these days as we once again approach the beginning of school.

And it’s no wonder why that’s such a big deal as post-secondary costs continue to rise not just in the USA, but right here in Canada.

Topics: Financial Literacy RESP Financial Advice Financial Planning
4 min read

Should I pay off my mortgage or invest more?

By PenFinancial Credit Union on Apr 1, 2024 12:00:00 AM

With the current low mortgage rates, I am finding a lot of my members have the same question: should I try pay down my mortgage faster, or should I start/continue investing in my future? My answer is always the same: it depends! The reason I cannot give a definitive answer is due to the number of factors that make each of us unique. In this blog, I would like to share some of the factors I consider when giving advice to my members, and I am hoping I am able to help more people make the decision that is right for them.

Topics: Financial Literacy Personal Budget Financial Advice Financial Planning
3 min read

Stop ducking and start 2021 with a plan

By PenFinancial Credit Union on Apr 1, 2024 12:00:00 AM

“An ounce of prevention is better than a pound of cure.” So said Benjamin Franklin, who didn’t have to live through 2020 and eat his way through 32 pounds of home-baked bread. But he was on to something. What he suggested was that we should deal with a problem by putting in a bit of time and planning upfront, instead of constantly ducking like we’re living in a real-life game of whack-a-mole.

Topics: Financial Literacy Personal Budget Financial Advice Financial Planning
2 min read

Continuing to Support the Fonthill Community

By PenFinancial Credit Union on Oct 23, 2023 10:56:00 AM

What does truly local banking mean to you?

At many banks, it could mean the ability to walk into a branch located in your community. And while we agree with that, at PenFinancial, it also means that we reinvest significant portion of our profits directly back into the local communities in Niagara, like Fonthill.

The rest of our profits? Well they go back into the products and services right here at PenFinancial, Niagara’s truly local Credit Union.

Topics: Credit Unions Truly Local Articles Social Responsibility
3 min read

“Buy now pay later” is all the rage. So what’s the deal?

By PenFinancial Credit Union on Oct 27, 2022 1:19:59 PM

Remember back in the day? “But wait… there’s more! With only 10 easy payments of $19.99, you receive not one, but TWO snuggies!”

The idea of making small and easy payments after receiving an item was almost thought of as a bit of a joke or meme.

However, I recall a couple of years ago purchasing an iPhone on the Apple website. On the checkout page, I was surprised to see the option of paying it off in 4 equal monthly payments. No fees or interest, they said. Lately, I’ve started seeing this option on more and more websites: Wayfair, Amazon, Best Buy.

Topics: Financial Literacy Personal Budget Financial Advice Financial Planning
2 min read

5 reasons to choose a Credit Union

By PenFinancial Credit Union on Nov 16, 2021 1:34:11 PM

When it comes to personal finances, Canadians have a lot of choices. It can be overwhelming. While there are plenty of options to choose from, have you considered a credit union?

Topics: Financial Literacy Personal Budget Financial Advice Financial Planning
3 min read

5 Ways to improve your credit score

By PenFinancial Credit Union on Jun 22, 2020 9:31:08 AM

Credit is a staple in our modern world. And many of us have been impacted by the COVID-19 pandemic over recent months. As businesses begin to open up, we thought it would be an appropriate time to discuss some ways to improve your credit score. Gone are the days of buying a home with two bags of flour and a handshake. You need credit to qualify for big-ticket items like cars and homes, and often for smaller items, like mobile phones. Your credit score determines whether financial institutions and other lenders will give you money for such purchases.

Topics: Financial Literacy Personal Credit
3 min read

Tips for First Time Home Buyers

By PenFinancial Credit Union on May 3, 2018 12:17:38 PM

5 Things you need to know before you buy your first home

Are you ready to make the leap from renter to homeowner? You’ve saved your nickels. You’ve been watching the housing market and found a neighbourhood you like. You’ve gotten tired of lugging groceries up 6 flights of stairs every time your elevator is out. Buying your first home is an exciting time. It is also a huge decision. Here are the five things you should think about before you buy.

Topics: Mortgages
3 min read

Building blocks for your future: Learning to invest in your 30s

By PenFinancial Credit Union on Apr 10, 2018 7:26:08 PM

Welcome to your 30s! You’ll be spending less money on fun and more money on necessities. You’ll be spending less time with friends and more time at work. Your 30s are a time defined by one thing: change.

Topics: Saving for the Future Personal Budget Financial Planning
3 min read

Small Business accounting: Count on it being important

By PenFinancial Credit Union on Mar 1, 2018 3:51:56 AM

It’s everyone’s favourite time of the year: tax time! Get ready for the banners and balloons and celebrations… or hide your paperwork in the closet and hope the receipts magically sort themselves out. That sounds more realistic! You may want to hide from your finances, but you can gain a lot by dedicating adequate time and resources to bookkeeping and accounting. This is particularly true for business owners.

Topics: Small Business