23
April

Why Innovation Matters

Last week, we announced that we had been awarded the 2021 Innovation Award from Michigan Credit Union League. What is innovation? Innovation is when a product or idea is created or improved. It directly impacts businesses and their competitors, but how does innovation relate to members?

For Michigan Legacy, innovation shows we care, are forward-thinking, and are invested in our employees, members, and community. This is why we are proud to have been given the 2021 Innovation Award.

WE CARE:

We are always looking for ways to better the lives of those around us. Whether that be through the products and services we offer, the benefits to our employees, or our investments in the community. We believe each person is responsible for making the world a better, safer place. We contribute by:

  • Being digitally advanced and using less paper than most financial institutions.
  • Contributing heavily to the communities. We work with companies like Crime Stoppers – to ensure safety – and sponsor the Fight for Air Climb – an event organized by the American Lung Association to bring awareness to the lungs.
  • Sharing with the community. When we remodeled our Wyandotte branch we purchased additional space for parking. When events are going on nearby, this space is available to anyone for free!

WE THINK FORWARD:

At Michigan Legacy, we are always thinking ahead. One way our progressive thinking paid off was pre-COVID when we made plans to convert to a more digitally advanced platform. When COVID arrived and things were forced to be virtual, we were already prepared to advance to that step. Because of this, we were able to ensure that this advanced platform was secure and worked well for our company. It wasn’t rushed – it was calculated and planned because of our innovative efforts. 

WE INVEST IN OUR EMPLOYEES:

Being part of an innovative company means that employees can think outside the box. At Michigan Legacy that is highly encouraged! We believe in our employee’s potential and ability to reach new heights and want to be there to support them. Creativity is something that is inside everyone- think of it like a muscle. When employees have the ability to exercise that muscle, it gets stronger and leads to greatness.

We understand that all employees have lives outside of work and encourage a healthy work/life balance. Our employee’s mental and physical health comes first. We strive to provide our employees with the best benefits and resources to achieve a balance that works for them.

Innovation is something that adds value to an organization and its members. To read more about the innovation reward that Michigan Legacy received, click Read more about the innovation reward that Michigan Legacy received.

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5
March

5 Tips to Save Money

Have you ever looked at your dwindling savings account and wondered what you could do differently? When people tell you to “stop spending” but it’s not that easy? Everyone has been here at some point. Perhaps you’re happy with your savings account, but want to feel inspired by fresh saving tactics. Whatever the situation, we are happy to offer you five tips on how to save money:

Budgeting

Analyze where your money is going every month and not only in your head! Keeping track of your budget on paper or through an app will help you set realistic goals for saving. Besides, it will provide an answer to that “where did my money go?!” question.

To begin, start tracking your spending, analyze where your money goes, and how much. How much do you spend on gas each month? Groceries? Have a standard budget but allow yourself some flexibility. If you are hosting a family holiday or going to visit an out-of-state relative, your food and gas budget is going to be different than the previous month. Remember that balance is key.

Kick Instant Gratification

The mentality that you have to have everything right NOW is one of the things that cost you the most money – there’s a lot of psychology behind why people follow this pattern. Ultimately, it boils down to the fact that the more you cave into instant gratification, the worse it gets. Every time you give in to that habit, a short burst of dopamine is released in your brain. It doesn’t last long and leaves you craving another.

Try implementing a rule where you wait a certain number of days to make a purchase. Whether it be 7 days, 10 days, 3 weeks, or a solid month. The desire to buy an unnecessary item disappears with time. Be mindful and spend out of functionality and not emotion.

Create a Visual Reminder of Your Debt.

While you might think this sounds discouraging, it’s quite helpful because you can see your progress as you work toward achieving your goals. Creating a color-as-you-go or interactive chart may motivate you to spend less money!

Avoiding Fast Food

Easier said than done, for sure. When you pass that certain fast food place and all of sudden you crave a burger, fries, and shake. Perhaps it’s a coffee place. Did you know the average American woman spends $2,327 on coffee per year? And the average American male spends $1,934.



How to help: make a meal plan! A lot of times, eating out is a quick fix – you’re not sure what to make for dinner, and stopping to grab food is an instant fix with no mess. Having meals planned helps eliminate this issue. If you’re feeling ambitious, take a shot at prepping those meals ahead of time! Try planning your meals around the grocery coupons you receive in the mail or online.

As for the coffee, making your gourmet coffee at home will save you money. Invest in a coffee maker, your choice of coffee, and syrups if you like flavor. Get a couple of travel mugs for when you’re on-the-go. In the long run, this is less expensive and you get to make your coffee just how you like it!

Use Community Resources

While COVID makes this challenging, use whatever community resources you feel comfortable with. Keep track of community events- a lot of communities are hosting virtual ones right now. Check with your library, city hall, or community website! Using these resources cuts down on boredom and helps alleviate spending. Instead of buying, get a book or movie from the library. If you prefer e-books, check with your library – most are partnered with an app that allows you to borrow e-books for free!

Here is a list of our social media platforms- follow to keep up with us!

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1
March

The Importance of Financial Education

Some people think that money doesn’t matter to them, however the truth is – it does, or it should. Our livelihood is connected to it. Money doesn’t have to consume you, but it’s something you should be knowledgeable about and aware of.

Finances are stressful and some of that stress is due to lack of understanding. Credit cards, student loans, secured versus unsecured loans, emergency funds, retirement funds…the list goes on. There are so many options and rates- yet they all present themselves as being the best. So how do you know? A lot of Americans are not financially prepared for an emergency and building that savings accounts can be intimidating. Student loans – pay-off options, should you consolidate, etc. – there are so many choices to make and options to choose from. How do you know what’s best for your financial future? And will what’s best work with your current income and situation?

Finances quickly become overwhelming which can cause people to avoid them- causing more stress. The goal of this blog is to encourage a different route. We want to answer your financial questions, and hear what content and topics you are interested in! Follow our social media platforms to connect with us.

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