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letter from the President

saving for things that really matter

Learning to save for things that are important to me has been a part of my story for a long time. Back when I was first dating my husband, he noticed and appreciated that I managed my money wisely. I worked hard to make money, save it and help it grow. Because of this, even as a young couple, we were able to fund a wedding, a reception, and a honeymoon in Jamaica all from the balance in my savings account.

I wasn’t born rich and didn’t have any special knowledge or insights that made money management easy. For most of my childhood, I never thought about money but instead was busy doing what children do – learning, playing, being silly, and having fun.

That changed one day when my father left our family. He took everything in our bank accounts and disappeared. We were left with nothing.

why do you save?

Maybe it’s the dream of owning a home by a lake. Or maybe you are wanting to be in a healthier financial position with an emergency fund. Or maybe, you are saving for multiple goals!

Whether you are a seasoned saver or just beginning your journey of putting away money for “future you”, creating buckets of funds dedicated to specific goals can be a helpful way to prioritize and create motivation to save even more.

7 important savings goals to work towards ...

“I came to Canopy with a checkered banking past…They have always treated me like family, even through my troubles. I will never close my account with them. They have great loan options that I have built positive credit with and they are so friendly and helpful in all that I need each month.” - Tristan F.

taking time to save for what's important

Members Sean and Amy B. are intentionally saving for what’s important in their life. Keeping track of exactly where their money goes is important to the couple’s budgeting success and their ability to save up for their goals.

Sean and Amy first became interested in Canopy after driving by a billboard. They were in the middle of a frustrating experience with their previous financial institution and were intrigued by Canopy’s advertisement for its Kasasa Checking accounts.

With the Canopy branch on Francis Ave. in the vicinity of their northside home, they decided to check it out. Both of them appreciate the welcoming atmosphere at the branch.

“Every time I come in to the branch, I get a warm, friendly feeling. And, isn’t just the coffee. The atmosphere just feels warm and welcome,” Sean said.

At the end of their first month being members, Sean and Amy were pleasantly surprised with the dividends they earned and decided to save those extra funds for one of their goals.

Sean and Amy’s savings strategy? “A dime here and a nickel there,” Amy said.

6 tips for a smoother tax filing

Preparing for tax season often is a common cause of procrastination. However, waiting until the last minute to file your taxes can lead to even more stress.

Instead of waiting, take proactive steps to get ready to tackle your taxes. Here are six tips experts say can help us be better prepared for a smooth and dare we say, easy path to filing your tax return.

1. organize your tax documents and financial records

Use last year’s tax return as a road map. Referencing your previous return helps ensure you’ll have the documentation you need to properly prepare your tax return this year.

2. be sure your name and address are up to date

saving for a dream vacation?

Here are 15 steps to save more on the basics.

“Everything is so expensive now.”

Trips to the supermarket, the gas station, and even utilities are doing increasingly more damage to wallets and budgets. With the cost of living on the rise, a dream vacation can feel like it will forever only be a dream. One way to help alleviate today’s financial strains is to take a closer look at the things you buy every month. Take the money you can save at the supermarket, gas station and on utilities and put it toward that vacation fund. Every little bit adds up!

1. shop at discount and bulk stores

Discount grocery stores and warehouse stores like Costco often have lower prices than traditional grocery stores, and offer excellent quality, variety, and hey — even delicious hot dogs.

save the date – Canopy’s Annual Meeting will be held on April 24, 2024, at 5:00 pm via Zoom. Watch your email for registration information in early April. We hope you will join us!

grow your savings with a Kasasa Cash® checking account

If you haven’t met Kasasa, it’s time that you did. Canopy’s Kasasa high-dividend checking account pays a high yield on account balances and even refunds up to $20 in monthly ATM fees, nationwide — all with no monthly service fee or minimum balance requirement. Kasasa Cash features:

• 2.02% APY* on qualifying balances up to $25,000 when signed up for e-statements and 12 monthly debit card purchases post and settle

• 6.17% APY* on qualifying balances up to $25,000 when signed up for e-statements, have a monthly direct deposit or transfer from an outside institution and 20 monthly debit card purchases post and settle

• 0.50% APY* on balances over $25,000

• 0.01% APY* even if you don't qualify

• Link to free Saver Account to build savings automatically at 4.07% APY* on your first $50,000

When your money does the heavy lifting it pays big dividends — with Kasasa Cash checking from Canopy Credit Union.

learn more about Kasasa Cash checking and apply today

*Annual Percentage Yield. Subject to qualifying factors being met during each qualification cycle. Fees may reduce earnings.

Social Security: Maximizing Benefits

Most understand that waiting to claim Social Security benefits can result in higher monthly payments. However, many don't know that there are other ways to maximize their benefits, some of which depend on their marital status.

Understanding the strategies for maximizing your Social Security retirement income benefits should be prefaced with a review of the three basic forms of retirement benefits:

The Worker Benefit: This is the benefit you receive based on your own personal earnings history and for which you become eligible after 40 quarters of work.

*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA / SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. The credit union has contracted with CFS to make non-deposit investment products and services available to credit union members.

and tips!

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Canopy Credit Union | 509.328.2900 | www.canopycu.com

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