Easy Money – Q4 2023 Newsletter

Welcome to CBC’s e-Newsletter! Get the latest news about what’s going on in and around OceanAir Federal Credit Union.

Letter from our president and CEO, Rick Weber.

Dear Valued Members,

As we embark on the third quarter of 2024, I want to take a moment to reflect on our recent accomplishments and share some exciting developments for the months ahead.

First and foremost, I would like to express my deepest gratitude for your continued support and trust in our credit union. Your dedication to our community-focused mission enables us to offer exceptional financial products and services while also supporting local initiatives and organizations.

The second quarter of this year has been a time of significant growth and transformation for us. We successfully introduced several new features designed to enhance your banking experience, including an upgraded mobile app with advanced security measures and new financial planning tools. The positive feedback we have received from you has been incredibly encouraging, and we remain committed to ensuring that our services meet your needs effectively.

We are excited about the opportunities that the coming quarter holds and are dedicated to making Q3 a period of success and fulfillment for all our members. Your feedback and suggestions are always welcome as they help us improve and better serve you.

Thank you once again for being a vital part of our credit union family. We look forward to achieving new milestones together and wish you a prosperous and enjoyable upcoming holiday season.

Warm regards,
Rick Weber

Community Snapshot

Our CBC team members recently visited the Boys and Girls Club of Greater Oxnard and Port Hueneme’s Teen Center. Here we were able to participate in what’s called a “Bite of Reality” experience. The Boys and Girls Club Teens were given real life scenarios and went around the room picking jobs, ways of transportation, food choices, and much more on a set budget.

Seeing their reactions to the price of gas was a sight to see and provided our team members with a couple of laughs and smiles. We were able to provide financial guidance and assistance to any of the teams who asked for it. It was a blast!

Thank you to the Boys and Girls Club of Greater Oxnard and Port Hueneme team for having us.

Seasonal Savings: Mastering Your Holiday Budget

The holiday season is undoubtedly a time of joy, celebration, and, unfortunately, often a strain on our wallets. With gifts to buy, festive gatherings to host, and travel expenses, it’s easy to feel the financial pressure. However, there’s a tried-and-true method that can help you navigate the holiday expenses without breaking the bank – the 50/30/20 rule.

The 50/30/20 rule is a budgeting framework that allocates your income into three main categories: needs, wants, and savings. Here’s a breakdown of each category:

1. 50% for Needs:
   • This category encompasses essential expenses that are necessary for daily living. It includes rent or mortgage payments, utilities, groceries, insurance, and transportation costs.
2. 30% for Wants:
   • Wants cover non-essential or discretionary spending, such as dining out, entertainment, shopping, and hobbies.
3. 20% for Savings:
   • The remaining 20% of your income should be dedicated to savings. This includes contributions to your emergency fund, retirement savings, and other financial goals.

Adapting the Rule for Holiday Savings

Assess Your Finances:

• Begin by reviewing your current financial situation. Calculate your monthly income and identify your regular expenses.
• Determine how much you can realistically allocate to holiday savings without compromising your essential needs.

Set a Realistic Holiday Budget:

• Based on your assessment, establish a reasonable budget for holiday expenses. Include categories like gifts, decorations, travel, and any other seasonal costs. By allocating funds to specific categories, you gain control over your finances and reduce the stress associated with holiday expenses.

Allocate 20% of Your Monthly Budget to Holiday Savings:

• Take 20% of your monthly income and designate it specifically for your holiday fund. This ensures a systematic and disciplined approach to saving. The rule provides a clear framework, preventing impulse spending and ensuring a structured approach to saving.

Create a Separate Savings Account:

• Open a dedicated savings account for your holiday fund. This separation helps prevent accidental spending and allows you to track your progress more effectively.

Embrace Smart Spending:

• Apply the 30% discretionary spending to your holiday purchases. Look for ways to cut costs, such as buying gifts during sales or opting for DIY decorations.

Regularly Monitor Your Progress:

• Keep a close eye on your holiday savings. Regularly assess your spending against your budget to identify areas where adjustments may be needed.

Mastering the holiday budgeting game with the 50/30/20 rule offers a practical and effective way to enjoy the season without sacrificing your financial well-being. By following this rule, you can revel in the joy of giving without the lingering stress of overspending.

Happy budgeting and happy holidays!

Board of Directors Announcement

The date for receiving member applications for nomination consideration to the CBCFCU Board of Directors closed on February 1, 2023.

The Nominating Committee has determined that the following candidates are qualified and eligible for re-election to the Board of Directors: Timur Taluy, Patricia Handfinger and Kevin Jaskolka. Since there is a qualified candidate to fill each Board vacancy for the upcoming term, no nomination from the floor will be permitted during the Annual Meeting. However, if a member wishes to be considered at this time, then a Petition must be effected and submitted to the Credit Union Board of Directors Nominee Announcement. The deadline for receipt of a Petition for consideration as an additional Director Nominee is May 1, 2023. 

Please contact Hal Karam, the Nominating Committee Chair, by e-mail at [email protected] for Petition requirements information and form.