Annual Report

Annual Report

If you were unable to pick up a copy of our Annual Report ("Blueprints for Transformation")
at our Annual Meeting in April, you may view and download the PDF at the link below.

Attention CFISD Teachers: Extreme Classroom Makeover

Extreme Classroom Makeover is Back

Cy-Fair FCU will once again award three (3) Cypress-Fairbanks Independent School District (CFISD) teachers $500 each for a classroom makeover.
Deadline for teachers to submit their application is 5/31/18.

Transformation of Jones Road Location

Transformation of Our Jones Road Location Begins Soon

As the financial industry begins to adapt to consumer demands for a fresh, modern approach to banking, Cy-Fair FCU is one of the first in Houston to offer a contemporary member experience that combines technological innovation with “high-touch” customer service. For example, Financial Consultants, with tablet in hand, will stand ready to greet you at the door and escort you to a consultative area where they will assist you with your various financial needs.

Starting with our new Copperfield Financial Center, the redesigned branch model provides a more personalized, efficient, and convenient member experience. We are excited to announce that we are now ready to begin transforming our Jones Road location. Exterior upgrades and extensive interior remodeling (highlighted in the full story) are scheduled to start later this summer. When the redesign is finished in late fall of 2019, the “new” Cy-Fair FCU Jones Road Financial Center will reopen.

Member services will remain available during regular business hours for all your banking needs throughout the remodel. To accomplish this, Jones Road branch operations and member services will be temporarily moved to a portable structure. The portable will be located in the parking lot on the north side of our Jones Road administrative building until construction is complete. We expect a one-day closure of the Jones Road branch on the Saturday prior to construction commencement, so furniture and equipment can be moved into the portable.

Marrying your Finances

Marrying Your Finances

You’re getting married! Congratulations!

Before you say “I do,” it’s a good idea for the two of you to talk about finances and agree on how you’ll handle them. This will ensure your marriage gets off to a good start.

Financial Baggage
Have a discussion about how you’ll handle premarital debt. Will your spouse be solely responsible for paying off his or her old debt or are you going to pay a portion of it? Keep in mind that if your partner has many large debts and has a pattern of irresponsible spending, the behavior may not stop after you’re married.

You’re not responsible for any debt your partner accumulated before marriage. However, in Texas - as a community property state (also Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Washington and Wisconsin) - after you marry, you and your spouse are jointly responsible for any debt either of you accumulates. Also keep in mind, if you apply for credit jointly and your spouse has a poor credit record, their record may affect your ability to meet shared financial goals, such as buying a home.

Combining Finances
There are several different ways to combine funds. Some couples keep their financial accounts separate and divide expenses equitably. Others open a joint account for shared expenses as well as keep their own personal accounts. Many pool all their money into a shared account.

Agree on a Budget
It’s important to create a realistic budget. Have an open discussion to figure out short- and long-term financial goals that will work for both of you.

Decide:

  • How much you will invest?
  • How much you will deposit in savings each month?
  • How much will be set aside for emergencies?
  • How much should each of you be able to spend as you wish?
  • Will both of you have full-time jobs, or will one of you work part time or stay home?
  • If one of you has higher income, will you each pay an equal amount for joint expenses or pay a percentage of your income?

Who’s In Charge of the Money?
It’s a good idea to decide who will manage your money. Who will keep track of your checking, savings, credit cards, loans, investment accounts, or bill payment? You can divide the responsibility if it makes sense for you, but both of you should be aware of where your money is going. If you don’t identify these responsibilities upfront, bills may go unpaid and accounts might get neglected.

Agree to have frequent meetings to discuss your finances to make sure you're sticking to your budget and are on track toward meeting goals. If you anticipate major expenses, discuss how you'll handle them.

Having these financial discussions before you marry may not be a very romantic thing to do, but they’ll help ensure your relationship remains happy, stable, and strong.

 

 

 

Unplug Your Kids from Technology with Summer Camp

Unplug Your Kids from Technology with Summer Camp

Children are increasingly becoming dependent on TV, game consoles, or other electronic devices for entertainment. Summer breaks often means they’ll spend more time in front of a screen. To get your kids outside in a healthy, natural environment, consider sending them to a summer camp. They’ll spend their days being physically active, participate in fun activities that build self-confidence and self-esteem, become more independent, make new friends, and reconnect with nature

There are over 12,000 camps in the U.S. of many varieties:

  • Traditional camps: Usually family-owned and focused on providing outdoor adventures.
  • Girl and Boy Scout camps: Great for children wanting to learn more outdoor skills.
  • Underprivileged background camps: For children whose parents cannot afford the usual camp fees.
  • Day camps: Children attend for the day and return home at night.
  • Not-for-profit camps: Run and funded by organizations and charities, there are fewer offerings than those at more expensive camps, but they’re valuable nonetheless.
  • Special Needs camps: Children and adults stay in cabins with accessible living arrangements.
  • Specialist camps: Catering to campers wanting to learn and practice specific skills, like horseback riding, soccer, performing arts, or science.
  • Faith-based camps: Christian and Jewish camps that celebrate and teach their respective religions.

You can find camps on the following websites:

Costs vary, but many camps offer early enrollment or sibling discounts, and some will arrange payment plans with parents. Every year, 90% of American Camp Association (ACA) camps offer some kind of financial assistance, often called "camperships.

If you work, are looking for work, or are a full-time student, and your child is 13 years old or younger, you can send him or her to day camp and deduct a portion of the expense from your taxes. The size of the deduction depends on your income or number of children under 13 you have. For more information, see IRS Publication 503, Child and Dependent Care Expenses at www.irs.gov.