Money Rules Of Thumb From Our Staff

When our members are in need of financial products, they often speak with their loan officer or one of our Member Service Representatives, but when seeking financial advice, our staff likewise can provide words of wisdom. We recently asked some of our staff to offer us their financial planning suggestions that they use to guide their own finance – words that they would likewise share with a friend, neighbor or a member who asked for guidance in developing financial plans.

Budgeting often forms the basis of our staff’s two cents worth, from creating one, to sticking with it, which we know can be easier said than done.

As old-fashioned as it may seem in the modern age of online accounts, Lindsey in our Grenora branch suggests, “Always write down your transactions in a register and balance your account regularly.” Doing so helps you more easily recognize when you’ve exceeded your budget.

Dennis in Watford City agrees. “Balance your checkbook every month when you get the statement – makes you monitor your account for fraud or unusual charges.” Keeping tabs on your dollars and cents alerts you to transaction errors, duplicate charges, and charges and credits from online purchases and refunds.

In addition to what you allocate for spending, consider where you divide your incoming funds. Todd in our Washburn branch recommends, “The 50/30/20 rule. Fifty percent of after tax income for needs, thirty percent for wants, and twenty percent for savings (additional retirement, investments, cash). Best rule a wage earning person can live by for long run financial solvency.”

If watching your account penny-for-penny is not your style, Khadero (New Town) recommends an estimating approach. “Over budget expenses and under budget income.”

To find out what approach works best for your present and future financial goals, we encourage you to visit with one of our loan officers and discover how Dakota West can help you put together short- and long-term plans based on your personal needs and what we can build together to help you live, dream, and achieve.

Meet Todd Erickson

“I remember as a kid, they always had cookies. Getting to town was a big deal.”

Todd Erickson, our newest Loan Officer, recalled his first visits to his parents’ financial institution when they lived out in the country between Medora and Amidon in southwestern North Dakota. Now Todd is creating new memories for our members in our Washburn branch.

Todd attended Minot State University, studying Finance, Accounting, Economics, and Real Estate Finance and interning with a credit union before graduating with his Bachelors of Science in Business Administration. He attended high school in New England, giving him a nearly full-circle tour of the Dakota West region.

As a Loan Officer supporting agriculture and commercial accounts, Todd is already making the introductions throughout McLean County, as best as he can while keeping social distancing in mind. Nonetheless, his office door is already open and he is looking forward to the day when he can visit our members at their farms, or share a cup of coffee at Café 77.

For now, you can reach Todd at 701.444.7347 to schedule time to talk about your business, review your family’s financial plan, discuss a new boat loan, or even welcome him to the neighborhood – cookies optional.

Dakota West Credit Union Awards Financial Literacy Education Grant To McLean County School

(WATFORD CITY, ND, 13 March 2020) – Recognizing the importance of personal financial literacy in North Dakota youth, Dakota West Credit Union awarded its first Financial Literacy Education Grant to Suzy Jacobson of Washburn Public School. Jacobson will present a program designed to teach students where money comes from and where it goes to her fifth and sixth grade students.

The goal of the Financial Literacy Education Grants is to award teachers $250 to bring financial education into their classrooms and educate their students on the importance of focusing on personal financial responsibility.

“I would like my students to get a basic understanding of money – where does it come from? How and why do we save? Most kids think that parents’ money is endless,” wrote Jacobson

Dakota West staff members will partner with Jacobson to develop her program, and the be on hand at the school to help facilitate the topics later this spring. Jacobson’s winning grant was announced on Thursday, March 12 on Dakota West Credit Union’s Facebook page.

“Helping them understand the concepts behind money movement is a good place to begin understanding personal financial responsibility.” Juliet Jones, Marketing Coordinator for Dakota West Credit Union offered when asked about the purpose of the grants.

Established in 1941, each of the Dakota West Credit Union branches and its members and employees help grow the Dakota West family with exceptional commitment to building relationships and strengthening communities. Offering grants to teachers within its communities continues its focus on this growth through the next generation, and highlights one of the core values of Dakota West: Responsibility.

With branches throughout west and central North Dakota, including Washburn, Dakota West Credit Union is dedicated to helping its members grow with comprehensive, competitive financial products partnered with personal, professional service. To learn more about its services and communities, visit http://www.dakotawestcu.com/member-services/.

Dakota West Credit Union Offers Financial Literacy Education Grants to Local Schools

Recognizing the importance of personal financial literacy in North Dakota youth, Dakota West Credit Union invites teachers from kindergarten through high school throughout the communities it serves to apply for Financial Literacy Education Grants. The goal of the grants is to award teachers $250 to bring financial education into their classrooms and educate their students on the importance of focusing on personal financial responsibility.

“Helping young children understand that debit and credit cards are connected to money can be an idea that as adults, we should consider if children understand where that money goes” Juliet Jones, Marketing Coordinator for Dakota West Credit Union offered when asked about the purpose of the grants. “Helping them understand the concepts behind money movement is a good place to begin understanding personal financial responsibility.”

“Financial responsibility only grows with our children. As juniors and seniors begin to consider life after high school, understanding the financial process behind applying for and receiving college financial aid, knowing how credit scores impact their futures, and considering the added expenses when buying a vehicle are important reasons to make financial education an ongoing process,” Jones added.

Dakota West hopes teachers throughout western North Dakota embrace this opportunity to receive funding to help students prepare for the financial choices they will face. Interested teachers can download the grant application here. While teachers do not need to be members of Dakota West Credit Union to apply or receive a grant, they do need to work at schools within the Dakota West branch region.

The Financial Literacy Education Grants application period will continue through Monday, February 24 to allow teachers time to formulate ideas as to how these grants might be used in their classrooms to benefit their students. Dakota West staff members will partner with the winning teachers to develop their programs, and the be on hand at the schools to help facilitate the topics later this spring.

Winners will be announced on Thursday, March 12 on Dakota West Credit Union’s Facebook page. Dakota West also offers teachers links to existing resources and offers teachers ideas on how to engage their schools and communities in developing program ideas.