GCS Credit Union
618.797.7993
GCS is a full-service financial institution serving the following counties in Illinois: Sangamon, Logan, Macon, Marion, Jefferson, Perry, Jackson, Williamson, Jersey, Macoupin, Montgomery, Madison, Bond, Clinton, St. Clair, Monroe, Washington and Randolph.

Maybe Baby? What to Know About Saving for the First Year

Starting a family is a major decision. Among the many factors you have to weigh when you’re thinking about having a baby are your finances. Are you ready to add a new baby to your family now, or should you spend time saving? Your credit union can help you explore your financial health and make smart decisions about planning for the future. This information will also help you decide if now is the time to plan for a pregnancy.

Check Your Savings Account Balance

Experts recommend that you have at least $20,000 in your savings account before you start a family. Medical care during pregnancy, labor, and delivery can be expensive, and it isn’t always completely covered by insurance. Having this amount of money in your savings account will help you face these expenses as they arise. It will also give you a foundation from which to grow your family’s savings during your baby’s expensive first year of life.

Save 10% of Your Salary

Ideally, you should be able to comfortably save 10% of your salary for baby expenses, in addition to your retirement savings. Ask your credit union to set up an automatic transfer to your savings from your checking account on every payday. Unexpected expenses can occur with babies, and having a nest egg will help you deal with them.

Consider Your Child Care Plans

A significant expense for new parents is child care. Decide now what you will do for child care, so you can save accordingly. Research infant daycares and nannies in your town, and decide if you have family or friends who can provide care on some days. Calculate how much child care will cost, so you’re not surprised when the need arises.

GCS Credit Union provides members with the financial advice they need to reach their goals, from starting a family to buying a house. Find out how to join our credit union or talk to a representative at our credit union in O’Fallon by calling (618) 797-7993.

How a Roommate Could Save Your Budget

For many people, wages aren’t growing, but rents definitely are. This is especially true of you live in a city, where rents are increasing at significant rates every year. Although many people discount the idea of living with a roommate after they are done with college and enter the working world, it could be one of the smartest money management moves you can make. Here is a look at how sharing a home could be the key to making your checking account grow.

Cut Your Rent

If you decide to get a roommate with whom you share a room, you can cut the rent of a one-bedroom apartment in half. When you’re not sharing a room and opt for a two-bedroom apartment, you most likely won’t be able to reduce the rent you would pay if you lived alone by a full 50%, but in many big cities, you will save 30-40%, which is still significant. This savings alone is enough to make many people decide that roommate living is right for them.

Cut Your Bills

The ability to split bills is another budget-friendly boon for roommates. Although your usage of some utilities, like electricity, may be higher because you have more than one person in your home, being able to cut the bill down the middle is still worthwhile for most people. There are some bills, like cable and internet, that don’t fluctuate with usage, and so you’ll save a full 50% with a roommate over living alone.

Pay Off Debt

By living with a roommate, you can focus more of your income on paying down debt. This can be especially helpful for people dealing with student loan debt or who are coping with high-interest credit cards. Living with a roommate could be key to getting the fresh start you need.

At GCS Credit Union, the financial well-being of our members is our top priority. Let our credit union team help you make smart financial decisions about everything from auto loans to savings strategies. Not a member? Call (618) 797-7993 to find out how to join our credit union in O’Fallon.

A New Member's Guide to Switching to GCS

If you have made the decision to join a credit union and switch to GSC, our team will make the process as smooth and easy as possible. Our Member Services reps are on standby to help with any issues that arise as you make the switch. After you have applied to join the credit union and have received your approval, take the steps to make your switch complete.

Change Your Direct Deposit Information

To avoid any delays in getting paid, the first thing to do is notify your employer and anyone else who sends you money via direct deposit about your new account. You will need to provide your new credit union account number and the routing number of GCS

Credit Union—281076853. Be sure to specify whether the money is being paid into a checking account or savings account. As soon as the party making payment adjusts your information, your direct deposits should continue to flow as before.

Move Automatic Payments

If you have automatic payments coming out of your previous checking account, update that information so that the payments come out of your new account. GCS Bill Pay allows you to manage all of your bills online in a single location. You can also set up automatic withdrawals using your account and routing numbers or update your payment arrangements with your new debit card number.

Close Your Previous Accounts

Once all of your new deposits and payments are set up, you can close your old banking accounts. Before you make the transition, be sure all of your outstanding checks have cleared our old account and that all of your automatic transactions have been successfully updated with your new account information.

Are you ready to make the switch to GCS Credit Union? We offer competitive rates a comprehensive range of financial products, including secure online banking in O’Fallon. You can learn more by contacting our credit union at (618) 797-7993.

A Look at Credit Card Debt in America

Americans have more than a trillion dollars in credit card debt, according to this video from credit reporting bureau Experian. If you’re one of the many people carrying credit card balances, you could be paying more for everything from auto loans to mortgages.

Watch this video to learn more about credit card debt in America, as well as tips for managing your balances. Keep in mind that low balances and on-time payments can save you significant money in interest in the long run.

At GCS Credit Union, in addition to our competitive rates for all of our accounts, including our Visa Rewards credit card, our credit union staff can help you make the right decisions about managing your money. Find out more about joining our credit union in O’Fallon by calling (618) 797-7993.

Is It Ever Too Early to Start Saving for Retirement?

Saving for retirement is something that is on everyone’s mind, especially since people are working for longer than ever and traditional retirement is changing. When is the right time to start saving, and how should young people prioritize their savings goals at a time when they are also saving for things like home mortgage loans?

Although young people may have different immediate financial priorities, it is never too early for anybody to start saving for retirement. People who start saving even a small portion of their incomes at an early age will have longer to let that money grow and collect interest, putting them in a healthy position when they reach retirement age.

Let GCS Credit Union help you make the right decisions to make your money work for you at any age. To learn more about all of our services, from checking accounts to online bill pay, contact our credit union in O’Fallon at (618) 797-7993.

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Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm