January 2023| Issue 3

News & Updates

Happy New Year, Dollars & Sense readers! We hope your year is off to a great start. If getting your finances in order or setting up a new bank account is a priority this year, we are here to help. We hope you enjoy, and don't forget to share the newsletter.

Personal Finance Topic of the Month: Taxes

Did you make $60,000 or less in 2022? If so, you can file your taxes for FREE and receive 100% of your refund quickly and easily by using United Way's Free Community Tax Service.

The Free Community Tax Service helps residents file their federal and Indiana tax returns for FREE and claim the EITC, if eligible. Each year, United Way helps roughly 1,000 taxpayers in Monroe, Owen, and Brown counties file their taxes, saving them hundreds of dollars in tax preparation fees while helping them earn their maximum refund.

Check out our website for a list of tax preparation sites and more information on the program.

Additionally, if you made between $60,000-73,000 you may qualify to use an online free file product- check out www.monroeunitedway.org/freefile to learn more.

Don't qualify for the program? We have many other helpful IRS resources on our website, like links to the IRS Tax Withholding Estimator.

Ask an Expert Q&A

This month's question asks, "What advice do you have for a couple of 2 to save enough money to buy a home? What would you say is a good guideline on saving money for a house? How much should a couple expect to save?"

Response from Amy at Fifth Third Bank:

"Without knowing budgetary restrictions, the best advice I could give is to save something/as much as possible of every paycheck and put it in a secondary savings account to be used strictly as savings towards the home down payment. Amounts can vary vastly dependent on family finances.

That being said, there are options for 100% financing available, including two income-based programs through USDA and Indiana Housing.”

Have a question of your own? Submit it anonymously by clicking the box below!

Submit a Question

This month’s Bank On Spotlight

IU Credit Union

IU Credit Union was founded in 1956 on the campus of Indiana University, Bloomington. A small group of university employees pooled their money together and established a financial cooperative - owned, operated and governed by its members. IUCU founders believed a member-owned financial institution would best serve the unique needs of its community.

From humble beginnings, IU Credit Union has grown to become a full-service financial services provider, now more than 70,000 members strong, with membership open to Hoosiers who live or work in one of 65 Indiana counties.

Committed to improving the lives of its members, employees and the communities it serves, IU Credit Union has received numerous community involvement honors including United Way’s prestigious Pillar Award. IU Credit Union also participates in United Way’s Bank On Bloomington financial education program. In addition, IUCU has consistently been ranked as a top workplace and named as one of the Best Places to Work - Bloomington and Best Places to Work in Indiana by the Indiana Chamber of Commerce.

To learn more about IU Credit Union, visit iucu.org.

What is Bank On Bloomington?

Bank On Bloomington is an affiliate of the national Bank On program, which aims to connect consumers to safe, affordable bank accounts.

All participating Bank On Bloomington banking partners have accounts that meet national Bank On standards and are designed to serv the needs of every household, not matter their income. These banks are committed to providing services to the greater-Bloomington community and helping you become more financially stable.

Spread the Word!

We believe quality financial information should be available to everyone, so we encourage you to let others know about our monthly newsletter and sign up on our website. First time seeing this newsletter? Subscribe Today for more helpful financial information and advice!

Need to Open An Account?

Visit the Bank On Bloomington website for a list of participating Bank On accounts. Here you will find information on low cost, accessible banking services offered by each of our partners.

Visit our Website

Visit the Financial Empowerment Hub

Learn more about Financial Empowerment programs and tools like the Free Community Tax Service and Financial Stability Guides.

Financial Empowerment Hub

United Way of Monroe County is a nonprofit organization that improves the lives and futures of all people in the community. We bring together expertise, funding, and volunteer support to positively impact the resilience of our community, and those who live within it. In partnership with others, we work to eliminate inequities experienced by low-income and diverse populations so that all people have a safe, healthy home environment, achieve their educational potential, and increase their financial stability. We commit to building bridges across cultural, racial, religious, and economic boundaries.

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