As a for-impact financial institution, we’re not here to make a profit off you—we’re here to show up for you. As your financial best friend, we work every day to make bringing your Impossible Dreams to life easier, more rewarding, and less expensive.

And last year? We helped members across Michigan keep more of their hard-earned dollars through better rates, lower fees, and smarter tools. From flexible lending options to monthly fee-free accounts and Rewards cards, your wins are our wins.

Here’s a look at just how much we saved our members in 2024—because when we say we’ve got your back, we mean it.

Want in on these savings? Let’s talk about how we can help you keep more of what you earn—this year and every year.

1 "Number of New Homes" is defined as number of mortgages closed in 2024 that are non-refinance loans (purchases).

2 "Number of New Homes - H-Ope!" are the number of mortgages closed in 2024 that are H-Ope!

 Loans (previously known as Path to Homeownership) and are also included in the total Number of New Homes.

3 "Estimated $$ Members Save by Saving with CFCU" is the difference between the Share Dividends Paid in 2024 by CFCU and the Estimated Dividends if Banked with Competitors in 2024. Competitor rates are based on the average of our local and national competitors by category (Savings, Checking, Money Market, CD) as of 12/31/2024 per Curinos.

How much did we save members in 2024? Millions. Blog Content

Join Now

Looking to make your Impossible Dreams possible? Your membership can help make it happen!

You are Enuff™

How much did we save members in 2024? Millions.

Tips for freelancers and entrepreneurs to pursue financial stability—what to know, what to do, how to do it, and what to avoid. 

Money Management for Gig Workers

Freelancing and entrepreneurship can be incredibly rewarding, offering the opportunity to pursue your passions and shape your own destiny. Whether you're a writer, designer, consultant, or startup founder, being your own boss can be exhilarating and liberating. But with that freedom comes great responsibility: the responsibility of managing your finances.

For many freelancers and entrepreneurs, the financial stability a steady paycheck brings can often diminish with uncertainty from fluctuating income and irregular expenses. This can make it challenging to plan for the future and achieve long-term financial stability. But fear not! There are plenty of strategies and tips you can implement to help you stay on top of your finances for your financial future.

In this blog post, we'll dive into the world of money management for freelancers and entrepreneurs.

As an independent contractor or business owner, one of the first things you’ll learn is that there’s often an absence of stability. Without a salaried W2 position, your income becomes uncapped but uncertain—prone to fluctuate depending on market conditions, client relationships, and a slew of other stimulants that can change instantly.

That’s why it’s critical to have a strong foundation beneath you, to help you withstand the winds of uncertainty coming your way. How do you achieve that, though?

 when you don’t know what your income will be in any given month. Nevertheless, letting this keep you from budgeting would be a grave mistake. As a self-employed person, your budget should account for all your fixed expenses while leaving the ambiguous, discretionary ones up to what happens that month. Ultimately, your goal is to achieve a progressively higher income that can absorb all of those monthly discrepancies without flinching.

The median savings balance for Americans under 35 was 

 in 2022, a lackluster amount that wouldn’t support most of us for long. 

 for those self-employed, especially at the beginning. Because of the inconsistent nature of your income, savings are a vital fallback you should anticipate needing at some point. Consider a cash cushion of 3-6 months of living expenses before diving into the uncertain world of entrepreneurship.

Self-employed individuals don’t have the luxury of having an employer-sponsored retirement account, employer match, health insurance, or other benefits that come with having a normal W2 position. Nevertheless, this shouldn’t stop us from 

. We understand that at times, especially early on, there might not be room for retirement savings in the budget, but having a goal is the key here. If you don’t make enough to contribute to a retirement account quite yet, plan how to get there. Outline the details of how much you’ll need to contribute once you get started.

In the U.S., self-employed people and small-business owners get to experience the joys of paying self-employment taxes, which is, of course, an excellent experience (we’re joking). Those who fit this description may not only pay more in taxes but also be expected to make quarterly, estimated payments to the IRS based on their expected income. Falling behind on something like taxes is a real pain, so it’s important to read up on this, fill in any knowledge gaps you might have, and start budgeting for them ASAP.

 becomes even more difficult if your income is unpredictable, and this can have negative implications on your credit. If you have bad debts hanging around as a freelancer (think: high-interest credit card debt), this can really hamper your personal financial growth and your business. So, make any payments you can, when you can, after you’ve paid your essentials and established an emergency fund.

One of the perks of working at an established company is usually 

. Why? Because the average monthly health insurance premium in the US is 

. That’s an expensive burden that an employer-sponsored plan can make much lighter. As a self-employed person, you’ll need to do some hearty shopping and budgeting to make sure you can find a plan that works for your needs and budget.

Don’t neglect your personal or business-related goals throughout your gig-working journey. If you’re already saving and investing—and still have leftover funds every month—it might be time to consider allocating more funds to your other goals.

Without a solid plan, routine, and infrastructure, your finances can quickly and easily fall into disarray as a freelancer.

 to form a habit. The good news? While it might be difficult for a bit, your consistency will give way to simplicity as you ingrain those habits into your daily routine. What habits are we talking about? Tracking expenses and income, transferring money for taxes, investing for retirement, setting aside savings, paying down debts, and anything else that helps you run a smooth business.

As a self-employed individual, you’re the emperor of keeping up with stuff. You’ll need to keep track of your own income and expenses, business expenses, client relations, estimated tax payments, and a lot more. This might seem finicky and arduous at first, but doing this habitually will make your life so much easier at the end of the day.

Sure, there’s a lot to keep up with, and jotting it all down on a sticky note just isn’t going to work. You need to develop an infrastructure, both online and offline, that works best for you and your organizational styles. Whether it’s spreadsheets, documents, photos, little notes, or whatever it may be, the key is to find something that works for you and stick with it.

The freedom and upside potential of being a business owner comes at a cost — taking full ownership over your personal finances and staying on top of your $h!t!

Luckily, this pathway will force you to become extremely proficient at money management, and those skills will subsequently improve your personal finances over the long run. It might be tough initially, but your labor will eventually bear fruit.

We’re here to help you reap the rewards of all that hard work. Consistency is required to get there, so here’s a friendly nudge to remember to 

 regularly, update your to-do list, keep an eye on your transactions, and stay en route to financial wellness.

Blog Content

The complete guide to the difference between a health savings account (HSA) and a flex spending account (FSA)

HSA vs. FSA

Understanding your health insurance benefit plans

Whether you’re a young professional entering the workforce (and leaving your parents' medical plan), or you’re an already-established adult looking to better understand your medical savings, you’re in the right place.

First step? Evaluate your health insurance plan options offered through your employer or through the Marketplace.

FSA and HSA accounts are both tax-advantaged accounts, resulting in payroll tax savings. Essentially, putting money in these accounts typically leads to less income taxes due come tax time. But, be aware these plans come with some limitations and these funds are designed for healthcare costs.

We all have healthcare needs, some just bigger than others. We spend our "healthcare dollars" on everything from princess-themed band-aids and monthly prescription pickups to procedures and surgeries. HSAs and FSAs can help you better manage your finances when it comes to medical care for yourself and family. Whether you’re planning for a baby, helping aging parents with money, or just looking to better manage your finances, we're here to help!

More on the specifics of which healthcare costs are HSA- and FSA-eligible later.

At its basic level, a health savings account (HSA) is a medical savings account. You are eligible to open a HSA if you are a taxpayer in the United States and enrolled in a qualified high-deductible health plan. The funds you contribute to an HSA account are 

 subject to federal income tax at the initial time of deposit.

If you’re qualified with a high-deductible plan, you can open up your HSA on your own or with your employer. From there, you'll likely get a debit card to easily charge healthcare costs. You can make changes to your pre-decided contributions as long as the alterations do not exceed limits.

 Your existing medical insurance plan must have a minimum deductible and qualify as a high deductible plan. Also, you can neither be enrolled in Medicare nor declared as a dependent on someone else’s plan.

over-the-counter medications and products

You may use your HSA funds for healthcare costs for yourself, your spouse, and/or eligible dependents such as your children, siblings, or parents that are pre-approved by your tax information. This can be especially helpful if you’re helping aging parents with money.

The HSA money you save stays with you, but you can only spend money you have already saved and portioned into your account

Your HSA funds aren't affected if you change employers. However, some employers contribute to your HSA fund, so be sure you know which employee healthcare benefits you're leaving with your old job.

 The funds in your HSA roll over year over year and thus can be aggregated for long-term medical savings such as retirement. This lets you plan ahead!

Accrued savings can be withdrawn tax-free from your HSA after age 65.

HSAs can sometimes even help you contribute to life insurance, but be sure your plans are eligible.

 These plans come with annual contribution limits that can change year by year

Remember: non-approved expenditures or spending on non-medical goods or services must be declared on tax statements and may be penalized.

Flexible spending accounts (FSAs) can act like a line of credit. Imagine this: you only have $100 in your account but want to buy a $300 pair of prescription glasses, you can… as long as you're financially on track (based on your salary) to save at least $300 by year-end. These accounts are arrangements through your employer that enable you to pay for many out-of-pocket medical expenses with tax-free dollars. Meaning, these funds are deducted out of your paycheck before they're taxed.

These are not long-term savings plans, and you can't often make changes to these plans without extenuating circumstances.

 There are annual contribution limits on these accounts. If you are married and both you and your spouse have FSAs with your employers, you both can make contributions to each of your accounts.

 Sometimes, you can carry over a portion of your FSA into the following year’s plan. Alternatively, some employers may allow an additional two and a half months to spend the previous year's contributions. Yet, a lot of the time, if you don’t use it, you can lose it.

 Like HSAs, you can use your FSA funds in pay for certain medical and dental expenses for yourself, your spouse, and your dependents.

Prescription medications and over-the-counter medicines—as long as a doctor's prescription is provided. (Reimbursements for patients that require insulin are allowed without a prescription.)

Medical equipment like crutches, bandages, and diagnostic devices like blood sugar test kits can be paid for with FSAs.

HSAs are owned by the individual and you do not lose these funds at the end of the year. They have the potential to offer far greater tax advantages and savings due to their larger freedoms and flexibility.

FSA don’t have as much adjustability because they are set up with an employer.

Both HSA and FSA accounts are pre-tax accounts with contributions that can be made directly from your paychecks.

You can use HSA and FSA funds on copays, medical bills, vision expenses, and more.

Feeling good about health insurance plans? Good! Jump into digital banking and check in on your To-Do List! After all, financial wellness only takes 3 minutes a week. You got this!

Learn how the Relentless Care Foundation supports career development, education and youth entrepreneurship in Detroit through grant funding for YouthTank Detroit, a non-profit startup incubator for student-led businesses.

Empowering Young Entrepreneurs in Detroit

CFCU will help provide high school students in Detroit with free entrepreneurial guidance, career mentorship, professional development, and advanced skills training through summer internships and afterschool programs.

YouthTank Detroit

Whether you’re new to giving or a seasoned donor, your support helps us award more grants to Michigan communities.

Give Now

Build Belonging

The Relentless Care Foundation believes in a future where all Michigan communities are just, thriving, and vibrant.

Relentless Care Foundation

Learn More

Relentlessly Caring

Make an Impact

Let's do good things

purple

large

Empowering Young Innovators in Detroit

To support their mission of empowering kids and teens to excel in the Four Corners: Athletics, Academics, Community and Leadership, our grant of $8,000 helped ESCOT purchase a new van to make this program possible.

ESCOT

Instilling Excellence in Westland's Young Athletes

A complete guide to budgeting for college, 529 college savings plans and investment ideas

Budgeting for your Kids' College

A new parent has a plenty of responsibilities to juggle: whether it's diapers or finances, it’s all about making tasks manageable. And, naturally, parents want the best for their children—from the safest car seat to the best preschool and all the way up to college.

. That’s not breaking news. That said, college doesn’t have to be so expensive it's out of reach for your child. Below is some guidance on when and 

 including some options you may not have known about or considered previously.

The fear of making the wrong financial decisions can often lead parents to ignore college savings. Don’t become paralyzed with fear of the “what-ifs” and instead, focus on doing the best you can.

When is the right time to start saving for college?

. Sure, it can feel like a lot to put money away for a child that has only done so much as cry and sleep, but it’s 

 too early to start planning. Financially, babies can change your plans a lot. It’s important to update your financial plans consistently, so you don’t miss out on important changes. Practice sticking to your baby budget, so you can allocate your money to long-term things that matter. Higher education. College. University. Whatever you want to call it, it’s critical to plan for.

 The sooner you start putting money away for college, the more spread out your payments need to be, and the more interest you can earn on your savings. Don’t fret if you haven’t started yet! Today seems like a great time to start. We’re here to help with your budgeting.

Savings plans to consider for affording college

Building up your children’s college funds can be nerve-wracking. Here’s what you should know about preparing your payments to minimize your stress.

You may be asking yourself: should you set up a 

With thousands of options available, no investment cap, and no requirement on how you can spend the money, mutual funds can provide you with flexible investment and savings options. However, your earnings are subject to annual taxes and are taxed as capital gains when you sell your shares. Just like anytime you invest in the capital markets, depending on the mutual funds holdings, you will see some volatility.

There aren't any investment limits or controls on how you spend your money in custodial accounts under the Uniform Transfers to Minors Act (UTMA). Something unique about this is that the student will, once they reach legal age, gain the rights to the account. This grants them the ability to use the money at their own discretion. (That’s why it’s important to start teaching your kids about finance young.) Custodial accounts do not have the tax benefits that other education plans have, so take note of the pros and cons in custodial accounts.

These can be a helpful savings option for college: the 

 penalty for early withdrawal on earnings when you spend the funds on higher education. However, these accounts get capped easily and some higher income brackets are ineligible for contribution.

These are savings plans that help you to save and pay for education expenses from kindergarten through college. Account earnings can grow tax-deferred and withdrawals are tax-free, when used for eligible expenses.

Ultimately, how you decide to finance your child’s education depends on which method is right for you. Learn more about what the right college savings plan is for your child.

Some states offer extensive prepaid college savings plans. Essentially, this plan locks-in college prices and allows parents to prepay, either in monthly increments or lump sum amounts, starting as early as their birth. A major benefit of this is that even if the cost of college is greater than your savings, it will still cover the entirety of any instate College or University. But wait! There's more. (Cue the funny TV salesperson!) In the event your student attends an out-of-state or private college, the plan will cover the portion of tuition and fees equal to those of a public college in your state. This plan is backed by a guarantee from the State, so there is no default-risk on the use of your savings.

Participating states in this method of savings include: Florida, Maryland, Massachusetts, Michigan, Mississippi, Nevada, Pennsylvania, Texas, and Washington.

Community colleges can be financially and academically sound options. And, if your child goes the community college route, remember that It’s not all or nothing. Your child can go half-in. You can send your child to college on a better budget, with lower payments, if your child attends a community college for two years and then transfers to another college or university. This option gives the best of both worlds: financial stability, yet also a diploma from the school of their choice. Many community colleges even have direct enrollment programs with nearby public colleges that can make transferring seamless.

. That's likely due to the overwhelming student debt in our country, where average student loan debt is over $30,000 per borrower. No parent wants their child to be facing student loan debt as soon as they enter the adult world. However, sometimes taking out student loans is necessary, inevitable… and even a beneficial choice.

Federal student loans come with competitive fixed interest rates and many repayment methods. This makes them a reliable form of debt and easy to incorporate into your financial plan. Even though most types of debt don’t offer tax benefits, nor are they secured by collateral, student loan interest can be tax-deductible. (Just be sure to consult a tax advisor on the regulations for where you live!)

Undeniably, student loans can be daunting. Don’t worry, you’re not alone… we’re here to help. Whether it be figuring out how to refinance student loans, creating a plan for how to pay off your student loans, or in general; paying off debt when cash is tight, We can help you maximize your 

Take a breath, start as soon as possible, explore all of your options, and know that there is always a way to make a college education possible for your kids. We’re here to help you reach financial wellness and financial security in just a few minutes a month. 

In Commerce Township, Michigan, the Relentless Care Foundation purchased a forklift truck for Hospitality House to help the food pantry more efficiently process food donations, so more hungry families can get the meals they need.

Feeding Hope at Hospitality House

In Commerce Township, Michigan, the Relentless Care Foundation funded the purchase of two forklift hoist trucks by Hospitality House to help the food pantry more efficiently process food donations, so more hungry families can get the meals they need.

Hospitality House

In Detroit’s Fitzgerald neighborhood, the Roof the Block initiative, led by Bargain Block stars Keith and Evan, with support from the Relentless Care Foundation and Brilliant Detroit, is providing new roofs to 10 long-time residents to promote housing security and community stability.

Raising New Roofs in Detroit

In Detroit’s Fitzgerald neighborhood, about five miles from our forthcoming Detroit Branch, Bargain Block stars, Keith and Evan and their company 

 are giving new roofs to 10 long-time residents of the neighborhood in a program called Roof the Block. The Relentless Care Foundation not only committed $50,000 to Roof the Block, but also engaged 

 to ensure Roof the Block is rooted deeply in the neighborhood it’s meant to serve.

This collaborative effort further stabilizes an already vibrant neighborhood while ensuring housing security and the eventual generational wealth transfer.

Learn how the Relentless Care Foundation supports local arts and culture in the Plymouth community. 

Bringing Arts and Culture to the Plymouth Community

"Fifty five years ago, our founder, Joanne Hulce, had a big, bold vision to bring quality arts experiences to the greater Plymouth community," said Lisa Howard, Executive Director of the Plymouth Community Arts Council.

Howard said that with a generous grant from the Relentless Care Foundation, the Center will continue to make Hulce's vision a reality, enriching Plymouth and western Wayne County with greater access to the arts and fostering artistic excellence.

Plymouth Community Arts Council

Funding Arts and Culture in the Plymouth Community

See how the Relentless Care Foundation is supporting youth arts education in rural northern Michigan communities with a grant to Montmorency County Public Libraries.

Funding Fine Arts Education at Montmorency County Libraries

Lori Haas, director of Montmorency County Public Libraries, said the grant will bring fine arts education to the library's rural northern Michigan communities.

"This grant will allow us to continue our fine arts program and put art supplies in the hands of local children who may not have been able to get access to the arts otherwise."

Montmorency County Libraries

Funding Fine Arts Education at Montmorency County Public Libraries

In the face of a winter storm crisis, CFCU launched emergency credit cards to support families, demonstrating the impact of human-centered product development and the credit union’s dedication to addressing real-world needs and creating social change.

Walking Together: How Credit Unions Can Make Listening their Superpower and Solve Real-World Problems

During a severe winter storm in Michigan, I watched families flood into a hotel lobby, looking for a warm place to stay. Most of the area was without power due to the thick layers of ice covering everything- the same ice that had forced me to work from the hotel lobby that morning. I overheard the front desk explaining to a woman on the phone that they could not accept debit cards for hotel reservations, only credit cards.

This human was looking for a warm, safe place to take her family as they waited for the power to come back on, and she couldn’t solve this simple need for her family because of the type of payment option she utilized. Facepalm. The U.S. Banking System continues to fail consumers. I felt our credit union had to do something. Within the next hour, after a quick conversation with our executive team, we launched a no-credit-check $500 emergency credit card for existing members. Our contact center (internally referred to as our care center) stayed open late that night, issuing these new credit cards.

I can hear the protests of lending, risk, and collection professionals concerned about losses and fraud. But remember, Friedrich Raiffeisen famously said, "Not for profit, not for charity, but for service." My point: Before we dive right into heady analytic risk assessment, let’s remember the heart of our founding purpose.

In a world where digital disruption is reshaping the financial industry, credit unions have a unique opportunity to stand out by focusing on the real-world needs of their members. By leveraging a community-centric approach and member-focused mission, credit unions can create innovative solutions that address pressing societal issues. All we need to do is be attentive and listen. At Community Financial Credit Union, we refer to listening as our superpower.

While it’s important we are good stewards of our members' money and that we ensure we have strong capital and returns, it’s also vital we use those returns to create impact. We can have both strong financial performance and human-centered, heart-forward social impact. We can get back to creating solutions for the struggles we were hearing in the break room. The colleague who couldn’t get a loan to repair their furnace, or for the mom who couldn’t make a hotel reservation because she only had a debit card. Let us not use the cushy capital to get soft in our mission but stronger.

The Power of Human-Need Product Development

One effective strategy for credit unions to evolve and win is adopting a holistic- human-problem-driven approach to product development. This means starting by identifying and addressing the pain points that humans experience in their daily lives. By deeply understanding members' needs, credit unions can create human-centered design solutions that deliver genuine value.

Five Ways Community Financial is Uniquely Evolving for Members:

Powerful Partnerships—We seek partnerships that actively engage with us to imagine how we can do better by dreaming boldly. In our partnership with 

, we’ve created account-opening workflows to seamlessly open hundreds of accounts for kindergarten and fifth-grade students in collaboration with a local school district.

Making Impossible Dreams Possible - Develop products that address specific needs, such as affordable housing loans. At Community Financial Credit Union, this was brought to life through our h-Ope!

 mortgage for first-time buyers who have thin or sometimes no credit history.

Not Ignoring Dark Moments- Life isn’t just about retiring and buying a vineyard. Death, sickness, and uncoupling are all major life transitions with profound financial impacts. In our work with 

, we’re using tools we already have to assist members affected by cancer and ensuring we’re able to alleviate their financial burdens so they can concentrate on their treatment and recovery.

- By leveraging our listening superpower and partnering with local community organizations such as 

, we’re delivering tools and products that help those affected by domestic violence and economic abuse by providing not only products that serve those affected but environments that help keep them safe. We’ve added “fast exit” technology on our website, incorporated IVR workflows, and added options for gender preference within our appointment scheduling software so we can meet members and potential members where they feel most comfortable.

Liquidity and Cash Flow Management- We’ve frequently heard during our listening panels with members, especially moms, their day-to-day budgets are particularly challenged, and we see that in our transactional data. By creating products like our 

account, we’re leveraging services like 

 alongside no minimum balance requirements and reduced overdraft fees to save our members a projected $1.2 million this year. My colleague, 

, vp of innovation, insights, and impact, explained this product and aligned services articulately in an 

What unexplored winning ideas could be ignited by close listening and problem-solving within your unique communities?

As credit unions, we have the unique opportunity to positively impact our communities by focusing on solving for human needs. By walking alongside our members and addressing their needs, our industry can truly make a difference. This could also give us even more stories to share that allow us to no longer be the best-kept secret in North America.

Finally, some stats for those curious lending, risk, and collection professionals: during the ice storm, we issued 165 emergency credit cards. While 17% of those cards were charged off, an additional thirty-three deposit shares and 19 additional loans were opened by these members within 90 days of the card issuance. Not a huge positive profit, but the positive social- and community impact is a return on investment that will far outweigh our non-material losses.

addressing a pressing social is Community Financial’s Choose The Bear™ campaign. By raising awareness about domestic violence and economic abuse, this initiative aims to financially empower women to break free from harmful situations.

CFCU and the Relentless Care Foundation partnered with Samaritas to expand access to affordable housing across Michigan.

Expanding Access to Affordable Housing in Michigan

With the Relentless Care Foundation's support, Samaritas launched the "Neighbors, Not Numbers" campaign to raise awareness, help the public understand who qualifies for housing assistance, and empower individuals and families to access stable, affordable housing in our state.

Samaritas

Auto

Banking

Belonging

Borrowing

Business

Careers

Choose the Bear

Community Impact

Credit Cards

Dark Moments

Family

Financial Wellness

Gig Workers

Growing

Home Ownership

Innovation

Kids

Leadership

CFCU News

News

Parents

Retirement

Saving

Student Credit Unions

Teachers

Teens

Young Adult

From our latest impacts and financial tips to what it means to Belong, see how we’re making Impossible Dreams come true in the Michigan communities we serve.

Get Inspired

We are closed October 13 to honor Indigenous Peoples’ Day. 

Get Inspired

News

How much did we save members in 2024? Millions.

Guide

Money Management for Gig Workers

Guide

HSA vs. FSA

News

Empowering Young Innovators in Detroit

News

Instilling Excellence in Westland's Young Athletes

Guide

Budgeting for your Kids' College

News

Feeding Hope at Hospitality House

News

Raising New Roofs in Detroit

News

Funding Arts and Culture in the Plymouth Community

News

Funding Fine Arts Education at Montmorency County Public Libraries

Thought Leadership

Walking Together: How Credit Unions Can Make Listening their Superpower and Solve Real-World Problems

News

Expanding Access to Affordable Housing in Michigan