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Kandance Beamon

Signal Financial

www.sfonline.org  

301-933-9100

Signal Financial is a cooperative, owned and operated by its members. This is what distinguishes the credit union from other financial institutions. Members put their money in a variety of savings accounts, and that money, in turn, is lent to members. After operating expenses and reserve requirements are met, loan income is returned to all members in the form of dividends and comprehensive financial services.

Signal Financial is governed by a Board of Directors that establishes and reviews policy. The Directors are credit union members who are elected by the membership and serve without pay. Every member has one vote, regardless of how much he/she has on deposit. At the credit union, there is no select group of shareholders that profits more than anyone else. All members profit -- individually and collectively.

At Signal Financial we strive to provide quality and fairly-priced financial services for our membership.

Signal Financial is a federally-chartered credit union, organized under strict regulatory laws that are monitored and enforced by the National Credit Union Administration, an agency of the U.S. Government. The NCUA insures each member savings account for $250,000 and an additional $250,000 for Individual Retirement Accounts (IRAs).

What is the difference between a fixed and variable expense?

Financial expert Kandance Beamon explains the difference between and variable expense.

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Speaker: What is the difference between a fixed and variable expense?

Kandance Beamon: The difference between a fixed and variable expense would be, fixed expenses are those things that don't change from month to month. They are the things such as your rent or your mortgage, such as that car payment. Those expenses that every month you know will be a set amount. The variable expenses are those things that depend on your usage. So there will be things like your cell phone bill, because may be you don't use your cell phone a lot that month and your bill might be lower or may be you are going over your minutes and your bill would be higher than what it typically is or may be you have extra amount of text messages on your cell phone bill and that what causes your bill to go up an additional $20, $30. So really looking at the fixed expenses are those things that you can set your watch to, you know every month they will be here and you will have to pay your rent, your mortgage, your car no, your home owner's fees, all of those things and your variable expenses would be things like your electric bill or your utilities because they will depend on usage. Your water bill, your cell phone bill and also too, variable expenses are those things that may not come every month. So it may not be a monthly bill, it may be a bill that comes every quarter, which would be a periodic bill, however it would also be based on your usage.

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