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UNITY CREDIT UNION NEWSLETTERUNITY CREDIT UNION NEWSLETTER

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Unity Credit UnionUnity Credit Union120 - 2120 - 2nd nd Avenue EastAvenue EastP.O. Box 370P.O. Box 370Unity, SK S0K 4L0Unity, SK S0K 4L0

Phone: 306-228-2688Phone: 306-228-2688Fax: 306-228-2185Fax: 306-228-2185

Monday - Friday Monday - Friday 8:30 a.m. - 4:30 p.m.8:30 a.m. - 4:30 p.m.

www.unitycu.cawww.unitycu.caEmail: info@unitycu.caEmail: info@unitycu.ca

Food Bank Donation

Unity Credit Union donated $2000 to our local Unity and District Food Bank! Due to the COVID-19 situation, we cancelled our supper and gathering portion of our regular AGM, and cancelled our annual Laugh & Learn event in April. Because of this, we decided to reallocate those funds to our local food bank, which is a vital organization for our community.

Member Giveaway

Congratulations to the winners of our #STAY HOME Member Giveaway - Samantha David and Jennifer Zunti! They each won $50 in cash for telling us what they did to stay busy and entertained while being at home during the COVID-19 pandemic.

COVID-19. Unprecedented times – yes. Unchartered territories – yes. Stressful decisions – yes. Economic struggles – yes. Physical, emotional and mental challenges – yes. But, if you look you can often find the most beautiful flowers in cow patties. Saskatchewan people and the Saskatchewan Credit Unions they partner with, are examples of beautiful flowers. They are resilient, creative, adaptable and incredible people.

In my career in the credit union, I have lived through hailstorms that have wiped out beautiful crops. While I felt sick about it, an affected farmer shrugged and said, “I was insured. I will get a cheque and not have to worry about the harvest and the expense associated with it.” I have seen acre upon acre flooded out by too much rain. When I asked a farmer how he was coping he said, “After 40 inches of rain this summer I drove over my rain gauge. I don’t care how much it rains anymore”. I have seen fields dry up under a relenting sun and the farmer said, ”I would rather have a drought than too much rain. At least I know what I am getting from my crop”. I have seen BSE decimate cattle prices overnight but cattle farmers continued to build their herd. Finally I quote my father who said “Farmers are not pessimists, we are eternal optimists otherwise we wouldn’t go out and plant our crops year after year”. This same resilience is seen in those who work in the oil industry; an industry known to experience highs and lows, and still Saskatchewan people work in this industry year in and year out.

Saskatchewan has been a province for 115 years. Our families (great grandparents, grandparents and parents) have lived through all kinds of challenges. They lived through the Spanish Flu or the last pandemic. They lived through not one, but two World Wars, and saw family, friends and neighbours not return, in numbers greater than COVID-19 victims. They lived through the Great Depression. They lived through the economic boom and bust of the 80’s. We have a history of being hardy and resilient and working through the tough times. In fact, across the province, many people still live in the same area and community that survived

all these challenges, and many continue to live on the land homesteaded by those who came before.

Today we are faced with a new challenge that has spawned new tragedies. This new disease, COVID-19, has disrupted every aspect of our lives. It has affected the way we live, shop, mingle, play and stay entertained. Yet amidst all the stresses and challenges, Saskatchewan people continue to show their resilience and creativity.

I think of the group of young people from Wilkie, who are requesting local people record themselves singing or playing instruments so that residents in long term care facilities will have entertainment despite visitor restrictions. I think of young people sewing masks for front line workers. I think of the lady in Saskatoon who decided to teach line dancing in the street in front of her house, and has the whole block joining her to dance or just enjoy the activity. I think of the family who is hosting virtual bingo games to give people something to do. I think of the family holding adapted Olympics to pass the self-quarantine time. I think of the people who are doing TikTok activities and sharing them as a challenge to others or to entertain those who choose not to be challenged. I think of the people and businesses who have donated iPads to seniors’ homes to allow families to converse. I think of the families who have stood outside windows to say hello to a family member and brighten their day by seeing a loved one’s face. I think of the anonymous person(s) who put up positive notes of encouragement in our town.

I would like to thank and salute the businesses who served customers in new and often unique ways. I thank and salute the workers who served those customers despite having the same concerns we all had. I thank and salute health care workers and support staff who provide services to our families despite the unprecedented times. I thank and salute those who took the steps and measures to “flatten the curve”. I have probably forgotten many, but I want to thank and salute all those who helped our province and community in any way to get to

where we are today, the re-opening of Saskatchewan. Credit Unions of Saskatchewan were born in the Great Depression as a way of neighbours helping neighbours. Through all the years and all the challenges, credit unions have supported their communities and done what they can to help their members through challenging times. The challenges of COVID-19 are no different. Credit Unions will continue, as they have for decades, to put “Members First, Banking Second”. We live, work and participate in the communities that you do. We understand your plights. We make decisions locally knowing that our business remains strong if our communities stay strong. We understand that local people are the backbone of our organizations. That is why Unity Credit Union makes the statement, “We’ll always be there”, because that is who we are and what we represent. We thank our members and communities for supporting us and ask you to continue to support us and the communities you live in, so together we can all rebound from this pandemic and have economic success.

Gerald HautaChief Executive Officer

CU in the CommunityCU in the Community

From the Big ChairFrom the Big Chair

Members of our board, management, and staff congratulate the graduating class of 2020. Graduates close to our heart at Unity Credit Union this year are Lexie Cooper, Kylie Hauta, Tyrell Kuhn, Tristan Lefebvre, Kira Mielke, Kyle Parker, Colby Ralston, Brynn Sieben, Luke Sperle and Brandon Wilson. Best wishes in all of your future endeavours!

Zamboni Donation

Unity Credit Union was one of the proud sponsors of the new Zamboni for our local rink! Thank you to the Town of Unity for sharing this picture with us.

Pictured is Tomi Watt representing the Unity and District Food Bank, and Megan Schweitzer, Manager of Marketing at Unity Credit Union, doing a virtual cheque presentation.

Congratulations Graduates

Contest Winner

Congratulations to Paris Volk for winning $250 in cash and gift cards in the ASK DEON A QUESTION contest. This contest was held for ages 17 - 30 during our Grand Re-opening.

Employee FeatureEmployee FeatureHi, my name is Dixie Berki, and I am a new receptionist at Unity Credit Union. My husband Chris and I moved to Unity in 2003

when he started working with Com-pass Minerals (then Sifto) as an electrician. I’ve spent most of our years staying at home and raising our 2 children - Alyssa 15 and Rhett 13. We’ve made many great friends here and very much enjoy living in Unity. We live on an acreage just outside of Unity and have horses, chickens, a dog and a cat. I’m excited to be part of the Credit Union family and look forward to greeting members when they come in.

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Post-Pandemic Planning

COVID-19 has been the major challenge of our time, and while

the economy has taken a hit, it will recover in time.

There are some things you may wish to consider, as we move forward, to help build your financial situation post-pandemic.

What should you do post-pandemic?

• Going forward, save for a rainy day fund. When COVID-19 came to Saskatchewan, it was nerve-wracking for everyone, especially those without any savings.

• Focus on debt. Avoiding high-interest debt is the best course of

action. Things like credit cards or lines of credit can add up quickly, and therefore paying it down avoids additional interest fees.

• If you have investments, sit tight. The current loss of value some people are seeing is a result of market instability caused by the workforce shutdown and uncertainty about the future. This isn’t an ideal time to sell off investments, as they are likely to recover in the long-term. If you can, wait for a few years to see if things rebound, as the chances they will are high.

How to Build a Rainy Day Fund

A rainy day fund is there to help you get through a sudden job loss, an injury that leaves you unable to work, or some other unforeseen expense - without breaking the bank.

We know it can be difficult to save money, but even as much as $10 per pay period is enough to slowly build a rainy day fund. If you can afford it, save more than that, but it is advised that these savings go into a separate account from your chequing. Talk to your credit union about opening a Tax-Free Savings Account (TFSA), as these accounts allow for tax-free deposits and withdrawals.

An ideal rainy day fund will cover expenses for three to six months. This includes things like rent, cell phone, hydro, debt payments (loans, credit cards, etc.). Imagine how far this might have gone at the start of the pandemic.

To start the process, consider setting up an automatic withdrawal through your credit union, but as always, talk to a financial professional. They can send you in the right direction and build a solid plan to change the course of your future.

Line of Credit vs. a Credit Card? What is Right for You?

Right now, you may be looking for some additional flexible credit to help you through the uncertainty we are facing as a nation. The two most available forms of flexible credit are lines of credit and credit cards. There are a few things to consider when looking at these products, and you shouldn’t rush into either option. Always talk to a financial expert at your credit union before making any final moves.

Credit Cards

Credit cards are an excellent secure means to pay for things online, in person, or through subscriptions, but they do come with a cost - which in some cases can be quite high. Credit cards are considered high interest debt as interest is paid on purchases, often in the double digits, and minimum monthly payments are mostly designed to cover the interest and only a small amount of the principle. The higher the debt load on

a credit card, the higher the interest payments, and the longer it will take to pay off the principle.

The best use of a credit card is to pay for things you already have the money for, to earn points, rewards, etc. It’s also the best tool for paying for things online as there are built-in security features to protect you from fraud.

Lines of Credit

A line of credit is not entirely unlike a credit card, as it provides a flexible account with the ability to spend or pay down the balance on your own schedule, usually at a lower interest rate from a credit card. It cannot be used to make online purchases and is often best used to pay down high-interest debt, make larger purchases, or provide a rainy-day fund of sorts, if you don’t have one saved already.

A line of credit should not be used as ‘free money.’ It is a tool to help

stabilize your financial situation in a number of different ways and post-pandemic, might be worth considering if you’re facing high-interest debt or other financial uncertainty.

As always, talk to a financial professional at your credit union before making any major decisions.

Are You Taking Advantage of the Government Resources?

Canadians have been hit hard by the pandemic and its effects on the workplace. With many businesses laying off staff or permanently closing their doors, earning money to pay for expenses has been difficult to say the least.

For more information on government

resources that may be available to you, refer to the Government of Saskatchewan website at www.saskatchewan.ca and the Government of Canada website at www.canada.ca