Love & Money

It’s February, which means love is in the air, and this month we are talking about an area that sometimes Cupid’s arrow overlooks – finances. Whether you are preparing to walk down the aisle, or celebrating your 25th wedding anniversary, managing money can be a big issue that couples face.


Life is not always a bed of roses, and the sooner couples deal with the financial challenges, the better their relationship will be. With that in mind, we have put together a few recommendations that can lead to better money communication with your partner, helping you become joint money managers.

A New Year, A New You – Your Healthy Balance in 2015

A New Year, A New You – Finding Your Healthy Balance in 2015

We have started a new year, and with it comes a renewed sense of hope, excitement and a laundry list of resolutions to help better ourselves and our families. Each year, financial resolutions seem to top the list whether it be to save more, spend less, or pay off debts – with the overall goal of being financially healthy. But truth be told, as resolutions go, many are often broken. While financial resolutions are no easy feat, the good news is, they are manageable – especially when you have a financial partner you can trust, such as Cove Federal Credit Union, and a well-developed and managed plan for your finances.

Here are a things to keep in mind, as we all begin our journey towards finding our healthy balance in 2015:

1. Develop a Realistic Budget
Set aside a time each month to go over the last month’s expenses and income, establish how much will be spent on bills, groceries, gas, savings and investments, and entertainment, such as going out to eat, movies, the aquarium. As part of your budget, begin keeping track of spending by going through your statements and checkbooks and see where you can realistically cut corners. Use a website like or an app like DAILYBUDGT to track day to day expenses and help you stick to your budget. Establish an emergency fund by setting aside a small amount in an account each month that is designated specifically for emergencies. This emergency fund should be able to cover all expenses, including mortgage and car payments, utility costs, and the necessities for daily living, in the event that a family member loses their job or falls ill. Setting up automatic transfers from your accounts is a great way to help those who are not used to saving.

2. Focus on Your Credit
This year take some time to focus on your credit. Whether that means reviewing your credit report and taking the necessary steps to repair any negative aspects or paying down your credit card(s). If you owe money on your credit cards, determine how much you can realistically afford to pay off during the year. At Cove Federal Credit Union, we offer our Members free Credit Score Analysis which can help you better understand your credit score and how you can help improve

3. Invest in Yourself
Spend time to focus on your financial education. Take classes or seminars to learn more about all sorts of financial topics such as social security, saving for retirement, savings tips and more. This year, Cove FCU is inviting Members to find their balance and participate in educational seminars throughout the year which will focus on balancing healthy living, relationships and your finances. Join us for the first seminars:

Healthy Living Balance: Wednesday, January 21st, 7 PM
Jump start those New Year’s health and fitness goals. Join Fitness Guru Melody Hoppius to find out how you can make a few changes that will make a huge difference in balancing your healthy lifestyle for the New Year!

Relationship Balance: On Wednesday February 11th, 6:30 at Cove, Bring your sweetie and start the love month off right. Join us for some wine and cheese and relationship fun. Great for sweethearts, newlyweds or seasoned couples.

Financial Balance: Wednesday February 18th at 6:30 at Cove, Money is a big source of stress. Join us for some tips on how to make 2015 the year you get your financial house in order including understanding and improving your credit score, what you need to know about personal finance and how to jump start your rainy day fund while saving.

By focusing on these tips you can embrace the new year with a refreshed outlook that will positively impact you and your families’ financial future. Happy New Year from all of us at Cove Federal Credit Union!

Credit Union to merged with St. Joe’s Credit Union

Edgewood, Kentucky –  October 23, 2014- Cove Federal Credit Union (Cove FCU) has acquired St. Joseph Credit Union of Cold Spring, Kentucky bringing the more members and assets of St. Joseph Credit Union under Cove Federal Credit Union.

A deal that was effective on October 1, 2014. St. Joseph Federal Credit Union’s only location is at 4011 Alexandria Pike, Cold Spring, KY 41076, it will remain open as a Cove Federal Credit Union branch through the end of the year.

2014 Emerging 30

Cove Federal Credit Union’s Growth Recognized by Northern Kentucky Chamber
Named 2014 Emerging 30 designee and one of region’s fastest growing small businesses

emerging-30-photoEdgewood, Kentucky – October 27, 2014 – Cove Federal Credit Union (Cove FCU) is proud to announce that it has been recognized as a Northern Kentucky Chamber of Commerce “Emerging 30” designee for 2014. The “Emerging 30” program recognizes the region’s fastest growing small businesses based on annual revenue growth and employee growth.

“We are thrilled to be recognized by the Northern Kentucky Chamber as a 2014 Emerging 30 designee,” said Bennie Hoppius, CEO, Cove Federal Credit Union. “The growth of our organization undoubtedly can be attributed to the trust and commitment of our Members. With their support, we have been able to reach new heights as a credit union and contribute to our region’s vibrant economy.”

Cove FCU and the other “Emerging 30” designees received public acknowledgement and special recognition at a ceremony hosted on Thursday, October 23 at the NKU Mets Center in Erlanger, Kentucky.

Award eligibility requirements include being a current Northern Kentucky Chamber of Commerce member or a company headquartered in Boone, Campbell or Kenton counties, privately held, in operation for at least three full years, fewer than 150 employees, revenues exceeding $250,000 and an average annual revenue growth of 15 percent or more over the past three years.

Cove Federal Credit Union is located at 577 Dudley Road, Edgewood, KY, 41017. Cove Federal Credit Union is rated as one of the top credit unions in the country by both Bauer Financial and Weiss Ratings. Information about the credit union, membership and service offerings can be found at .

Cove Federal Credit Union Sweeps Kentucky League of Credit Union CUNA Awards

CUNA_Distinguished_AwardsRecognized as 2014 Desjardins, Dora Maxwell and Louise Herring Award Winner


 The Kentucky Credit Union League and Affliiates recently announced Cove Federal Credit Union is the 2014 recipient of The Dora Maxwell, Louise Herring, and Desjardins Financial Education Awards. The awards recognize credit union excellence in external activities, internal efforts and youth and adult financial education.


The Dora Maxwell Social Responsibility Recognition Award is given to a credit union for its social responsibility projects within the community. Cove Federal Credit Union received this award for its HUGS program which supported the Northern Kentucky community by collecting and donating hats, underwear, gloves and socks and provided them to Be Concerned, a 501 (c) (3) focused on helping low-income residents of Northern Kentucky obtain the necessities of life.

Local credit union, now on its own, on the hunt for acquisition

Steve Watkinsbizjournals
Staff Reporter- Cincinnati Business Courier

The credit union at St. Elizabeth Medical Center has gone off on its own and is looking to acquire other institutions.

It needed a new name after the SEMC Credit Union split off from the Northern Kentucky hospital system last month. There’s no water nearby, but it changed its name to Cove Federal Credit Union.

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SEMC Federal becomes Cove Federal Credit Union


Bowdeya Tweh, 11:31 p.m. EDT May 27, 2014

Northern Kentucky-based SEMC Federal Credit Union announced Tuesday it is renaming itself Cove Federal Credit Union.

Officials at the Edgewood-based financial institution say the new name better clarifies its identity as an institution that serves 8,600 people around the region. SEMC was chartered as a federal credit union in 1970 by a small group of employees of St. Elizabeth Hospital in Covington. Today, it serves medical center and nonhospital employees alike.

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