Wednesday, December 29, 2010

Unpredictable vs. Predictable in Maine

Living in Maine, we can expect that winter weather will be unpredictable. But that is not how we want to think of our financial institution. While a Maine winter might be unpredictable, your local credit union is stable and convenient. The start of the New Year is the perfect time to look into how your local credit union can help you with any unexpected hurdles that might occur.

There are countless stories telling how Maine’s credit unions have helped members weather the unexpected. Being a credit union member helped one person access their money while traveling when their car broke down during a snowstorm. Even though they weren't near their local branch, they were able to take advantage of the shared branch network to withdraw the money they needed. While we can’t predict the weather, we can predict that by using a credit union this year you can save more while gaining more convenience.


-Jess H., Maine Credit Union League

Thursday, December 23, 2010

Giving the Gift of Green this Holiday

Last minute shoppers still looking for the perfect holiday gift, look no further than your local credit union. That’s right, I mean giving money as a gift. A recent survey conducted by Western Union and Wakefield Research found that more than half of the respondents agreed that they would prefer to receive cash more than anything else this holiday season.

So why spend money on a gift that might not fit or that they will return? The survey found that three-quarters of consumers have pretended to like a holiday gift they received. Giving cash as a gift can make last minute shopping stress free. With cash the recipient can do whatever they want with it and its always one size fits all.

So if you are thinking of driving to the mall or department stores to battle with other last minute shoppers, think about stopping by your local credit union to take out some cash instead. Maine’s credit unions make it easy to stop by any Shared Branching location, or stop by an SURF ATM and save by not paying a surcharge fee.


- Jess H., Maine Credit Union League

Wednesday, December 22, 2010

Don’t Let Travel Troubles Hinder your Holiday Cheer!

If you’re like me, holidays don’t only mean visions of sugarplums, but also visions of the hours of travel that are inevitable this time of year. Here are some tips to ensure that your holiday travels are not only happy, but safe!

• Check your tire tread, battery, antifreeze, windows, windshield wipers, and brakes before leaving.
• Have a trip plan and let others know when you will leave and arrive at your destination.
• Do not pick up hitchhikers.
• Have a cell phone – and charger – with you at all times.
• If you are involved in a minor accident, do not get out of the car. Lower your window slightly and ask the other party to phone the police or follow you to the nearest public area or police station.
• Consider keeping spare fuses and a "breakdown kit" in your vehicle at all times.

Being a member of a credit union that is part of the Shared Branch Network can also help you get to your destination safely. Here’s a story of how Shared Branching helped one CU member ring in the New Year!

“I was traveling down to Boston for New Year’s when my vehicle broke down. The company who came to get my car needed cash for payment and I didn’t have any on me. I had been given a paper with all the branches in Maine who participate in Shared Branching, so I looked there and found a credit union nearby!”

To ensure you can always find a nearby Shared Branch in Maine or nationwide, add the number to the Credit Union Service Centers, 1-800-919-2872, to your cell phone, or use your smartphone to access it online, at www.cuservicecenter.com. Also available is a free iPhone app, called Find Branch, which maps out the nearest location, providing hours, directions and a phone number. For more information, visit iTunes, or your iPhone's App Store.

Happy Holidays and Safe Travels!

-Diana D., Maine Credit Union League

Friday, December 10, 2010

What’s your spending breakdown?

If you knew where your money was going, would you be as willing to let it go? According to Newsweek and the U.S Department of Labor, here’s is the breakdown of how we spend our annual household income: 12.99% for food, 34.43% for housing, 3.52% for apparel and services, 15.61% transportation, 6.37% for health care, 5.49% for entertainment, 11.15% for insurance premiums, and 10.45% for miscellaneous spending.

The fact that over 10% of our income is spent on “miscellaneous” items can seem alarming, particularly during this time of year, when many of my holiday purchases certainly fall in that category (although I certainly could argue that snowflake decorated Chinese takeout containers are a necessity for cookie giving!).

As the New Year approaches, it is a great time to think of rearranging your own spending breakdown, by making sure you are only spending on things that you truly need, and even letting a new category – savings – get a bigger piece of your annual income pie!

-Diana D., Maine Credit Union League

Wednesday, December 1, 2010

Playing Santa shouldn’t make you feel like the Grinch

The holidays are just around the corner, and if you haven’t prepared your budget for holiday parties and gift giving, you may be feeling the pressure. Looking into your local credit union may help. Many credit unions offer Holiday Loans and Skip-a-Pay plans.

A holiday loan is a short-term loan to help out with seasonal expenses including gifts, decorations, and even heating oil. These loans typically come with a low interest rate and can help keep you from using a credit card with a high interest rate. A Skip-a-Pay program allows you to skip or defer a loan payment for one month; this can really free up some money for the holidays.

The best way to avoid having to worry about your holiday finances is to start a Club account. These accounts allow you to make small monthly or weekly deposits throughout the year and in most cases the money is automatically transferred into your checking account at the beginning of October. Stop by your local credit union and ask how they can help you with your holiday spending.


Jess H., Maine Credit Union League