Wednesday, August 31, 2011

SURF your way through Labor Day!

After all of the “labor” involved in recovering from Hurricane Irene, Mainers are in need of a long weekend! Luckily for us, Labor Day is on its way! In addition to the opportunity for some well-earned relaxation, the weekend is also packed with fairs and festivals throughout the state! From traditional fairs, to events featuring everything from sailboats to salmon, there is something for everyone!

Click here to see what Maine has in store this weekend!

While some events are free, some may require an admission fee, which can mean the words that often strike fear in today’s consumer – Cash Only. Luckily, members of most Maine Credit Unions have access to the SURF Network – and over 200 fee-free ATMs throughout the state. Click here to find one near your Labor Day destination!

Happy Labor Day!

-Diana D., Maine Credit Union League

Wednesday, August 24, 2011

Plan now for financial life after graduation

The last year of college is full of hopes and expectations. In many cases, one of the not-so-wonderful new developments will be the need to start making student loan payments.

To establish a good credit record, you need to pay on time, every time. (Timely repayment can sometimes reward you with a lower interest rate.) Consider starting now to accumulate savings you can use for those first loan payments until you have a regular paycheck. Here’s how to do it:

1. Get a part-time job. Bonus points if you can you find a job or start a business connected with your major!

2. Live like a student. That means continually hunting for special deals, student discounts, and other ways to save money. Be a smart financial consumer: don’t waste money on overdraft fees, or charges for using out-of-network ATMs – the SURF ATM Network is a great resource for CU members!

3. Start saving. Once you start squirreling away savings, consider putting them in a Roth IRA with us. Young people in a low tax bracket are ideal candidates for Roth IRAs, which provide tax-free income later in life if you pay income tax now (which should be minimal) on your money.

Here’s to a great senior year!

Tuesday, August 16, 2011

Need Wheels? Maine Credit Unions Have Loans!

With college students heading back to school, and Maine’s winter weather looming, many may be wishing they had a more reliable ride to help handle the months ahead. Luckily, Maine credit unions offer car loans at rates that can’t be beat! Despite an economy that has prompted many lenders to pull back, lending is accessible and strong at Maine's credit unions.

More than the ability to get a loan at a trusted financial institution, choosing a Maine Credit Union for your loan is a decision that will save you money! The most recent study on the Economic Benefit of Credit Unions To Maine Consumers found that consumers saved more than $14 million annually by having an auto loan with a Maine credit union instead of another financial institution.

Click here to find a credit union and begin the lending process today!

Monday, August 8, 2011

Coaching Kids To Stretch A Buck Makes A Memorable Back To School Lesson!

Back to school shopping is more than a fun way to beat the end of summer blues, it is also an opportunity for parents to share lessons on fiscal responsibility. A leader in financial education, Maine’s credit unions are encouraging parents to have their children participate in the shopping experience, from making a list to explaining about sales and coupons. Studies indicate that parents who encourage their children to participate in the shopping process provide their children with an opportunity to gain valuable experience in how money works and are more likely to develop strong money management skills.

With back to school sales already underway, it's time to make a plan and start shopping!

Here are some ideas to make the most of your back to school shopping experience:

1. Coach your kids on the concept of budgeting. Explain that spending too much now means there may not be enough later for something else they want.

2. Set a budget that encourages them to plan. Provide each child a set amount for their back to school needs and help them stick to that budget.

3. Help them inventory school supplies left over from last year. Can they reuse backpacks, notebooks, sports equipment or any other necessary items?

4. Ask them to make a list of what they really need. Have their needs really changed since the last school year? If a new outfit is essential for the first day of school, can they mix in clothes from their closet later on?

5. Hold a yard sale of outgrown or unneeded items to raise money. While you’ll probably want to oversee the sale, encourage your kids to get involved in the pricing, set-up, and selling. They’ll value the profits more, having worked for them.

6. Avoid paying full retail price. Start with charity and consignment shops. If you do need to buy new, peruse sale flyers and search for online coupons first. Above all, stick to your shopping list.

7. Consider sharing with the less fortunate. Many communities have an organization that provides back-to-school items to truly needy kids.

Thursday, August 4, 2011

Share it and Save!

Maine’s credit unions have launched the website ShareItAndSave.org! There, credit union members can share a financial tip to be posted on the site. Each month, the member who shares the most unique tip is awarded $250! The site also features a Shared Branch Locator, with which users can enter an address or intersection to find the three closest Shared Branches.

Here are some of the winning entries!

“Why pay for cable when there are videos and TV shows to watch on the internet for free!”

- Tia, Durham

“I collect the change that my two teenage daughters leave laying around the house and when they need money I give it to them!”

- Jessica, Orrington

“Instead of buying wrapping paper for birthdays or holidays, hide the gifts and give the receiver clues to find.”

- Nancy, Van Buren

“I bought a voltage reader and the electronics that use the most energy remain unplugged until ready for use.”

- Michael, Lewiston

“Select a number of days per month where you do not spend any money. Make it a challenge!”

- Daniel, Jay

To share your savings tip, and to find a Shared Branch near you, visit ShareItAndSave.org.

Monday, August 1, 2011

Summertime and the living is delicious!

While August may mean that summer is winding down, there is one part of the season that is still in full (and delicious) swing – Maine’s farm stands and farmer’s markets! This time of year, there is plenty of produce that is just reaching its peak – think corn, cucumbers and tomatoes (which also sounds like a great idea for a salad). Looking ahead to autumn’s offerings is also a great way to beat the impending fall blues. Just think of fresh apple cider, cheerful pumpkins and ghoulish gourds!

The abundance of local produce in Maine is not only delicious, but frequenting local vendors is also an easy way to cut down on your grocery bill (have you seen the price of supermarket lettuce?!).

And, while it seems that there is one around every corner this time of year, here is a website that lets you search for a farmer’s market near you!

Happy eating!

-Diana D., Maine Credit Union League