Tennessee Sales Tax Holiday

Just a reminder that Tennessee's Sales Tax Holiday is Friday, August 1 - Sunday, August 3, 2008. Click here for more information.

Credit or Debit?

Every time you use your LifeWay Credit Union debit card, you're probably asked the same question: "Debit or Credit?" Which is better?


When you use your LifeWay Credit Union debit card as credit, it still automatically withdraws money from your checking account like a debit transaction. But it offers the security of a signature approval and avoids the use of a PIN. When you use your signature, handwriting analysis can be used later to detect fraud. But the use of a PIN doesn't distinguish the owner of the card from a thief.


Remember - transactions using your LifeWay Credit Union debit card need to be marked on your transaction register because the funds will come out of your checking account. But using the credit option is much more secure way to make purchases.

New Certificate Special

Need a safe place to invest your money? We've got just what you're looking for.

Effective Tuesday, July 29, LifeWay Credit Union will offer a new share certificate special - 11 months @ 4.11%. This special rate applies to new money only and is for a limited time. You can see all of our rates here.

Let us know if you have any questions.

Stop Denying, Start Saving

Many people live in a state of denial about the cost of infrequent expenses. For example, it's reasonable to expect that a car eventually will need new tires, a tooth will require a filling, or a household appliance will need to be repaired or replaced.

A savings plan

All these expenses can be budget busters unless you save in advance.

To create a savings plan for infrequent expenses, take a tour of your home. Figure out when you probably will need to replace appliances and mechanical systems by visiting the This Old House Web site and searching for "How Long Stuff Lasts."

If you own a car, save for repairs based on vehicle mileage, budgeting $25 a month for a new car; $50 a month for a vehicle with 30,000 to 60,000 miles; $75 a month for 60,000 to 100,000 miles; and $100 a month if the odometer tops 100,000.

If you're a homeowner set aside at least 2% of your property's value for repairs and maintenance each year. You also should budget for personal expenses that aren't covered by insurance, such as dental cleanings or eye check-ups.

Break it down

To figure out how much to save each month, create a grid. List infrequent expenses on the left side and make columns for annual and monthly budget amounts across the top. Figure out the total cost for each infrequent expense, and then break it down by years and months as needed. Tally your columns to get an annual or monthly total.

Over time, higher-than-expected expenses for one item on the list are likely to be balanced by below-budget expenses in another. Keep that in mind to avoid the temptation to pull money out of savings to spend on unrelated items. That way, you'll be prepared whenever an infrequent expense becomes an immediate necessity.

If you need help budgeting for infrequent expenses, LifeWay Credit Union can help. Stop by or contact us today at 615-251-2089 or 800-833-6805.

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Wade