Tips to Cut Down Your Hot Water Bill

Trying to cut costs? Although you can't control gasoline and grocery prices, you can control hot water consumption (MarketWatch.com Oct. 23).

At today's rates, hot water costs can add up to more than $1,000 a year. If you have a family, your bill could be even higher.

Begin with simple conservation measures:

Involve the whole family. Sit down and discuss ways everyone can use less water. Don't be a hypocrite - if you're harping on your kids to turn off the water while they brush their teeth, make sure you're doing the same.

Take showers instead of baths. Showering instead of bathing can save about 12,000 gallons of water a year--about $180 a year.

Set time limits for showers. Instead of hollering up the stairs each night for kids to get out of the shower, use a timer to help control length. If this doesn't work, threaten to take away their cell phone.

The Energy Department also recommends:

Load the dishwasher. Washing dishes by hand uses more energy and hot water than your dishwasher. Load the dishwasher efficiently and try running it less frequently. When purchasing a new dishwasher, check the Energy Guide label. Know the difference between compact and standard capacity. Compact-capacity may appear to be more energy efficient, but actually may hold fewer dishes.

Wash clothing in cold or warm water, rinse on cold. Unlike dishwashers, there isn't a minimum temp for optimum cleaning in a clothes washer. Older models can cost three times more to operate than newer models. Select a machine that lets you adjust water temps and levels. Efficient models spin-dry clothes, saving money when drying. Front loaders use less water and less energy than top loaders. Check EnergyGuide labels--a reduced capacity washer might mean you'll have to do more loads.

Lower the water temperature. Set your water heater thermostat at the lowest temperature that will provide you with sufficient hot water. For most households 120°F water should be OK--about midway between the low and medium setting. This also is a smart safety measure to avoid little hands getting burned. If you're going to be gone a few days, turn the thermostat down to the lowest possible setting, or turn the water heater completely off (American Council for an Energy Efficient Economy).

Code Blue!

Good luck to the Tennessee Titans as they take on the Colts tonight at LP Field!

Thinking About Scaling Back Your 401(k)? Think Again.

As your 401(k) balance shrinks and the economy continues to slide into a recession, your first instinct may be to try to salvage what’s left of your retirement savings. In most cases, you’re probably better off not doing anything. At least for a while.

Contrary to what some people may think, now is not the time to decrease the amount of money you contribute to your employer-sponsored retirement plan. By doing this, you would be foregoing tax breaks associated with tax deferral, turning down “free” money from your employer’s match, and putting yourself at risk of not being able to make up for lost retirement savings after the crisis ends. Selling stocks is risky right now, too; you would probably be selling low after buying high, and that’s the exact opposite of a prudent investment strategy.

So what should a smart investor do in today’s economy?

Consider bumping up your 401(k) contributions. By increasing the amount deducted from your paycheck, you’re getting more for your money since most stock prices are low.

If possible, avoid taking money out of your 401(k). You’ll pay a penalty if you’re not retired, and you’ll be cashing out near or at the bottom of the market.

Resist taking a loan against your 401(k). These loans are risky if you suddenly lose your job and are forced to repay the loan. Penalties could be imposed if you can’t repay the loan immediately.

Diversify. Be sure your portfolio has a good mix of investments to reduce your risk. Or select a “lifestyle” fund to automatically shift to more conservative fixed fund investments as retirement nears.

Keep your emergency fund intact. Without a cushion for unexpected events – school expense, repair bill, medical crisis – you could quickly bust your budget.

Reduce your day-to-day expenses. You’ll be paying more for less in the future, so you’re going to need the extra money for higher-priced goods and services.

If your 401(k) has experienced sizeable losses, think about putting more money into your retirement accounts, working longer, or a combination of both. If you work more years than you’d previously intended, you’ll be saving for a longer period of time and building a bigger reserve, and you’re also reducing the number of years you’d be pulling money out.

Need Budgeting Help? Call Us!

Times are tough. Money doesn't seem to go as far as it used to. Maybe you need to create a budget.

We'll be glad to sit down with you and help you craft a budget to fit your needs. Call us today!

Don't Worry, We've Got Money

Have you heard about the recent credit crunch? Many banks are tightening their lending practices because they were so loose for so long.

At LifeWay Credit Union, we've got plenty of money to lend. The next time you need to borrow money, remember your credit union. We're here for you.

Member Appreciation Day

Please join us for Member Appreciation Day in the Credit Union on Wednesday, October 15. We’ll have refreshments all day and draw for door prizes that afternoon.

We'll see you Wednesday!

Share Insurance Increase

The passage of the Emergency Economic Stabilization Act of 2008 increases NCUA coverage from $100,000 to $250,000. The increase is temporary, taking effect from October 3, 2008 until December 31, 2009.

Questions? Call us at 615-251-2089 or 800-833-6805.

Money Troubles? Let's Talk About It

It's easy to feel all alone when money troubles hit. Serious trouble may be as rare as a job layoff or as commonplace as credit card debt.

So, even if your rough situation is new for you, remember that it's one we're very familiar with. We help members like you--with problems just like yours--every day.

Don't wait for things to get worse. Call us. Whatever your financial challenge, we can help.

6 Ways to Improve Your Credit Score

1. Pay your bills on time.


2. Keep your balance low in relation to your available credit.


3. Make more than the minimum payment


4. Don't open several new accounts over a short period of time, especially if you have a short credit history.


5. Pay off credit card debt instead of moving it.


6. Review your credit report regularly and correct any major errors.