To Our Members

Happy Thanksgiving from LifeWay Credit Union!

Start Planning for Christmas 2009 Now!

Yeah, I know, it’s November 2008. You haven't even put up the Christmas tree yet. But now is the perfect time to plan for next Christmas!

If you set aside a few dollars a month in a Club Account, you’ll be surprised at how much you’ll end up with next Christmas. And the best way to save is with payroll deduction.

Call us today and we’ll help you start saving for next Christmas!

Buying Gift Cards? See Your Credit Union First!

Do you have someone on your Christmas shopping list who's hard to buy for?

Gift cards are always the right color. You don't have to wonder if they're too big or too small. And they won't spoil like a fruit cake.

LifeWay Credit Union offers Visa gift cards. Stop by and pick up a few today!

Shop Now for Best Car Deals

It's a buyer's market on automobile dealer lots right now, thanks to too many 2009s, too many leftover 2008s, and a glut of used vehicles. But if you wait too long, you may miss out on the short-lived perfect storm benefiting buyers.

As automobile dealers struggle to stay in business during tough economic times, now is the time to bargain. Before you head to the lot, lay out your game plan:

Check your credit. A good bill-paying history and a credit score higher than about 720 will give you an edge over customers without them.

Understand your choices. If you want a small vehicle, you won't have much negotiating power--they're in short supply and the dealer has leverage. Large cars, on the other hand, will yield the best deals, but you'll pay at the pump for poor gas mileage.

Consider certified, pre-owned vehicles. These used cars have warranty protection, and they also have the most costly years of depreciation behind them.

Set your strategy. Once you decide on a model, use one dealer against another. J.D. Power & Associates recommends you get a price from Dealer A, then use that price to bargain with Dealer B (BusinessWeek TV Oct. 10). Be prepared to go back and forth between the dealers.

Understand financing options. Despite the lure of 0% financing and rebates, have a credit union loan officer run the numbers before you sign on any dotted lines.

Six Warning Signs of a Financial Problem

1. More than 20% of your monthly net income is going to pay back credit cards and other loans (excluding mortgage).


2. You’re borrowing money to make payments on loans you already have.


3. You’re frequently at, near, or over the limit on your credit cards.


4. You’re paying only the minimum required on your credit card bill.


5. You’re paying bills late or putting off visits to the doctor because you don’t think you have enough money.


6. You’re working overtime or a second job just to cover food, housing, and other living expenses.
   

Scams - How to Avoid Financial Loss

Every year, one out of three adults in the United States gets a call from a con man, and the very best in the business of telemarketing fraud are known in the con game as "the closers." These closers have bilked millions of dollars from unsuspecting Americans by pretending to be representatives of their credit union or bank.

How can you protect yourself from being scammed? Here are a few tips:

Never disclose personally identifying information (credit union account numbers, debit or credit card numbers, social security number, etc.) if it is requested by an unsolicited email or phone call.

Think logically. If you receive a phone call from someone at night claiming to represent LifeWay Credit Union, remember that LifeWay Credit Union’s operating hours are from 8:30 AM until 3:00 PM. We wouldn’t call you at night.

If you receive a call requesting information on your Credit Union account, just say no. Don’t fall for the caller’s “bullying” techniques or scare tactics.

Do you have Caller ID on your phone? Calls originated from within our office begin with the prefix 251.

If you’re still not sure, call the credit union at 615-251-2089 or 800-833-6805.

Our job is to take care of you and your money. If you have any questions, please feel free to your Credit Union. And thank you for your continued support of LifeWay Credit Union.

Financial Tips for Turbulent Times

Whether you're an older worker with seemingly few options to recoup significant investment losses, or a younger worker with minimal or no investment savings at all, don't let the financial crisis scare you into not taking any action at all.

Now is the time to take stock of your situation, learn from others' mistakes and formulate a plan to tough out turbulent times (USA TODAY Oct. 31).

Heavy investment losses are disproportionately affecting baby boomers, the oldest of whom turn 62 this year. Although there's less time for you to recoup losses, that's not a reason to pull all your money out of the stock market (Moneycentral.msn.com Oct. 17). Even if you're already in your sixties, to have enough cash to fund 25 years to 35 years of retirement requires a long-term plan.

Most important, don't panic. Regardless of your age, start with the basics and vow to stick with your plan:

Rebalance your portfolio. Do your investment choices reflect your risk tolerance and investment strategy?

Keep some liquidity. Consider stashing some cash--three to six months' of living expenses--in a money market account at the credit union, which is insured to at least $250,000 by the National Credit Union Administration at credit unions having federal share insurance.
Increase your contributions. Most stock prices are at low, bargain-basement levels. If possible, bump up your contribution.

Diversify. Don't put all your investment eggs in one basket. Spread your wealth among a variety of investments: domestic, international, financial services, technology, health care, and so on.
Use dollar-cost averaging. By having, say, $50 each paycheck automatically directed to a mutual fund, your contributions will purchase more shares when the price is low, and fewer shares when the price is high.

Pay down debt. Reduce the choke-hold that credit cards have on your budget. Pay off the highest interest-rate card first, and then apply that payment to the next-highest interest-rate card. Stop charging.

Spend less. Identify needs versus wants, and then set priorities. You'll be surprised how many needs that you've identified are actually wants in disguise.

Work longer. If you're close to retirement, consider hanging on to your current job longer than planned, if you can. Or, secure part-time work after retirement. This reduces the number of years you'll dip into savings, and helps build additional savings.

(source: cuna.org)

Certificate Special

For a limited time, LifeWay Credit Union is offering an 8 month certificate at 3.88%. This applies only to new deposits. Click here for our complete rate sheet.

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

Savings for LifeWay Credit Union Members!

During these tough times, your credit union is looking for ways to help you save money. We’ve been in contact with Crest Honda in Nashville, and they have offered special pricing for our members.

Until further notice, Crest Honda is offering LifeWay Credit Union members invoice cost plus 2% on all 2008 and 2009 models (excluding Hybrids and Fits). Any dealer incentives will also be passed on to you (Dealer Cash on Odysseys and Pilots, etc.) and calculated in pricing.

Crest Honda is also offering to give LifeWay Credit Union members a great price and experience in purchasing a pre-owned vehicle. A large selection in this group have been certified which gives you a 12 month/12,000 mile comprehensive new car warranty with 7 year/100,000 mile powertrain warranty.

Please contact Lew Cass, Sales and Leasing Consultant, at 615-256-5656 or 800-557-8655 with any questions.