Five Ways to Reduce Home Heating Bills

Recent reports that wholesale energy costs dropped 0.4% from November to December may sound like good news for consumers (marketwatch.com Jan. 20).

December 2009 home heating oil prices, however, averaged more than 28 cents more than prices in December 2008. Current prices, coupled with increased demand due to frigid temperatures, have resulted in heating bills higher than many families can handle (usatoday.com Jan. 10).

Here are five easy ways to reduce heating costs:

1. Set it and forget it. Set your thermostat in the 60-degree to 65-degree range while you're away or asleep, and in the 66- to 70-degree range while you're at home and awake. Turning the heat lower than 60 degrees when you leave and cranking it back up when you return actually makes your system work harder, reduces its efficiency, and costs you more.
2. Reduce drafts. A small investment in caulk, weather stripping, door sweeps, or insulated outlet covers for drafty areas will block heat from escaping. That can make you more comfortable and save money.
3. Take shorter showers. The more hot water you use during a shower means more energy use and money down the drain.
4. Reduce water heater temperature. The higher the temperature, the more energy your water heater uses. Adjust the setting to 120 degrees, which still keeps your dishwasher cleaning effectively, allows for comfortable showers, and saves money. It also helps reduce the danger of hot water scalds.
5. Cover up. Use a water heater insulation blanket to prevent heat from escaping and help the unit, especially an older electric model, run more efficiently. These are available at your local hardware store.

Buying a Car?

LifeWay Credit Union has contracted with Credit Union Services, LLC to provide our members with the best, most accurate automobile shopping data available. You can get car, truck, motorcycle and watercraft pricing from Black Book; used car pricing from Black Book; customer and dealer rebate information; recall information; and other valuable tools to help you make your purchase.

To access this site, go to lifewaycu.org and click on the box that says "Buying A Vehicle?". You'll have instant access to everything you need to do your car shopping. Questions? Call us at 615-251-2089.

Rebalance Portfolio at Regular Intervals

Not sure when to rebalance your investment portfolio? Avoid the guessing game - and subjective decisions based on emotion - by rebalancing at regular intervals, such as once a year. Rebalancing re-establishes your original asset allocation based on your time horizon and risk tolerance. Check whether your employer-sponsored plan offers an automatic-rebalancing feature. Remember: Lifecycle/target-date retirement plans automatically adjust your investments as you approach retirement age.

How's Your Savings Cushion?

If your financial goal is to reduce debt in 2010, you're in good company. More than 75% of respondents in a National Foundation for Credit Counseling (NFCC) poll selected debt reduction as their No. 1 New Year's resolution (National Foundation for Credit Counseling Jan. 4).

If boosting savings isn't high on your priority list as well, you could be headed down a slippery financial slope. Without adequate savings, a financial emergency limits your options to borrowing from family or friends, using money allotted for necessities such as rent or mortgage, or charging the unexpected expense to a credit card with an already high balance and interest rate.

The NFCC recommends focusing on savings as the key for achieving financial stability. Designating 10% of each paycheck as an automatic deposit in a "rainy day" fund for a year gives you a little more than one month's income - a good cushion for most emergencies.

An already tight budget can make squeezing out an extra 10% a challenge. One way to find hidden money is to track all spending for 30 days. Gather receipts and put items in categories. What's a necessity? Food, transportation to work, and utility bills all qualify. What costs could you reduce or eliminate? Watching free movies from the library, packing lunch, and carpooling to work may be alternatives. Make it a family activity to determine how much money you can save each month.

An adequately funded savings account can provide you and your family with a financial safety net that eliminates the need to make a resolution about debt reduction. It puts you in control of your money.

We've Got Your Ticket

Statement Express - More Secure

Why do paper statements feel so secure when they could be stolen and need to be shredded, while e-statements can be easily accessed, viewed as needed, and never printed in the first place?

Maybe it's still a new idea for you, but getting your statement electronically not only saves paper and ink, helping us keep costs down, but it's also more secure. There's nothing to shred, you'll have the information you need quickly, and you won't pile up years and years of old statements with your account numbers on them. Take the step of switching to secure Statement Express today. Call us and we'll help you set things up in no time!

Need a Car Loan?

Need a car loan? Be sure to check with us first. Because when you get your car loan through LifeWay Credit Union, we'll put your name in the hat to draw for a 32" LCD HDTV each month! Call us for details.

Secondary Savings Account

Switching from Aetna to Blue Cross in 2010? Set up a secondary savings account with us to set aside money for your deductibles. Stop by the office today and we'll take care of it for you!