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.

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!