SIU Credit Union Blog

Put Savings on Automatic

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If you think saving money is too difficult, and even have justifications to back you up, fuhgeddaboudit. We have the solutions to your saving hang-ups.

I don’t have the money. That’s the standard cry from those who wait to save what’s left over. It never happens. Instead, “pay yourself first.” Use the SIU Credit Union payroll deduction service and we’ll automatically divert the amount you say, for as long as you say, to your share savings or certificate account.

For what little I can put aside, it doesn’t pay. Consistent, regular savings are the only kind that add up. If you only can start with $10 a paycheck, do that now. When you see how that works, you’ll find yourself raising the ante to $25, $50, or more over time. And yes, that pays.

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It Pays to Start Investing Early

 

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Investing small amounts each month may not seem exciting, but the earlier you start putting it away the more money you’ll have down the road. The reason: Your earnings have time to compound—or grow—over the years.

Let’s compare investing $20,000 a year in a tax-deferred account that earns a 6% average annual return, starting at age 25 vs. age 35.

The $20,000 that you didn’t save between ages 25 and 35 will cost you $152,000 by age 65!

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Step Carefully: Covering Digital Footprint is Key to Web Privacy

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The fallout from not understanding Web privacy issues, and not doing anything about digital footprints left on the Web, can be damaging, if not catastrophic.

How do you leave footprints?

You can leave digital footprints virtually everywhere you visit on the Web. Each time you click on an ad, visit a social networking site, enter a credit card number for a purchase, or simply perform a search using Google or Yahoo, you are leaving behind information on your wants, needs, interests, and financial lives.

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How Much Do You Really Need to Retire?

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How do you know if you need to save more for your retirement, are right on target, or are going overboard?

The rule-of-thumb formula is to plan to live on 70% to 80% of your preretirement income during your retirement years, while increasing your replacement income annually at the inflation rate for 30 years.

This is a reasonable starting point.

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Cutting Fuel Cost

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The average gallon of gas in Illinois is $3.46. Fuel prices are a key factor in the 4.8% rise in the cost to own and operate a vehicle, according to AAA’s 2010 “Your Driving Costs,” released in April.

Here are some ways to cut your fuel bill:

Avoid carrying excess weight. Car-top carriers are convenient, but cause you to use extra gas. Every extra 100 pounds reduces miles per gallon by 2%.

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Keep Car in Good Shape for Long-Term Payoff

 

The biggest single cost of car ownership is depreciation–the loss in value caused by age and wear-and-tear. The average annual depreciation is $3,392.

To reduce depreciation, aim for a high “residual value”–what your car will be worth when you sell.

Buy a car known for keeping its value. Residual value after five years can range from 56% for a Mini Cooper down to 14% for a Ford Focus. The “true cost to own” calculator at the Edmunds Web site will specify annual depreciation for any car.

Avoid trendy colors and rust-proofing, but consider buying aftermarket floor mats to protect the carpet. 200299973-001

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