SIU Credit Union Blog

Move or Remodel: SIU Credit Union Can Help

remodel or move

 

Solving the move-or-remodel dilemma starts by answering hard questions about money, social relations, life stage, and the future. It’s hard to find unbiased advice, says Dan Fritschen, who runs the website remodelormove.com. “The industry doesn’t make it easy to talk to experts and get real numbers. A good real estate agent should be able to discuss both moving and remodeling, but it’s difficult to get someone to talk through the options.”

The financial decision starts with a comparison of the total cost of moving and remodeling. Most sales start with some expenses for sprucing up the old place.

Experts ballpark moving costs at about 15% of the price of the new home, but this varies widely. Selling the house yourself can save the real estate agent’s commission.

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Get Fit On A Budget

200069246-001It can be easy to get in shape without feeling the financial burn of expensive equipment and gym memberships. Here are ideas for getting a low-cost workout:

* Walk or jog. Walk or jog outside—or, if the weather’s against you, walk in your local shopping mall.

* Play with your pup. Taking the dog for a walk is a great way to get some exercise. Playing catch or Frisbee with your pooch also will get your heart pumping.

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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

footprint

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?

Older couple on beach

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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