SIU Credit Union Blog

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.

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page

Cutting Fuel Cost

200299895-001

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%.

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page

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

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page

Teen Checking Delivers Freedom

Keeping your spare change in a peanut butter jar may be OK when you’re a kid, but when you hit those teenage years it’s time to find a better place for your funds.

Teen checking accounts help you take a step toward financial independence by providing low-cost, flexible options for getting and managing a checking account. Many credit unions work with teens to offer checking accounts, which are sometimes called share draft accounts.

Teen checking accounts typically are designed to serve teenagers age 13 to 18. Teens may have different reasons for opening their first account: increased earnings from a part-time job, the desire to have access to funds without carrying large amounts of cash, or even the need for an ATM (automated teller machine) or debit card for spending flexibility.

If you’re ready for an account, call or stop by any SIU Credit Union branch and get some more information about our Jr. Executives Checking Account.

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page

Local Service. Global Good.

ICU Day 14

On October 16, 2014, credit unions around the world will celebrate International Credit Union (ICU) Day®. That’s 200+ million people … from 56,000 credit unions … in 101 countries joining together to celebrate their cooperative spirit.

Globally, this cooperative spirit has led to life-changing opportunities in the form of small business start-ups, home ownership, and education. In some countries, members encounter their first taste of democratic decision-making through their member-owned credit unions.

This year, credit unions have been present during the most tumultuous moments around the world. Throughout the crisis in Ukraine, credit union volunteers were among the protesters in Kiev and are now attempting to maintain financial stability for their members. With the help of the World Council of Credit Unions, which is supported by credit unions in the U.S., Ukrainian credit unions are working on ways to ensure loans can be made to those who need them, and uphold the confidence of their members.

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page

Need a Halloween Costume? Make It and Save

Halloween BlogWhat’s your favorite thing about Halloween? Is it the candy? How about the costumes?

Costumes let you explore your imagination and creativity. You can pretend to be somebody–or something–else. It’s fun to dress up for trick-or-treating and Halloween parties. Making a great costume doesn’t have to cost a lot of money. The best costumes are usually the ones you make yourself. Just remember to start early so you have enough time.

Before you get started, decide what you want to be:

Continue reading

Share on FacebookTweet about this on TwitterShare on Google+Email this to someonePrint this page
« Older posts

Copyright © 2014 SIU Credit Union Blog

Theme by Anders NorenUp ↑

SEO Powered by Platinum SEO from Techblissonline