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Sterling Van Dyke Credit Union
39139 Mound Road
Sterling Heights MI 48310

 

Call Us @ 586-264-1212

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Rates So Low It's Scary!!!

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Rates as low as 1.74%* annual percentage rate.  

*The lowest rate based on 2009 or newer vehicles, subject to term and credit to qualified members.  Promotional rate not to be combined with any other offer/promotion and is subject to change without notice.  Offer expires Oct. 31, 2013.

Exploring Your Options: Traditional IRA's Vs. Roth IRA's

Traditional IRA's:

• Contributions often are tax-deductable.
• Earnings grow tax-deferred.
• Distributions generally are taxable.
• Distributions before you reach age 59 1/2 are subject to penalty unless you meet an early distibution penalty exception.
• Required minimum distributions must begin at age 70 1/2.

Roth IRA's:

• Contributions are not deductable.
• Earnings grow tax-deffered
• Contributions generally can be distributed tax-free at any time.
• Earnings can be distributed tax-free if the Roth IRA holder first made a Roth IRA contribution at least five years ago, and is 59 1/2, disabled, deceased, or paying first time home-buyer expenses.
• Distributions are not required until after the Roth IRA holder dies.

More Information:
 
Traditional IRA:

 You are not eligible to contribute to a Roth IRA, but you can contribute $5,000 to a Traditional IRA. The ability to deduct your Traditional IRA contribution will depend on your active participation status.

Traditional/ Partial Roth:

 You are eligible for a partial contribution to a Roth IRA. But you can contribute to a Traditional IRA. The ability to deduct your Traditional IRA contribution will depend on your active participation status.

Traditional/ Roth:

You are eligible for either a full contribution to a Traditional IRA or a full $5,000 contribution to a Roth IRA.

Roth IRA:

You are eligible for a full contribution to a Roth IRA. You are not eligible to deduct your contribution to a Traditional IRA.

Roth/ Partial Traditional:

You are eligible for a full contribution to a Roth IRA.  You are eligible to deduct only part of your contribution to a Traditional IRA.

Address:
Sterling Van Dyke Credit Union
39139 Mound Road
Sterling Heights MI 48310

Phone: (586)264-1212 Sterling Heights (800)974-6478 Toll Free (586)264-9447 Fax

Hours: MON and WED  9:00am - 4:30pm TUE              10:00am - 4:30pm THURS            9:00am - 5:30pm FRI                 8:00am - 6:00pm

Contact us by email at info@svdcu.org.

Website: www.svdcu.org

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Financial Basics For Young Adults

Financial Basics For Young Adults

~Getting started on a lifetime of good financial management~

 Key Concepts of Personal Financial Management!

Being on your own can be exciting, but it comes with many responsibilities. Financial literacy will serve you very well as you launch your adult life. Here are some key financial concepts for this important stage in your life!

1. Budgeting:

It's the cornerstone of good financial management at any stage in life -- no matter how much, or how little money you have at the moment.  When you start supporting yourself, it's very important to have a plan. Write down all income, all required expenses, and your short- and long-term goals. Make a plan for saving and spending.  Keep an eye on day-to-day spending, which is an area where it's easy to blow the budget -- especially when parents are no longer contributing.  Good budgeting skills can make the transition to being on your own much smoother. 

2. Banking Skills:

As you know, credit unions have higher savings rates, lower loan rates and low or no fees.  Find out what services will benefit you: Get a low-interest-rate credit card if you qualify, opening a checking account and savings account, and ask for help in choosing the right additional services for your situation.  If you don't already know, learn how to balance a paper checkbook or to use personal financial management software.  Ask questions, read up on financial basics and visit your credit union for help if needed.

3. Expenses, Expenses:

Many new expenses will crop up as you start life on your own: rent, insurance, doctor and dentist visits, food, transportation costs, utilities and more.  It can seem overwhelming.  Get a firm handle on your expenses by using a budget. You'll know where the money is going, and, more important, you will have a much better chance of having enough money to cover all those additional expenses.

4. Credit & Debt:

Will all those new bills, it can be tempting to run up the credit card or take out another loan.  Be smart about credit.  Over-extending yourself and missing payments can lower your credit rating. Does that matter?  You bet it does! A low credit score can affect your ability to get a job, rent an apartment, obtain utilities, be approved for a car or school loan, and more.  Don't risk it.  Debt is a top financial problem for young adults, and it has long lasting consequences.  A credit card is great, when used properly.  Make payments on time and don't spend beyond your means.  If you do find yourself in over your head, don't just ignore the situation.  Act immediately: Contact creditors, find a competent credit counselor and come to the credit union to get help!

 5. Bailouts?

When times get tough,  you may be tempted to turn to the Bank of Mom & Dad for a bailout.  Many experts advise parents to resist the temptation to save young adults from their financial mistakes.  Whatever your decision, this is at best a temporary fix to a potentially serious problem.  Responsible financial management from the start is a better choice. 

6. Saving:

In the excitement of striking out on your own today, it may be difficult to focus on what's ahead in a few years.  But it's important to consider long-term goals now:  marriage, home ownership, children, etc.  An important financial lesson is to save a portion of everything you earn.  First, set aside some funds for a rainy day -- an unexpected car repair, health bill, etc.  Then consider even small, regular deposits to a savings account toward those long term goals. It's even not too early to start thinking of retirement -- you can open and start funding an IRA regularly, even if the contribution is small.  Try to at least contribute any amount that your employer will match. You'll be surprised at how fast regular savings amounts will add up.   

7. Your Future, Your Goals:

Effective financial management can mean the difference between a good life and a stressful life. Make the effort to follow through on these key concepts and you will get your adult life started out on the right foot.

8. We're here to help:

The credit union is a great resource.  As a member-owned, not for profit institution, the credit union's focus is on education and member-oriented financial services.  We'd be glad to help you set up accounts or answer questions. We are here to help you prepare for a lifetime of good financial management!

  

Any Questions??? Visit Us Online!!! www.svdcu.org

Spring Clean Your Finances: 5 Tips From Money Pros

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Spring Clean Your Finances: 5 Tips From Money Pros

Spring is almost here, and those seasonal cleaning duties—sweeping the garage, clearing out the gutters, washing the windows—are probably nagging at you.But if you’re like many Americans, it’s more important to focus on spring cleaning your finances this year.

Money Spring Cleaning Tip #1: Get Everyone on the Same Page

Monica Kaden, an accredited senior appraiser and principal at Fischer Barr & Wissinger, LLC, says that spring cleaning needs to start with dividing up the workload. “Typically, in a couple or a family, there’s one person who handles the household finances,” she says. Her advice is to have the other spouse—and even older children—sit down with the person who handles the bills, budget, and important financial documents, so that multiple people are knowledgeable about the household’s finances.
This way, family members can bounce ideas off of each other for reducing spending and finding room in the budget for more savings. Kaden suggests making a checklist of the family’s finances—including the budget, bank and investment accounts, where important documents are stashed, and a balance sheet—that everyone can reference, and then figure out who will take care of each task. Even teenagers can help by managing their own checking accounts or researching college loans.

Money Spring Cleaning Tip #2: Take Inventory of Your Possessions

Getting organized is half the battle when it comes to spring cleaning. If your home was to succumb to a fire, earthquake, flood or other catastrophic event, would you be able to account for everything—including how much you paid for the big-screen TV and your favorite leather armchair—so your insurance company could properly reimburse you?
“Insurance companies try as hard as possible to pay out the least possible,” Rachel Sanborn, a certified financial planner at LearnVest Planning Services, says. So it’s important to keep a record of the items in your home—particularly the most expensive ones—including photos of the items and their receipts.
Some websites offer online checklists to help guide you in creating your inventory. Sanborn even found an iPhone app—Know Your Stuff—for tackling this task. Added tip: Be sure to store a copy of your final inventory in a spot that’s readily accessible outside your home, like an online Google Doc.

Money Spring Cleaning Tip #3: Reduce Financial Clutter

“You have to clean up your financial past (debt), while trying to live in the present moment (managing cash flow) and planning for the future simultaneously,” says Julie Murphy Casserly, a CFP® based in Chicago. For those whose plans for financial spring cleaning include paying off debt, Casserly says that they need to first address the issues that created the debt in the first place—and that means dealing with the emotions that surround money.
“People need to find a compelling reason to change; it has to be tied to some dream or goal that’s different from their current reality,” Casserly advises. Think concrete goals, such as “I want to pay off one of my debts, so that I can save for a trip to Bora Bora” or “I want to pay off two of my debts to see my credit score increase.” You can start by setting up an automatic debt payment that comes out of your account each month. If you put it on autopilot, Casserly says, you can’t find another way to spend it.

Money Spring Cleaning Tip #4: Get Shredding

Mike Falco, a CPA in Pennsylvania, says that now is the time to shred any old financial documents. A good rule of thumb: Keep tax records for seven years, pay stubs and bank statements for a year, and credit card statements for at least 45 days. 
Keeping in line with Falco’s “out with the old” mindset, also take a look at your beneficiary forms—which designate who will receive your assets if something happens to you—and update them, if necessary. Beneficiary forms are legal documents that will stand up against a will, so make sure that the person on those forms is the one who you’d want to have your assets.

Money Spring Cleaning Tip #5: Rethink Your Insurance

It’s easy to buy an insurance policy—or accept your company’s—and then just let it gather dust … a spring cleaning no-no! But Sanborn says that reviewing your various insurance policies is a great way to free up money for future goals.
If you have an emergency fund—and you should!—you can consider increasing your deductible (the money you would have to pay before your insurance kicks in), which will bring down your insurance premium (the amount you pay every month). “Emergency funds are intended to cover things like deductibles,” she says.
Additionally, if you have children, and you have a separate policy from your spouse, you should make sure that the kids are on the plan with the lowest premium. Beyond these tweaks, however, Sanborn recommends that you leave your insurance coverage alone: “It’s better to have more coverage than you need.”



Check out Sterling Van Dyke Credit Unions website: www.svdcu.org
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To learn more about this information:
http://www.learnvest.com/2013/03/spring-clean-your-finances-5-tips-from-money-pros/

How to Save Money & Cut Spending: 93 Ideas

Save Money Around the House

1. Weatherproof your home to save electricity.
2. Line Dry your clothes. It will lengthen the life of your clothing and save energy.
3. Wash your laundry in cold water.
4. Stop using phantom power by unplugging your electronics at night. Using power strips makes this easier.
5. Get rid of cable TV or switch to basic cable.
6. Or use Netflix and Hulu in place of cable. Netflix is less expensive than cable, and between that and Hulu (which is free), you have a wide variety of TV shows available to watch.
7. If you don’t want to get rid of cable, see if you can bundle it with your phone and internet service to save money.
8. Get rid of the internet and use the library.
9. Get rid of your landline, if you have a cell phone. Or get rid of your cell phone. Or use a prepaid cell phone, instead of an expensive phone with an expensive contract.
10. Set your thermostat lower in the winter and higher in the summer.
11. Use a programmable thermostat, so you never forget to adjust the temperature.
12. Use CFL or LED lights instead of regular incandescent bulbs.
13. Catch rainwater for watering your garden.
14. Use pasta water for watering household plants.
15. Turn off your water when you’re brushing your teeth, shampooing, or shaving.
16. Recycle. You’ll save on your trash bill.
17. Compost. You’ll save on your trash bill and help your garden.
18. Haul your own trash to the dump, if you have a pickup truck or trailer.
19. Try to do repairs yourself, before hiring someone. Use free resources at Home Depot, Lowe’s, and on the internet to help you.
20. Challenge your property tax assessment, if you feel it’s too high.

Save Money on Transportation

21. Sell one of your cars.
22. Carpool.
23. Take public transportation.
24. Walk when you can. You’ll be healthier, too.
25. Rotate your tires regularly to make them last longer.
26. Fill your car up when you’re down to a quarter tank of gas. You won’t be stuck going to the nearest, most expensive gas station when your car is on empty.
27. Use GasBuddy.com to search for the lowest prices on gas.
28. Don’t use high octane gasoline, unless your car specifically requires it.

Save Money on Groceries, Cleaning, & Personal Care

29. Use The Grocery Game or another deal site to make effective use of coupons.
30. Cook from scratch.
31. Grow a garden.
32. Eat less meat.
33. Or buy a side of beef, instead of smaller packages at the store.
34. Give up cold cereal. Eat oatmeal instead. It’s cheaper and healthier.
35. Give up (or cut back on) junk food.
36. Look for good deals on Amazon. Yes, it’s true. Amazon can be a good deal for groceries. If you buy something regularly, you can save even more by subscribing to that product. But know your prices before you shop.
37. Keep a pricebook, so you you know when a deal is a deal.
38. Shop at Costco or Sam’s Club, if you have the storage for buying in bulk. Have your pricebook handy, to make sure you buy the good deals. Bonus: warehouse clubs can also offer good deals on everything from insurance to tires to glasses and more.
39. Plan a weekly soup night to use up leftovers. Wasted food is wasted money.
40. Use cloth napkins. Buy them at yard sales or make your own from cheap linens you find at thrift stores.
41. Use rags, rather than disinfectant wipes or paper towels.
42. Make your own laundry detergent and household cleaners.
43. Use vinegar as a fabric softener, or skip the fabric softener all together.
44. Go no-poo. (That’s no shampoo, people!)
45. Use crystal deodorant. It’s more expensive up front, but it lasts a year, making it cheaper in the long run. It’s better for you, too.
46. Use alternative feminine products like the Diva Cup and cloth pads.

Save Money on Clothing

47. Swap hand-me-downs with friends. This is really effective with kids’ clothing.

48. Don’t be afraid to shop at thrift and consignment stores.
49. Mend clothing, instead of tossing it.
50. Borrow one time use items, like a formal dress or a snowsuit for a day in the snow.
51. Coordinate new clothing with old clothing, so your wardrobe is versatile. You won’t need as many pieces.
52. Carry a Tide-to-Go pen. When you get a stain, treat it right away, so it doesn’t set and ruin your clothing.
53. Wear clothing more than once between washes. Your clothes will last longer, and you will save money by not running the washing machine as much. This doesn’t apply to two year olds after eating spaghetti.

Save Money on Entertainment and Eating Out

54. Take a staycation instead of a vacation.
55. Vacation in the offseason.
56. Take your date for a walk in the park and a picnic, instead of dinner and a movie.
57. Wait for movies to come out on DVD before watching them. Use Netflix or Redbox, instead of spending $7+ a person in the theater.
58. Make your own mochas, rather than hitting Starbucks.
59. Search for knock off recipes, so you can have your favorite restaurant food at home, for half the cost.
60. Make a commitment to only eating out once a month…or not at all.
61. Make a menu plan, so you don’t give in to the temptation of eating out, because you don’t know what’s for dinner.
62. Consider freezer cooking if you tend to eat out, because you don’t have time in the evening to cook.
63. Pack your lunch for work. And pack your kids’ school lunches.
64. Watch your local newspaper website for free events. Many cities offer free concerts and movies in the park during the summer.

Save Money on the Kids

65. Make your own baby food.
66. Make your own disposable baby wipes. Better yet, use cloth.
67. Use basic cloth diapers.
68. Learn how to cut your children’s hair. If your brave, cut your spouse’s hair, too.
69. Pick up a few toys when they’re on clearance. Store them on a “gift shelf” in a closet. When your child gets invited to a birthday party, have your child choose a gift from the shelf to give to his friend.
70. Host your children’s birthday parties at home, rather than renting a place. It’s much less expensive and much more creative.
71. Buy extra school supplies at back to school sales. The prices won’t go any lower, and you’ll be glad for the extra supplies, when the teacher asks you to send in more paper mid-year. Plus, school supplies like crayons can make great stocking stuffers or party favors.

Save Money on Health and Medical Expenses

72. Ask your doctor to prescribe generic medicine. At many places, generic prescriptions are only $4.
73. Practice healthy habits, like exercising. You won’t need to see the doctor as often.
74. Give up unhealthy habits, like smoking. You’ll save the money you were spending on cigarettes, and you’ll be healthier, too!
75. Ask your medical provider or hospital for a discount, if you’re paying cash.
76. Make use of a flexible spending account, if your employer offers one.
77. Cancel your gym membership. Take up running or use workout DVDs.
78. Volunteer at the YMCA in return for a membership.

Save Money on Insurance, Debt, & Finance

79. Raise the deductible on your insurance. But first make sure you can cover the deductible, if you need it.
80. Combine your insurance needs with one company, so you can get a multi-policy discount.
81. Ask for other discounts, like good driver and good student discounts.
82. Review your insurance policies annually, to make sure they meet your needs. If you overbuy, you lose money every month on something you don’t need. If you underbuy, you’ll lose money when your insurance coverage doesn’t provide what you need.
83. Consider putting your dependents on their own insurance plan. It might be less expensive than the plan offered through your employer.
84. Consolidate your student loans to a lower interest rate.
85. Transfer your credit card balances to a lower interest card. But make absolutely sure you can pay off the balance, before the introductory period is over.
86. Stop using credit cards all together, if you’re not paying them off each month. Take them out of your wallet and cut them up or freeze them, to remove the temptation.
87. Do your own taxes, rather than hiring an accountant. Programs like Turbo-Tax make doing taxes relatively easy.
88. Make a budget. When money in a given category is gone, don’t spend anymore.

Save Money When You Shop

89. Before making any purchase, ask if you really need it. If so, find out if you can borrow it, get it used, or wait for a sale, before you pay full retail price.
90. Use the 48 hour rule. Make a commitment to wait 48 hours before making any unplanned purchase. Often the urge to buy will disappear after a few hours.
91. Start shopping for next Christmas now! Aim to be finished shopping by Thanksgiving. You can shop for the best prices on your gifts, and you won’t have any holiday debt, come next January.
92. When you shop online, use Ebates or MyPoints. You get a percentage back in the form of cash or a gift card. Make sure you look for codes, before you check out, too. Ebates has a list of coupons for each of the stores they work with.
93. Sign up for Swagbucks and use their search engine. You’ll accumulate points that you can redeem for gift cards. If you start now, you may be able to pay for all your Christmas presents this year with giftcards you earn from Swagbucks!

So there you have it. 93 ideas to cut your expenses and save you money!



http://www.beingfrugal.net/101-ways-to-save-money/

Best Ways To Save Money And Stay Safe In 2013

Managing Your Finances

1. Make 2013 the year you tackle credit card debt.

2. Get organized.

3. Review your credit reports for accuracy.

   Protecting Your Identity 

1. Password-protect your smartphone.

2. Review the privacy policies of your phone’s apps. 

3. Install mobile security software that lets you lock your phone remotely from another phone, computer or tablet. 

4. Notify your financial services providers and employers if you changed your address in the past year. 

Saving on Homeowners and Car Insurance

1. Learn what your homeowners and auto policies cover.

2. Look for lower policy rates from competitors.  

Keeping You and Your Family Safe 

1. Be careful taking down or disposing holiday decorations. 

2. Prepare yourself for storms.