The Local Credit Union - Friends Don't Let Friends Drive Imports! 1.74% Auto Loans!

 

We Have Exciting News - Introducing The Local Credit Union

Serving Macomb, Oakland & Wayne Counties

Dear Valued Members:

We are pleased to make an important announcement that will mark a milestone in our credit union's history.  Sterling Van Dyke Credit Union has applied for and been granted permission from both the National Credit Union Administration (NCUA) and the State of Michigan, Department of Insurance and Finance Services to adopt a new name.  We will begin the process of changing our name on April 1, 2014, and the name we have selected and are pleased to announce will be:

' The Local Credit Union '

This decision emerged from many months of research and evaluation under the leadership of our Board of Directors and executive team.  Through this process, we have conducted research with credit union members, community members, union local members and credit union staff.  

Sterling Van Dyke is very proud of our history and our heritage.  In 2006, the credit union started expanding its charter.  Over the past seven years, we worked toward expanding membership in the tri-county area that has been met with mixed results.  The credit union has decided to focus not only on our new valued members, but re-focus on the members that started the credit union in 1949, our union members.  A name that can appeal to everyone in our field of membership was chosen.  The term "The Local" can satisfy both targeted audiences and eliminates the confusion of our credit union being located on Van Dyke Avenue.

You are and always will be the most important reason for our success.  Our name is changing, but our employees and the high level of personal service we provide will continue.  We have built this credit union on your loyalty and we thank you for your support and confidence in us.  

We are excited about this new milestone in our credit union's history and we invite you to share in the celebration as we embark on this new journey together.  Below we have provided a question and answer sheet with this letter to help address any questions you may have regarding this announcement.  For further inquiries, please feel free to contact me at 586.264.1212.

Sincerely, 

Joseph F Hallman, CEO

 

Sterling Van Dyke Credit Union Debt Consolidation Loans as low as 6.5%

Get Approved For a Loan Today!

  

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

 

Call Us @ 586-264-1212

_____________________________________________________

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Pluck to Win 1/4% Decrease in a Loan Rate!

 

Get Approved For a Loan Today!

  

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

 

Call Us @ 586-264-1212

_____________________________________________________

 

Find Us Online:

Like Us on Facebook

 

Follow Us on Twitter

Visit Us on Blogspot

Rates So Low It's Scary!!!

AUTO LOAN SPECIAL!

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

Summer Just Got A Lot More Fun! HOT 3.99% apr* Loan Rate!

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.

THE RECOVERY – A NEW REALITY?

So, two “WHEN” questions: WHEN am I going to get a REAL rate on my certificate, and WHEN will the economy around here get back to normal?  The UN-clever and UN-funny answer we need to consider is that for practical considerations, this is the new Reality.

I have to consider things like this when planning for the credit union and reluctantly, I’m forced to look at things in Michigan, the nation and the effects of the current international economic situation. Though the unemployment rate in Michigan is easing. The Euro market is teetering (technical term) and may face the loss of some members. The 10-year T-Bill is at historical lows; currently around 1.5%, with possibilities of going lower and few expectations of going materially higher. The relative magic of the 10-year T-Bill is that mortgage loan rates are generally tied to it and it is telling us, “Stop worrying about inflation for the next five to ten years.”  Ergo, nothing is going up for at least five years, if not longer.

Kind of a downer, especially for us Boomers dependent upon savings rates, but there are some rays-of-light and positive perspectives to consider. First, we are actually in a recovery. Not an exciting one but things are going in the right direction, albeit slowly. Second, things around here are relatively stable and that’s good because you should be able to make some decisions to help you optimize the circumstances instead of waiting for a complete collapse.

I hate saying this, but you should be looking to pay down or payoff your borrowings. Yes, at the credit union, but look at the other loans you have at that “other place” and see if the credit union can get you a better rate. We refinance vehicles, mortgages and personal loans. Are you paying fees on your checking account? You should be talking to our branch staff to see if you can close that second checking account at the “other place” and take advantage of Sterling Van Dyke Credit Union's CORE relationship advantages that not only provide you with free services, but interest rate bumps on loans and certificates too. You should consider moving some of your extra money back into certificates to get any type of rate advantage. Many members have let maturing certificate drop into their regular savings or money market account. Even if it is only a five or ten basis point advantage, why wouldn’t you grab it? Get your CORE account bump. Consider longer and multiple terms on your certificates and “laddering” multiple certificates maturities to increase the overall yield while preserving liquidity. Remember to keep a six month cushion in liquidity for tires, insurance and the little emergencies. Consider letting our Financial Advisor look at your longer term alternatives.

We have a ways to go, but remember that you belong to a NOT-FOR-PROFIT credit union that is established for the benefit of its members – not a bank where the goal is to maximize how much they can get out of you. Take advantage of every opportunity your credit union offers. We’re with you for life, and all its realities.

http://www.greatbasin.org/blog/?p=432

Blog By: Sterling Van Dyke Credit Union

Women to Watch 2012: An In-Depth Look at the Industry Supporters

By Myriam DiGiovanni


When Credit Union Times first launched the Women to Watch program, we wanted to focus on those women working within credit unions. It’s been an honor to be able to recognize those who challenge the status quo and push creative solutions to address what ails their credit union and oftentimes, the industry as a whole.
What we discovered is that it is just as important to shine the spotlight on those women who have been tirelessly dedicated to providing support to credit unions. The list is far from complete, but we thought this Women to Watch focus report would be a good start to showcase those who choose to champion the credit union mission every day.
A brief look at each of our honorees appeared in our Oct. 3 print edition. Here are detailed profiles of each of these industry leaders. Click "next" at the bottom of each page through the following slide show to see them all.

Continue Reading by clicking here.

Blog by Sterling Van Dyke Credit Union.

BACK TO SCHOOL SAFETY

Backpacks are a popular and practical way for students to carry their books and supplies.  When used correctly, the backpack’s weight is distributed to some of the body’s strongest muscles and is an efficient way to carry these items.  However, if backpacks are too heavy or worn incorrectly, then they can cause back, neck and shoulder pain, as well as posture problems.

To choose the right backpack, look for the following:

1)     Wide, padded shoulder straps.  Narrow straps can dig into shoulders causing pain and restricting circulation.

2)     Two shoulder straps.  Backpacks with only one strap cannot distribute the weight evenly.

3)     Padded back.  This protects against sharp edges from inside the pack and increases comfort.

4)     Waist strap.  This can distribute the weight of a heavy load more evenly.

5)     Lightweight.  The backpack itself should not add much weight to the load.

6)     Rolling backpack.  This type is good for students who must carry heavy loads. 

To prevent injuries when using a backpack, remind your children of the following:

1)     Always use both shoulder straps

2)     Tighten the straps so that the pack is close to the body.

3)     Pack as lightly as possible.

4)     Organize the backpack so all the compartments are being used.

5)     Stop at your locker as often as possible and remove any unnecessary books or items.

6)     Bend down using both knees while the backpack is on.

Parents should encourage your child or teenager to tell you if he/she is in pain or discomfort while carrying the backpack.

Parents should talk to the school about lightening the load during school hours so children can stop at their lockers throughout the day.

Researchers found that the average weight of a child’s school backpack was 18 pounds, or 14 percent of his/her body weight.  Studies have found that children carrying backpacks exceeding 10 percent of their body weight are more likely to lean forward while walking-potentially increasing their risk of back pain.  Parents should talk to their children and make sure that they are using their backpacks correctly. 

WAYS TO AVOID COMMON FINANCIAL MISTAKES

1)     Create a Budget

Keep track of where your money goes by creating a budget.  Make a list of your monthly expenses and subtract this from your net pay monthly.  The money left over is your discretionary income.  A budget will help you spend wisely, control debt and help plan for major purchases and emergencies.

2)     Discuss money and financial goals

       Talk about your and your partner’s money strengths and weaknesses and your short-

       term and long-term financial goals.  Try to find a common ground for spending and

       saving.

     

3)     Share responsibilities

 Decide how to handle day-to-day finances.  You can decide who is responsible for what in your finances.  Make that you review your household finances together on a monthly basis so that you both know what is going on.

4)     Talk about “What ifs”

 What would happen financially if one of you were to become disabled or died 

  unexpectedly?  If you don’t know, then you need to talk about it.  You should have a 

  will and think about buying or adding disability insurance and possibly life

  insurance.  Make sure that your beneficiary designations on retirement and other

  accounts and life insurance policies are up to date.

Money mistakes can be expensive and could impact your future security.  Take the

time now to work together to make sure that you avoid future financial mistakes. 

Where to Find Better Interest Rates For Your Savings

Are you tired of earning a pittance on your hard earned savings? Not too long ago you could earn 3%, 4%, 5% or more by sticking your cash in a high yield savings account. But today? Not even close. Interest rates now top out in the low 1% range, and it seems like there’s no light at the end of the tunnel.

So what’s a savvy saver to do? Well, you could just accept the low rates as an unavoidable consequence of the current economic landscape, or… You could get creative and get at least a bit more bang for your buck. Here are three ways to get a better rate for your savings.

High yield (rewards) checking accounts

While savings accounts were once home to the highest interest rates, checking accounts are now getting in on the action. Be forewarned that you may have to jump through some hoops – like setting up direct deposit and making a minimum number of debit card transactions per month – but if you’re up to the challenge, you can score a great rate.

For example, MoneyRates.com currently lists reward checking accounts with rates as high as 5.01% APY. Note that many of these offers are regional, so you may have to shop around a bit, but there are some killer deals out there for the taking.

Long-term CDs with low penalties

I’ve mentioned this one in the past, but if you can find a bank with a low penalty for early withdrawal, you can use long-term CDs to get a higher interest with minimal downside risk. For example, Ally Bank has a 60 day interest penalty if you break their CDs early.

Given that Ally’s five year CD rates are paying roughly double what you can get from an online savings account, the break-even point is roughly four months. Beyond that point, you’ll come out ahead relative to having your money in a savings account, even if you have to access the money before the CD matures. And if rates rise dramatically, you can simply break your CD and re-invest.

If you go this route, here’s a tip: Split your money into multiple CDs. That way you can access just a portion of it without paying a penalty for early withdrawal of the full amount.

Series I savings bonds

Another solid option is to use Series I savings bonds, which are inflation-indexed bonds offered by the U.S. government. Rates on I bonds are updated semi-annually in May and November. As of right now, newly-issued I bonds are paying 4.6%, though that number will fluctuate over time depending on the inflation rate.

The downside here is that I bonds cannot be redeemed during the first 12 months, so they’re not a great vehicle for your emergency fund – or at least not for yourentire emergency fund. But once that 12 months is up, you can redeem them. Between 1-5 years after they’re issued, there’s a 90 day interest penalty, and after five years you can redeem them penalty free.

Beyond offering a decent interest rate (at least relative to a savings account), interest that you earn from I bonds isn’t taxed until redemption (i.e., it’s tax deferred) and it’s also exempt from state income taxes – as well as federal taxes if you use the proceed to for eligible education expenses.

But don’t get greedy…

And now… A word to the wise. In general terms, if you’re holding cash, you probably want if to be both safe and reasonably liquid. You should thus avoid locking it up or taking unnecessary risks with it. In this vein, I would recommend shying away from things like peer lending.

While outfits like Lending Club tout 8-10% annual returns, and you sometimes see them mentioned in discussions related to improving your interest rates, the reality is that they are neither risk-free nor liquid. While investments like this may have their place in your portfolio, they’re far from being a cash equivalent.

http://www.fivecentnickel.com/2011/08/01/where-to-find-better-interest-rates-for-your-savings/

Blog hosted by Sterling Van Dyke Credit Union

Types Of Home Loans

The biggest purchase a family will probably ever make is their home.  Researching how to make an informed choice on where and what type of home loan to apply for can seem to be a lot of work. It truly isn’t though.  Anyone who has access to the Internet can cut their research time down by merely researching instead on different types of home loans.

There are literally thousands of articles out there that can educate a consumer on any topic they need. This is truly a benefit that the age-of-Internet has brought to consumers. There are many online sites that will give you the benefit of their research to help anyone to find just the right home loan.  So researching via the Internet, will find a person all they would need to know about the different types of loans.

In this regard, the Internet makes it so much easier for the consumer who is contemplating becoming a first time home owner, to research types of home loans. Letting someone else who has done all the research inform the consumer is a great time-saving tool for busy consumers.

The simple act of typing what the loan is needed for and asking for the top recommendations from experts can prepare them to get their loan. Using all the technological tools available will greatly minimize finding out all a person needs to know on this subject.

The consumer contemplating the types of home loans can learn all they need to know about the difference in each. There are VA loans or Veterans Association loans. If at any time you’ve served in the service a consumer may qualify for this type of mortgage. It basically is a mortgage that is secured by the military. Basically, they the military, becomes the co-signer.

Then another option is the FHA or the Federal Housing Association. FHA loans are usually made available to lower income consumers, which reside in America. These loans are usually backed by the government. These loans can be very helpful to people that cannot afford a conventional down payment.

Then there are variable rate loans and fixed rate loans. The difference between a fixed rate and a variable rate are in how they set the interest that a consumer needs to repay. Obviously the fixed rate is one interest rate that is set for the term of the loan. A variable rate is one that the interest rate fluctuates during the course of the loan. Obviously there are advantages and disadvantages to each and a fair amount of research will be required to pick out just the right rate for the prospective home owner.

Here is where types of home loans come in handy. The research to be an informed consumer in the area of home loans can be greatly cut down by the Internets vast amount of available research. Not only can a consumer learn exactly what’s available out there for them to choose from, but, they can learn the right questions to ask when actually picking one.

http://howtomanagemoneytips.com/types-of-home-loans/

Blog by Sterling Van Dyke Credit Union. Sterling Van Dyke Credit Union services anyone working or living in Macomb, Oakland or Wayne County, Michigan. Current residents, retirees receiving a pension or social security and immediate family members are eligible to join. Sterling Van Dyke Credit Union is owned and operated entirely by its member and strives to follow the purpose of the credit union as set forth in the bylaws.