LorMet Community Blog

Expand Your Relationship with LorMet This Year

LorMet Webteam — Thu, 02 Feb 2012 12:22:00 GMT

Perhaps you have a LorMet savings account, but are accustomed to looking outside of LorMet for loans and other financial services. Were you aware that we offer great rates on auto loans, a low, variable rate on the LorMet Visa Credit Card and that we are the only credit union in Ohio to offer no equity FHA home improvement loans?

In an article that encouraged people to take greater advantage of all of the wonderful services that credit unions have to offer, Credit Unions Online suggested that if you are already a member of a credit union such as LorMet, you should "Go beyond being a single service household and broaden your relationship."

Also, if you save money with LorMet but do not have a checking account with us, think about opening one. We offer truly free checking—you can write as many checks as you want and there are no deposit minimums. Plus, our ATMs offer our members convenient access to their accounts without a surcharge.

Credit Unions Online also advised that you meet with a member service representative before you transfer your accounts to learn more about what your credit union has to offer.

One of the great things about belonging to LorMet is that we offer personal service with a local focus. At LorMet, we are committed to increasing accessibility and providing our members with the financial services they need. We remain committed to our purpose of serving the financial needs of our membership. Since our beginnings in 1936, we have exemplified our commitment by making member service our first priority.

photo credit: 401K

Creating New Financial Habits to Save More and Spend Less

LorMet Webteam — Tue, 31 Jan 2012 12:36:00 GMT

You can examine the way you manage your finances at any time of the year, but the start of a new year is a good time to try to create new habits.

One idea for creating new habits to write down the habits you want to adopt and under each one list your motivation for the new habit, something that may distract or prevent you from adopting that habit, and one thing you will do to stay on track.

Saving

If you work to adopt just one new financial habit this year, it should be trying to increase what you put into your savings account. Rather than wait for a day when you have extra money, commit to saving a small amount on a regular basis. It could be $5 a week or $100 a month.

In addition to boosting your savings account, you could also think about long-term retirement savings. Set up an IRA with LorMet. Having a special account just for retirement will be a good start towards saving for that goal, even if you put in less than you initially planned.

Spending

Some of us cannot imagine how we could spend less. However, it is possible to work on spending less, especially if you do so gradually. Do you often buy lunch at work? Bringing lunch everyday might be a goal to work towards slowly. In the meantime, you can commit to bringing your lunch once or twice a week.

Or, do you find that you come back from the store with a lot of things that were not on your list? Start by making a well-thought out list that includes what you really need and then allow yourself to buy two items that are not on the list, then just one, and then none.

Photo Credit: 401K

A Balance Transfer & Increased Payments Can Lower Debt with LorMet

LorMet Webteam — Mon, 30 Jan 2012 16:34:00 GMT

Those of you who are trying to find ways to reduce debt and save money will be interested in this headline from Kiplinger.com: "Balance-Transfer Card Can Save Thousands.” When you transfer your credit card balance to a LorMet Visa Credit Card with a low rate and no balance transfer fees, you will be taking one step towards reducing debt.

In addition to the low, variable rate you get with a LorMet Visa Credit Card, you have the added value of being able to work with a local financial institution that was created to meet the needs of its members.

However, according to Kiplinger.com, the secret to possibly saving thousands of dollars after a balance transfer may involve a little more work on your part: "…combining the steps of lowering your interest rate and boosting your monthly payments could shave thousands of dollars off your bills and eliminate months -- or even decades -- of repayments.”

You may have noticed that your minimum payment amount changes from time to time. Being asked to pay less money is a relief so you may not think about it too much. Even so, it is helpful to know how credit cards work so that you can decide the best way to use them. Kipinger.com explains that for many credit cards, the minimum payment amount is based on a percentage of the balance, so as the balance is lowered, your minimum payment is also lowered. If you really want to reduce your credit card debt faster, you can pay more than the minimum, even as the balance decreases.

Once your debt has been lowered to an amount that makes you feel more comfortable, you can opt to increase the amount of money you put into your savings account.

photo credit: alancleaver_2000

Tackle Home Improvement with LorMet

LorMet Webteam — Wed, 25 Jan 2012 12:06:00 GMT

LorMet is the ONLY Credit Union in Ohio to Offer No Equity FHA Home Improvement Loans

Do you often look at your home and make a mental list of all of the home improvement projects you would like to do to make it a better place to live? Why not make this the year that you invest in improving your home? LorMet is the only credit union in Ohio to offer No Equity FHA Home Improvement Loans. So if you live, work, worship or attend school in Lorain County, you have an advantage over other credit union members in the state.

Don't Wait Until the Spring to Get Started on Home Improvement Projects

Once you get a No Equity Home Improvement Loan from LorMet, you can start on that big project or plan to tackle various smaller projects.

And you don’t have to wait until spring to get started. There are a number of indoor home improvement projects you can take on while the temperatures are low. When it gets warmer, you can then move on to the projects on the outside of your home.

Here are some projects to consider:

Changing your windows from single-pane to double-pane glass
Building a hidden safe for valuables in a wall or floor
Adding handrails to staircases for safety
Repairing the roof
Building an addition to the house
Enclosing a seldom-used porch to make another room
Finishing or remodeling your basement
Replacing your furnace with a new, high efficiency model

Buying a Car? LorMet Can Help with Research and Financing

LorMet Webteam — Mon, 23 Jan 2012 12:04:00 GMT

Have you been putting money in your savings account so that you can buy a car this year? If so, you can turn to LorMet for help with financing to make this goal a reality. Those of you who want to buy new vehicles can get an auto loan* with 125% financing at a rate as low as 3.49% APR**. For a used vehicle, LorMet will loan up to the retail value of the vehicle (as rated by NADA) at a rate as low as 3.99% APR**.

LorMet can also help as you research what kind of car to buy. When you click on the Chrome Standard icon on our home page, you can visit the Chrome Carbook to learn about new car models and pre-owned vehicles. You can also look up information about your current car to see what kind of trade-in value it has.

The Chrome Carbook is a comprehensive source of information—not only does it give you the stats you need, it also helps you compare and contrast this information. You can compare the features of up to five vehicles and also see the advantages of one car over another. This is great if you can't figure out the differences between certain vehicles. The site provides information such as which car has better fuel economy in the city and on the highway, which has more legroom and passenger space and which comes with a navigation system. Being able to examine these finer details can be of great help as you make your decision. And once you have decided, you can take advantage of "On-Site" Auto Financing, which puts LorMet Community Federal Credit Union inside Lorain County's most respected auto dealerships.

If you want to know more about our auto loans or about On-Site Auto Financing, contact us and we’ll be happy to answer any questions you may have.

*All rates & terms based upon evaluation of applicant’s credit history, so your rate and maximum term may differ. Not all applicants will qualify for the lowest APR or maximum term on automobile loans. Vehicles currently financed with LorMet are excluded from this offering. Trans Union FICO Auto Enhance Score of 740 or above is required for LorMet’s lowest possible rate on automobile loans.

**APR = Annual Percentage Rate. Rates stated effective as of January 12, 2012. Prime Rate as of January 12, 2012 is 3.25%. Rates and terms are subject to change without notice – information provided does not constitute a loan commitment. Call LorMet Community Federal Credit Union at 440-960-LOAN (5626) for more information.

Tips for Thrifty Living: Save Money in the New Year!

LorMet Webteam — Fri, 20 Jan 2012 21:17:00 GMT

Whether you make resolutions or not, it is natural to look at changes you can make in your life when a new year starts. You may consider trying to earn more money or look at ways that you can make better use of the resources that you already have. Doing your banking with an institution that charges fewer fees is just one of the ways to keep more money in your pocket. LorMet is here to help you with money-saving services such as free checking accounts and surcharge-free ATMs. Plus, there are no balance transfer fees when you switch to a LorMet Visa Credit Card.

You can also find that making small changes to your spending habits can really add up this new year. Examining your spending habits such as stopping a shopping for fun habit or curtailing some types of recreational activities can help you to have more money for the things you really need. An eHow.com article on "How to Live Thrifty" pointed out how consumers can change spending habits through tracking and awareness of where they are spending their money right now.

For example, if you look around your home, do you see that small appliances and electronic devices are plugged in, even when you aren’t using them? If this is the case, you can trim your utility bills by unplugging devices when they are not being used. eHow observes that "Leaving electronics on can use a tremendous amount of extra energy, costing you money…your cell phone charger is still using a residual amount of electricity when it is plugged into the wall."

You may also be able to trim your grocery bill by looking for discounts. If you read the newspaper, you can cut out coupons rather than letting those opportunities to save money go to waste. If you shop on the Internet, make sure to search for web coupon codes before you buy.

It may take a little bit of effort to change your current habits, but even small changes in your behavior can add up to a nice cash savings in a short period of time.

LorMet Offers Convenient No-Fee ATM Access

LorMet Webteam — Thu, 12 Jan 2012 12:04:00 GMT

Perhaps being more prepared and organized is one of your goals for the New Year. Although LorMet Community Federal Credit Union can’t help with things like organizing drawers or cleaning out the garage, we can help make sure you have cash when you need it. But, we do even more than make getting cash easy, we help you save money even if you have to get cash at the last minute.

With our no-fee ATM network of over 32,000 surcharge-free ATMs you have options. While we do offer convenient LorMet MasterCard Debit Cards, we know that there are times when you just need cash in your pocket. We want to make it as easy as possible for you to withdraw cash from your LorMet accounts, while still saving on transaction fees.

With a traditional bank, you’ll usually have to go to that particular bank’s ATM to avoid an ATM fee surcharge. With LorMet, you have more options. In addition to getting cash at any of our branch locations, you can use our surcharge-free Allpoint ATMs that can be found where you live, work and shop. Allpoint ATMs can be found all over the nation, so fee-free ATM service is convenient whether you are near home or traveling.

Lighten Your Load! Transfer Your Balance to a LorMet Visa Credit Card

LorMet Webteam — Tue, 10 Jan 2012 12:04:00 GMT

A finance column published in USA Today observed, "If you're carrying around a credit card balance with a high interest rate, getting rid of debt is even more difficult than shedding those extra pounds you packed on over the holidays. One way to free yourself from a high interest rate is to take advantage of a balance transfer offer."

Transfer Debt to a LorMet Visa Credit Card

As one year ends and another begins, many of us resolve that we will leave certain things behind in the old year and concentrate on making a fresh start in the year to come. However, unless you pay it all down before the clock strikes midnight on the last day of the year, you will carry credit card debt into the new year. The good news is that you can make things a little bit easier when you transfer your balance to a LorMet Visa Credit Card. The LorMet Visa Credit Card has no balance transfer fees and offers a low variable rate.

Once you have made the switch to a LorMet Visa Credit Card, you may be surprised to find that you are getting even more for your money. The card has no annual fee and no fees for cash advances. You also have the option of getting travel accident insurance and auto rental insurance, should you need those things. Plus, you get the satisfaction of knowing that you are connected to a local financial institution that helps to keep the area economy strong.

Another advantage of transferring your balance to a LorMet Visa Credit Card is that you are not limited to discussing your account via phone or e-mail to someone in a distant call center. If you have questions about your credit card or about the other services we offer, you can always stop by one of our branch locations to talk to someone about these matters in person.

Financial Goals for 2012: Decide Ahead of Time to Save Extra Money

LorMet Webteam — Mon, 09 Jan 2012 16:24:00 GMT

Set Financial Goals for 2012 Now!

January and February is a time a year when some people feel like they want to turn over a new leaf and start fresh. Some people also feel some remorse because they overspent during the holiday season. It is a time when people set financial goals that they hope will help them feel much better about their finances by the end of the year.

One of the best ways to increase your savings or pay down debt is to keep living at your previous salary if you get a raise. Rather than think about how you can "upgrade" your lifestyle, make the effort to put away that additional money. You can put it into a regular savings account, an IRA or even use it to save for a vacation. The same goes for an end-of-year bonus. It is not easy to be so disciplined, but it is worth the effort.

Some people were not fortunate enough to get a bonus or a raise last year. However, there is one influx of money that many people get each year and spend before they give themselves a moment to think about it. What is that source of extra money? Tax refunds.

As soon as January hits and people start getting W-2s in the mail, many have their tax refunds on their minds, even if they do not file their taxes until April.

If you make up your mind early on that you are not going to just spend your tax refund without careful thought, this will help when the time comes to receive it. There is nothing wrong with spending some of your refund on something you enjoy, but you do not have to spend all of it. You can start an emergency fund with a share certificate or savings account.

The satisfaction and peace of mind that comes from knowing you have funds put aside for an emergency may be just the motivation needed to start a new discipline of regular saving each payday. Even small regular amounts can be the start of a lifelong practice.

What are your financial goals in 2012?

Don’t Let Money Worries Affect Your Health

LorMet Webteam — Fri, 30 Dec 2011 12:04:00 GMT

Do you worry so much about money that is it starting to take a toll on your health? An article from Daily Finance points out that, "money woes don't just make it harder to pay for prescriptions and doctors' visits -- they can also make you more susceptible to a host of health problems."

Daily Finance spoke with Travis Stork from the TV show "The Doctors" to get ideas for how you can keep stress over money from making you sick. Avoiding the doctor, not filling prescriptions and eating unhealthy fast food can save you money in the moment, but may bring unhappy consequences down road. Stork spoke of seeing people come in for treatment after years of neglecting their health: "Taking care of yourself can pay dividends many time over. You save money from not having a heart attack or a stroke. For that matter, there's a definite value in having a better quality of life."

While it takes lifestyle changes to reduce the presence of certain stressors, there are things you can do to relieve stress when your budget is tight. You do not have to join a gym or pay for an expensive vacation, there are simple things you can do at home. Some suggestions are:

Go for a walk
Take a moment to pause and breathe deeply
Watch a video that makes you laugh
Get a pet (if you can afford it)
Make sure you get enough sleep
Find a way to help someone else.

Seven Steps for Creating a Budget

LorMet Webteam — Wed, 28 Dec 2011 12:02:00 GMT

For some people the word "budget" seems like a bad word, as if it is something unpleasant, when really a budget can help you maintain a good credit score, reduce debt and put more money into your savings account. Budgets may not seem like fun, but when you make sure expenses are met and money is put aside to reach financial goals, you will feel a lot freer and enjoy life more.

What you're spending now

1. Keep track of all the money you spend for a month. You may already have a good idea of what your monthly bills are, but do you really know how much you spend each month? If not, it is time to record this information so you know exactly where your money goes.

2. Make a list of your expenses. This should include things you can't live without (like food) and things that you enjoy but don't need (like movies).

3. Figure out how much you earn each month. You may have to look at your paystub to find your net (after tax) take home pay.

4. Look at the list of bills you tracked for a month and the list of your personal expenses to come up with a figure for your total monthly expenses. Subtract the expenses from the earnings.

5. Consider your expenses for the coming month and write down any extra expenses such as birthday gifts and also subtract those from the figure you had after completing the 4th step.

6. Examine your budget so far to see the areas where you can spend less. This does not mean you have to cut out everything fun and entertaining--think about trying to find cheaper cell phone plan or ways to be more energy-efficient so you can lower utility bills.

7. Make changes to your budget to reflect the cuts your making and be honest with yourself about your expenses and your lifestyle.

Armed with your new budget you can determine how much you can realistically save for your personal financial goals.

Grab Year-End Car Deals with an Auto Loan from LorMet

LorMet Webteam — Tue, 27 Dec 2011 12:04:00 GMT

If you think you want to end the year driving off in a new (or new-to-you) vehicle, you can find some great bargains before the new year starts. We're sure you will find that the combination of bargains at dealerships and the low rates on auto loans offered by LorMet, could really work in your favor.

Many dealerships are lowering prices on their remaining stock of 2011 models to make way for the 2012s. We can’t promise that dealerships will have special year-end offers if you wait until the new year to buy a vehicle, but we can say we are here for you all year round with low rates on vehicle loans so that you can get the car, truck, motorcycle or boat that you desire. And we also make it possible for you to get "On-Site" Auto Financing. This puts LorMet Community Federal Credit Union inside Lorain County's most respected auto dealerships. Shop for a car and instantly apply for LorMet Community Federal Credit Union financing.

A LorMet Visa Gift Card is a Great Gift During and After the Holidays

LorMet Webteam — Fri, 23 Dec 2011 12:02:00 GMT

Holiday stress? What stress?! Get them all Gift Cards from LorMet

We at LorMet certainly want to help you keep yourself from overspending so that you can stay on budget this holiday season …and we also want to keep you from stressing over what to get certain people on your gift list. So, we want to remind you that a LorMet Visa Gift Card is one of the most stress-free gifts that you can give.

And if you also have friends or relatives with birthdays or other special occasions that immediately follow the holiday season, they might appreciate a gift card as well. You will be happy that you get a break from more shopping because once the main gift-giving holidays are over, you may find that even if you used our Timely Holiday Shopping Tips, you are still tired. And after doing a lot of shopping and possibly going back to stores to return holiday gifts, the recipient might be happy to get a gift card that they can spend right away on whatever they want.

It only takes $2 to purchase a LorMet Visa Gift Card and you can load the card with any dollar amount between $10 and $1,000.

A LorMet Visa Gift Card can be used anywhere that Visa credit cards are accepted. When you give a LorMet Visa Gift Card, remind the recipient that they can also register the card online to get account and balance information.

Couples: Financial Planning Can Improve Your Relationship

LorMet Webteam — Tue, 20 Dec 2011 12:02:00 GMT

Couples who are planning to get married soon or those who have recently tied the knot need to sit down face-to-face and discuss money. You need to know how your partner feels about money and while you may have some clues from his or her habits, it helps to actually have a conversation about finances. Many people can list all kinds of details about their sweetheart's life, but may not even know whether or not the person they are going to marry has a savings account or an IRA.

What many people don’t realize is that having a great affection for each other does not mean that you don’t need to understand each other’s financial background and habits. You want to have financial goals that you both work towards as a couple and you need to be on the same page about those goals, even if your views on spending and saving differ.

You can avoid a rude awakening after the honeymoon is over if you take the time to talk about money beforehand.

An expert interviewed by eHow said, "Your financial planning should include regular short-term and long-term saving, charitable contributions and retirement planning, both at work and independently…"

An error that many people make--whether they are part of a couple or not--is thinking that saving is something they can do later because they won't need the money for a long time. Really, you want to save for financial emergencies now and to have a comfortable lifestyle as you age. And if you are part of a couple, you both need to save. Sometimes couples think that only one of them needs to save money and that one can rely on the other. You will be on much firmer financial footing if you both save money.

Photo Credit: gareth1953

Make a Holiday Shopping List…and Check it Twice for Savings

LorMet Webteam — Mon, 19 Dec 2011 17:22:00 GMT

If you are looking at your LorMet free checking account and pondering just what you will buy this holiday season, remember that holiday shopping can be a lot easier when you start off with a plan. You can set a budget for holiday shopping --limiting both the amount of money you will spend and the number of people you will spend that money on.

There is nothing wrong with going to a store just to look around and see if something catches your eye, but for some people shopping this way can be frustrating.

Plus, sometimes when you get into a store and see all of the displays, you can go overboard. Making a list ahead of time will help you to keep things in perspective. And, when you start out with a list, you may be less tempted to pick up a lot of smaller gifts because the costs of small gifts can add up quickly.

Check out the ads for sales at the stores where you want to shop and make certain that you will be at those stores during the days of the sale. This may seem simple, but when you’re busy you can miss a sale. Ehow.com, reminds consumers that, "Many department stores and brand-name retailers have automated hotlines that will provide you with such information with minimal human interaction. Store websites will also have this information and can even send you email updates."

If you have coupons for certain items, make sure that you read them carefully. Some coupons cannot be used for things that are already marked down as a part of storewide discounts. And don't forget to check for discounts and coupon codes at online retailers.

Should Parents Put Retirement Savings Ahead of College Savings?

LorMet Webteam — Fri, 09 Dec 2011 12:02:00 GMT

In "The case against saving for college," writer Kara McGuire provides some financial advice that definitely goes against the grain for "parents of modest means who are in a tug-of-war between the rational side and emotional side of financial decisionmaking." One expert interviewed said that it will feel selfish for parents to think of their own retirement first, but parents who really want to help fund a child's education can open a Roth IRA that they can draw from if there is a need.

Basically, parents put their financial futures in jeopardy for the sake of their children. A number of people will find that they need to stop working sooner than they anticipated. Even if that is not the case, the article outlines more "pressing" matters that some experts feel should take precedence over saving for college including: reducing debt, building an emergency fund in a savings account that they can access immediately, retirement savings, along with health, disability and life insurance.

McGuire writes “In a recent Allianz Life Insurance Co. survey, 46 percent of parents said saving for college and retirement are equally important goals in their household…Families with incomes of $25,000 or less were the most likely to place college savings before retirement savings, even though these families are the most likely to qualify for significant financial aid.”

Another suggestion is for parents to consider what they pay now for daycare, realizing that this expense will not be an issue later on and some of that money can later be used to save for college or to pay college tuition.

Parents can think about when they are older and not able to work, how they will not want to be a burden to their children and retirement savings can go a long way towards making sure they can maintain some independence.

Keep Yourself from Overspending & Stay on Budget this Holiday Season

LorMet Webteam — Wed, 07 Dec 2011 12:02:00 GMT

Do you approach the holiday season with great gusto? Does the thought of setting limits or a budget for the holidays seem foreign to you? Do you find yourself sighing over how much money is left in your LorMet free checking account once the holidays are over? If any of this describes you, you might want to think about doing something different this year. Even slightly altering your habits can make a big difference.

Four tips to keep your holiday costs in check:

Kiplinger’s Money Power offers some great suggestions!

Set a budget you can’t bust. Allocate a certain amount of cash for holiday spending (both for gifts and for food) and when the money is gone, that’s it.

Since everyone does not like to carry a lot of cash, you can also put your holiday budget onto a LorMet gift card. That way, you can use that card for holiday-related purchases and you know that the amount on it is limited. It is not a credit card and it is not connected to either your LorMet free checking or your savings accounts.

Surf Smart! You can look for bargains online and that may keep you from overspending since “A California Institute of Technology study suggests that customers are willing to pay about 50 percent more for products in stores, where they can touch items, than online.”

But if you know that you go overboard online, don’t subscribe to e-mail newsletters that offer tempting online discounts.

Give more gift cards. As Kiplinger’s notes, “With a gift card, you'll spend exactly what you intend.” without spending extra money. Plus, a gift card allows the recipient to get exactly the gift he or she wants.

Revamp your list. You are not obligated to buy gifts for every relative and every friend. Why not set up a gift exchange with a limited dollar amount? Or you can give gift certificates that offer your time (babysitting, yard work, etc.)

Use Your LorMet Accounts to Get Low-Cost Stocking Stuffers

LorMet Webteam — Tue, 06 Dec 2011 19:02:00 GMT

Tips on How to Save a Little Extra Money While Stuffing Stockings!

If you are thinking about using your LorMet Visa Credit Card or LorMet MasterCard Debit Card to buy stocking stuffers, we can help. Stocking stuffers may be small in size and not cost a lot but this doesn't mean you didn't put a lot of thought into them. The smallest touches can make a big difference—your friends and family will appreciate your thoughtfulness and you will appreciate being able to save.

For the person who spends a lot of time at a desk:

Give your favorite desk jockey a gift that will remind them of you while they are working such as: picture frames and picture holders, a mousepad, a decorative stapler.

For the person who spends their spare time glued to cooking shows:

Give something that shows you are aware of their interest: Packets of spices or seeds (if they also like to grow food), recipe cards, magnets of food items and kitchen tools, a wine bottle stopper or a corkscrew.

For the person who really likes to eat:

Give the food enthusiast in your life a little taste of what they love: Packets of hot cocoa, candy, a gift card to a coffee shop or a bakery.

For the kids and teens on your list:

You can buy things in bulk and pass them out among different kids on your list, such as: those popular rubber bracelets that kids like to trade, cute jewelry, lip balm and lip gloss and hair accessories for older kids, mini-cars, tiny action figures, pens or pencils with fun decorations that write in different colors.

For the most practical on your list:

Give them things that will help them get through the winter: a pair of stretchy gloves, an ice scraper, in inexpensive scarf, mini notepads for to-do lists.

Photo Credit: Hammer512

Need Help With Figuring Out How Much College Costs?

LorMet Webteam — Wed, 30 Nov 2011 12:06:00 GMT

When you have a certain expense on the horizon or want to save up for something big, you probably take the time to figure out how much you need overall and perhaps start putting money away into a savings accoun t.

However, while many people know that college can cost a bundle, they don’t always take the time to figure out just how much they are spending. Even if you plan to get a degree from an institution that is relatively inexpensive, such as Lorain County Community College, you still want to examine the overall costs and see how much you would be spending each year or each semester.

Washington Post finance columnist Michelle Singletary also wondered why people do not count the costs when it comes to college:

"I’ve long been disturbed by the number of students and families who only home in on how much they’ve borrowed for school once the payments come due. It would be like buying a house and not knowing what your monthly mortgage payment would be until after you’ve moved in.”

College tuition and the other expense of higher education probably seem so daunting that people just don't even want to face the costs. They feel like college is a worthwhile investment so they decide to make it happen, no matter what the costs.

Singletary also writes that figuring out just how much college costs will now be a little easier. The Consumer Financial Protection Bureau and the Department of Education have started the "Know Before You Owe" project to help college students and their families. Part of the initiative is a one-page financial aid shopping sheet that you will find at www.consumerfinance.gov. A more detailed view of what college may costs should not keep people from going, but it may cause some to reevaluate their choice of school or influence them to make other decisions that will keep them from being in debt for decades after they graduate.

Make a Plan to Get Rid of Debt and Save More

LorMet Webteam — Mon, 28 Nov 2011 13:04:00 GMT

A Maine woman strategized so that she and her husband could get rid of tens of thousands of dollars of debt in less than a year and a half. (How I did it: Erasing $70,000 in debt)

Create a Budget That Focuses on Necessities

She says that she and her husband worked to pay off student loans, a home equity loan and a car loan so that she could reach her goal of "working from home part-time and starting a family."

The start of the article mentions how they sold one car and traded another new car for used one. The pair then also got rid of cable and reduced their cell-phone plans. They shopped for better deals on insurance for their cars and their home. The two designed a budget that focused on necessities and they allotted themselves $25 a month to spend freely.

As you can see, this couple made a lot of drastic sacrifices and they didn't stop there. Getting rid of that much debt required them to not only cut back on expenses; they also had to bring in more money. The two also worked more; she traveled and increased her hours too for higher pay.

Is Increasing Your Savings One of Your Financial Goals?

That is an admirable way to knock out debt and reach financial goals. Is increasing your savings one of your financial goals? We know that everyone does not have the fortitude and willpower to erase debt in that fashion. That doesn’t mean, however, that you need to wait to start saving and getting rid of debt. You can still put away small amounts of money into a LorMet savings account and it will add up over time.

Money Saving Tips: Your Cyber Monday Shopping Strategy

LorMet Webteam — Fri, 25 Nov 2011 12:02:00 GMT

We have already given you some timely holiday shopping tips to help you navigate holiday traffic and crowds, but if you prefer a more laid-back approach, why not plan to do a lot of your shopping on Cyber Monday? All you need is your LorMet Visa Credit Card and a computer with an internet connection and you are ready to go. No endless searching for parking spaces or tug-of-wars over this season's hottest toys.

If you were not aware, Cyber Monday is the online answer to Black Friday. For people who'd rather sleep late after their Thanksgiving meal on Black Friday, there is Cyber Monday, the Monday following Thanksgiving and Black Friday.

Here are Some Tips to Help with your Cyber Monday Shopping Strategy:

Look for free shipping: So many stores are vying for your attention--you should not have to pay full price for shipping. If the item you want is widely available, find a store that will send it to you for little or no cost.

Don't forget coupon codes: Sure, items are already discounted, but you want to save the most money possible. Do a search for online coupon codes for the store you want to buy from and if the first one doesn't work, try a few more.

Remember to compare: You can compare prices online quickly without having to drive from store to store. And if for some reason you don't want to have an item shipped to you, you can ask the brick and mortar store if they will match the price (some specials are only available online, but it is worth a try.)

And if for some reason you do not find what you are looking for while you surf the web on Cyber Monday, keep checking back because those deals are bound to materialize the closer we get to the holidays!

Holiday Savings Accounts Can Help You Stay Disciplined

LorMet Webteam — Wed, 23 Nov 2011 12:06:00 GMT

LorMet offers Holiday Savings Accounts and at one time these kinds of accounts were popularly known as "Christmas clubs." Fox Business asked, "Are Christmas Club Accounts Still a Good Idea?" And of course we would answer with a very enthusiastic yes. That article notes that these clubs "reached their height of popularity in the 1970s" but when has saving money been a bad idea? It may not necessarily be popular but saving money for the holidays can make a huge difference and you can be popular with your family when you are able to really enjoy the holiday season.

The article discusses how many holiday savings accounts do not help the account holders reap huge amounts of interest, but we would counter that some interest is always better than none. With our Holiday Savings Account, you can earn quarterly interest when you maintain a $50 minimum balance.

However, the main service that a Holiday Savings Account offers is that it helps you to stay disciplined. Some people can put money away in a drawer or transfer it to a separate savings account and not touch it until the holidays arrive, but not everyone can do that. And that is okay because you can get some help. Open a Holiday Savings Account which allows you to make one withdrawal each year. On October 31^st each year, your funds are automatically transferred to your regular savings account for you to then use for holiday shopping.

Despite their doubts about holiday savings accounts, Fox Business concludes:

“Whether you use Christmas clubs or your own special savings account, the point of these gift-giving savings techniques is to avoid the inevitable panic that sets in early December -- and the ensuing credit card debt that follows because you haven't saved enough money. The key is to set up these savings plans early enough to reap the benefits.”

Five Tips for Making a Holiday Shopping Budget

LorMet Webteam — Tue, 22 Nov 2011 20:38:00 GMT

The holiday season is a time when we are encouraged to be generous and giving, but you do not want forget that giving does not always mean spending money. You can give people on your shopping list the gift of your time and attention. And when you do spend money it is okay to set limits. In fact, you can even take a certain amount of money from your LorMet free checking account to spend on gifts and when that money is gone, the shopping is done!

Tips to Help You Set Some Limits on Your Holiday Spending

Write down the names of everyone you are thinking of buying gifts for this year…and then cross off the names of people you do not necessarily need to get gifts for.
Decide the total amount you want to spend on holiday shopping. Then add $20 to that for parking fees, lunch, and other "incidentals."
Write down how much you want to spend on each person. Remember that you do not have to divide your holiday shopping budget evenly. You can spend more on some people than on others; just make sure you don't exceed your total amount.
If you are not doing your holiday shopping all at once, keep your shopping list handy by leaving it in your car or entering it into a planner or smartphone. Keep track of what you've spent and which people you have already bought gifts for so that you can avoid duplications.
Don’t feel as if you have to get each gift wrapped in fancy packaging. If free wrapping is offered, take it. Look around at home for containers, wrap and decorations that you can use for gifts.

Remember that a holiday shopping budget will help you to limit your stress and still allow you to enjoy your shopping experience!

Count the Costs Before Using Layaway

LorMet Webteam — Sat, 19 Nov 2011 12:02:00 GMT

Layaway has made a comeback in recent years, with some seeing it as a sensible way to get items that you want without paying for them all at once. But before you take money out of your LorMet savings account or write a check from your LorMet free checking account for layaway, make sure you count the costs.

Getting the right price

When you decide to buy items via layaway, in most cases you are going to pay the price as marked when you put the items on hold. This means that you could miss out on later markdowns or sales. This will be especially noticeable if you are doing layaway during the winter holiday shopping season when prices are continually reduced as the holidays approach. You can ask the store if they will let you take advantage of a markdown with layaway, but this is not likely to happen.

The fees add up

The fees for layaway vary by store and while they often seem nominal, $5 to start layaway for example, they can add up. An Associated Press article that suggested costumers be leery of layaway commented, "If you pay a $5 layaway fee and $10 down payment on a $100 item held for eight weeks, for example, that is the equivalent of a 44 percent annual percentage rate on a card."

Can you change your mind?

Of course you can change your mind about layaway…but it may cost you. Before you sign up for layaway make sure that you can live with the cancellation and return policies. If you don't make a payment or decide you really don't want the items, you may be able to get back the money you paid, but the store may keep the layaway fee or charge you a fee for canceling.

Timely Holiday Shopping Tips from LorMet

LorMet Webteam — Fri, 18 Nov 2011 16:22:00 GMT

With the right timing, you can rack up savings as you shop with your LorMet Visa Credit card or your LorMet MasterCard Debit card this holiday season. Serious holiday shoppers don't just stop by a store after work or wander in at any old time; they know how to maximize their time and get in and out of stores with the least amount of hassle.

Here are some surefire ways to time your holiday shopping trips right:

Plan your route: Even if you want to go shopping at a place you have visited before, make sure you know the best route so that you can save time and cut down on gas mileage. This is especially important if you are going to get a special gift at a specialty store that’s not a part of your normal routine. Make sure you know how to get there and find out about construction and traffic alerts so you know that you are going at a time when you can travel there with a minimal amount of stress.

Hit the stores while everyone else is on the road: If you can, plan to visit stores during rush hour when other people are trying to get home or to that particular shopping center. You will have fewer shoppers to compete with and when you are ready to leave, other shoppers will just be arriving and the roads will be clear.

Early to bed, early to rise: At the height of the holiday season it may seem as if every store is crowded all the time, but this is not really the case. The one time of day when you are likely to find fewer fellow shoppers is in the morning. Go to bed earlier if you need to so you can get to the store early and get your shopping done before things get hectic.

With just a little planning, you can take much of the hassle out of your holiday shopping and actually enjoy yourself.