LorMet Community Blog

LorMet's Tips to Saving at the Gym

LorMet Webteam — Tue, 02 Sep 2014 15:32:00 GMT

Whether you dream of optimum health and a toned figure, it’s only natural to think of joining a gym. Preparing for your decision can help you keep fiscally as well as physically fit.

Set realistic goals. If you’ve spent your life as a couch potato, don’t expect to become an award-winning body builder or marathon runner after your first month of training. Gyms love to publicize their most successful clients, but be aware that everyone has a unique body type. A realistic goal can help you save money on memberships, equipment and competitions.
Decide whether a gym is really for you. The variety of equipment and classes may make a gym look like a great deal, but only if you’re prepared to use the resources at hand. Some people sign a contract only to find themselves uncomfortable, rushed or hassled. An in-home personal trainer may be an alternative to joining a gym.
Shop around. A high-end gym is likely to be reflected by membership fees and monthly dues that could strain your budget, and according to the Wall Street Journal, many major chains don’t give you a lot of detail about their pricing before you sign the contract. If you’re looking for basic accommodations, a local independent gym may be a better deal than a national chain.
Involve friends and family. Many people find themselves more motivated to stick to a workout plan when others join them. You may discover group rates on gym memberships that can save you money while helping your friends and family enjoy a healthier lifestyle.

Want to save money all year round? Talk to the experts at LorMet.

LorMet’s Tip: How to Save Money at the Movie Theater

LorMet Webteam — Fri, 29 Aug 2014 15:30:00 GMT

Saving money should be a part of anyone's budget. Putting aside money for the future is a solid step in the right direction to financial planning which leads to financial stability. Whether it's a little or a lot, every penny is worth saving.

LorMet Community Federal Credit Union is your go-to place for finding ways to help put dollars away for a rainy day, vacation, or family fun.

These days, something as simple as going to the movies can be costly especially for families buying multiple tickets. A good way to save money for family fun is by setting up a Vision Savings account at LorMet dedicated only to frivolous fun time. There are additional ways to save when you're planning to go see the newest flick from the movie studios.

Here are a few tips to save and still have a fantastic time.

Check with your local movie theater for early bird or matinee specials. These can be movies scheduled for early in the day or early evening hours and be significantly discounted.
If you order tickets from a local ticket vendor online, you may have access to special coupons or promo codes. By paying online, you may be able to get discounted tickets regardless of the movie, date or movie time.
For some reason, we always get hungry when we're at the movie. Save money by dining at home or stopping at a local fast food restaurant and taking advantage of the $1 deals to fill you up before you go.

LorMet’s Tip: How to Start Saving for Christmas in the Summer

LorMet Webteam — Wed, 27 Aug 2014 15:59:00 GMT

Saving for Christmas? In the summer? That’s right folks, unless you want to feel the financial pain and pile on credit card debt alongside your neighbors this holiday season, the time to save money for Christmas is now.

Setup a savings account or utilize LorMet Visibility to setup a budget.
Make regular automatic transfers to your holiday fund. That way you can set it and forget it until Christmas.
Hang on to those gift cards. Put them in an envelope, and use them for presents later. (Just check expiration dates before you set them aside.)
Stash away any non-paycheck money, such as cash back, rebates, copay refunds, and the like.
Start a coin collection, emptying change daily into a jar. Let the kids roll it instead of using the change machine to instill math and budgeting skills.
Give up something, such as one meal out or specialty coffee drinks each week, using those funds for your holiday savings instead.

Shop early, and only purchase items that are on sale.
Sell your stuff. You’re sure to get more this holiday season, and a lot of it is clutter anyway. Consign, yard sale, or sell items online that you no longer need for extra cash.
Cut back on your cable package to save money.
Lower your cell phone plan or ditch the land line. This alone could free up $50 per month.

Don’t let finances drag you down this Christmas season. Save money now. With the help of LorMet, you can meet all of your holiday savings needs – without the stress.

LorMet’s Tip: How to Save Money at the Amusement Park

LorMet Webteam — Mon, 25 Aug 2014 20:47:00 GMT

People of all ages, from kids to adults, will find something fun to do at the amusement park. From rides and games to shows and a variety of foods, a day at the park is a day you won't soon forget.

Like many things that provide almost unlimited entertainment involving large groups of people, a ticket to the park can run into some serious spending especially when it's necessary to purchase multiple tickets. The dollar amount can put a serious crimp in the budget.

At LorMet Community Federal Credit Union, our goal is to help you stay on track with financial planning, which includes, saving money. With Vision Savings accounts and holiday savings accounts, putting a little something aside means having fun at the park whenever the urge strikes.

Here are a several helpful tips from your friends at LorMet to ensure your family has a great time at the amusement park without breaking the bank.

To encourage more people to visit, the park is all about marketing and advertising along with offering special deals. These special deals may be on a particular day or date range, during a specific season, or in conjunction with another company and means discounted ticket prices.
If you're in the military, check with the park for special prices for active military personnel as well as veterans.
Amusement parks, like hotels, run special deals for vacation packages which may include discounted tickets.
Check the website for the amusement park you plan to visit for "online only" coupons for reduced ticket prices.
If the park has a year long pass, you can save money by buying a seasonal pass instead of individual tickets each time you go if you know you’ll visit often.

Our staff is a phone call away if you have any questions about how LorMet can help you save money.

LorMet’s Tip: How to Help a Teen Get a Job

LorMet Webteam — Wed, 20 Aug 2014 15:15:00 GMT

A part-time job is an important step on your teen's path to adulthood. It is an opportunity for your teen to accept new responsibilities, demonstrate initiative, learn marketable skills, experience the satisfaction of earning a paycheck and take the first steps toward smart money management.

Follow our tips to help your teen get a job:

Goals. Provide a work incentive by shifting the responsibility for paying certain expenses to your teen. Help your teen set both short-term goals (earning money for a fall wardrobe, school trip or car insurance) and long-term goals (saving for college or to buy a car). To prepare for that first paycheck, help your teen open his own LorMet Community Federal Credit Union teen checking and LorMet savings accounts.
Resume. Help your teen identify potential job skills by writing a resume. Show him how to translate job skills into organizational, leadership and team-building skills learned by participating in school activities, sports and community service.
Search. Show your teen how to search for a job on internet sites. Encourage him to network by sharing his job search with friends, relatives, teachers, neighbors and coaches.
Apply. Walk your teen through the job application process by helping him fill out several job applications.
Interview. Help your teen prepare for his interview. Do some interview role playing and show him how to research a company. Talk about how to dress and behave professionally to create a good impression. Remind your teen to send the interviewer a thank you letter to emphasize his interest in the job.
Employed! Before accepting a job, remind your teen to clarify his work hours, work responsibilities and pay.

Ways LorMet Credit Union Benefits Lorain County, Ohio

LorMet Webteam — Mon, 18 Aug 2014 15:29:00 GMT

Since our founding in the depths of the Great Depression by a small group of steelworkers seeking to create a financial institution that would look out for the needs of the working man, LorMet Community Federal Credit Union has become an integral part of the fabric of life in Lorain County, Ohio.

Over the decades, our dedication to serving the financial needs of the people who live, work, worship and attend school in Lorain County has grown along with the community. At the same time, our investment in the community and its members has also been instrumental in helping Lorain County grow.

4 Important Ways LorMet Benefits Lorain County

From our beginning in 1936, our membership has grown from 1,167 in that first year to more than 18,000 members today. From our start, LorMet has been dedicated to serving our members and making it possible for them to use their money to better their lives.
From initial assets of just over $15,000, member assets have grown to more than $150 million today. Because we are a local financial institution much of that money is reinvested in the community through home equity loans and auto loans.
From a couple small rooms at the steel plant, we have expanded to have full-service branches conveniently located throughout Lorain County. Our mobile banking app and the Allpoint ATM network allow members to access their accounts nationwide.
From an initial charter to serve only National Tube Lorain Works employees, our charter was expanded to serve the wider Lorain County community. Today, anyone who lives, works, worships or attends school in Lorain County may join LorMet.

Five 529 College Savings Plan Tips

LorMet Webteam — Fri, 15 Aug 2014 14:36:00 GMT

Opening a 529 college savings plan is a smart way to save for your child’s college education. College education costs keep rising. Investing in a 529 when your child is young can help your savings keep pace with costs so you’ll be able to pay for college when your child is ready.

529 Advantages

Compared to other college savings vehicles, 529 plans offer unique advantages. Contributions and earnings are not merely tax deferred but tax exempt when used for higher education expenses.

These savings plans also offer students a broad range of education options. Funds can be used for four-year or community colleges and accredited post-secondary programs such as nursing, computer technology, beauty school, automotive repair and construction trades.

529 Savings Tips

Open 529s for your children as early as possible to ensure maximum growth by the time your children reach college age. Minimal annual contributions make 529s affordable for families of all incomes.
Invest as much as you can afford. Excess funds can be used for graduate school, transferred to another child, saved for grandchildren or used to further your own education.
Don’t worry about whether your child will go to college. A 529 can also be used for trade or professional school or transferred.
Ohio offers several 529 plans. Get the details at CollegeAdvantage.com.
You don’t have to open a 529 plan in your home state, and 529 funds can be spent at qualified institutions in any state. Visit CollegeSavings.org for more information.

ATM – A Little History on Instant Cash

LorMet Webteam — Mon, 11 Aug 2014 16:15:00 GMT

Thanks to the convenience of the modern ATM, most Americans don’t think twice about walking around without a penny in their pocket. When did instant cash get so easy to come by?

A brief look into the history of the ATM…

1960 proves too soon for an automated deposit machine…
Created by Luther George Simjan, the “Bankograph” was capable of accepting deposits day or night, providing a microfilm photograph of each deposit as a receipt. While it did not catch on, the shape cemented the design of future models.
By 1967, consumers warm to the idea of cash dispensers.
If a vending machine can dispense chocolate bars, why not cash? Such was the thought of Scottish inventor John Shepherd-Barron, who first introduced the idea to the London bank Barclays. Shephard-Barron’s ATM used paper vouchers printed in radioactive ink that machines could read, allowing customers to enter identification codes to retrieve cash.
Americans add the plastic in 1969.
Donald Wetzel’s U.S. banking machines are introduced, using plastic cards like those in use today.
Spreading the wealth…
By 1970, dozens of banks employ ATMs, with Citibank spending millions to install the machines throughout the New York City area in 1977.
ATMs today.
ATM numbers reach nearly 2 million worldwide today, dispensing not only cash, but airline tickets, movie tickets, medicine, and more. Though debit and credit cards have recently caused a slight dip in their use, they are still a staple of consumers worldwide.

Low on cash? Visit one of LorMet’s convenient ATM locations today.

Five Reasons Grandparents Should Open a 529 College Saving Plan

LorMet Webteam — Fri, 08 Aug 2014 19:49:00 GMT

You thought you were done worrying about college savings… And then the grandkids arrived. Lucky for them, you understand that attending college is more important - and more expensive - than ever. With the help of a 529 College Savings Plan, however, you can really take the edge off college costs.

Don’t miss out on these 5 great benefits of 529s:

Tax benefits - Made permanent with the federal Pension Protection Act of 2006, investments grow tax-deferred and distributions for beneficiaries are tax-free. Your state may offer additional tax breaks as well. Even better? No 1099 forms until withdrawals begin.
Maximum control - With rare exception, you the donor – not the beneficiary - maintain control of the account. You can even reclaim funds on the account, no questions asked (but subject to tax). Far superior to the level of control given with custodial accounts under the Uniform Transfers to Minors Acts (UTMA).
Significant deposits - Allowable amounts are substantial, over $300,000 per beneficiary in many states, with no income limitations or age restrictions on plans.
Ease of use - Once you decide the 529 plan for you, simply fill out the enrollment form and contribute. You can even setup automatic deposits. Plans are then managed by the state treasurer’s office or an outside investment company.
Flexibility - Changed your mind? You can move your investment to a different 529 savings option every year, program permitting, or rollover to a different state’s program. Replacing the account beneficiary with another qualifying family member? There’s no limit on the frequency of changes.

Consider Safety When Buying Used Cars for Teen Drivers

Scott Heidrich — Tue, 05 Aug 2014 14:36:00 GMT

Everyone remembers their first car. Mine? It was a 1984 Cadillac. It was a beast! The car was enormous and relatively powerful, but rather ridiculous for a 15-year-old. I felt pretty safe driving it because it was bigger than almost everything else on the road. My classmates, on the other hand, generally drove one of two things: small cars or pickups. Sometimes, like my own first car, these vehicles were hand-me-downs from parents or grandparents.

Other times, parents would purchase a used car for their teen. My brother's first car was a used car purchased for him by our parents. I know that when his car was purchased, price and reliability were the deciding factors. Of course, parents today still look to used cars as an economical first car for teens. In fact, a survey for the Insurance Institute for Highway Safety (IIHS) found that 83% of parents who bought a car for their teenager bought it used.

Price and reliability are important, but don't forget safety. The IIHS recently issued recommendations on used vehicles for teens to help parents consider safety in addition to price. Their recommendations were guided by four main points:

Lower Horsepower - Cars with powerful or sports engines may tempt teens to push the car's limits and endanger themselves.
Bigger Cars - Larger, heavier cars generally provide better crash protection than smaller cars.
Electronic Stability Control - As new, inexperienced drivers, teenagers benefit from these systems that help maintain control around curves or on slippery roads.
Safety Rating - Higher safety ratings (four or five stars) from the National Highway Traffic Safety Administration (NHTSA) crash tests.

Parents can use these same guiding principles when car shopping for their teens. Your auto dealer or a little internet research can answer your questions about the cars that fit your price range. The IIHS recommendations even include specific models and their price ranges to help parents make buying decisions.

If you think you'll need an auto loan to buy a car for the new driver in your household, give LorMet a call and speak to a friendly and knowledgeable lending representative about your options.

About the Author
Scott Heidrich

Scott writes for LorMet between his other work at the credit union, including e-services, web content, and social media. Being from North Dakota, he describes Ohio winters as "mild."

How Much Should Kids Save from a Summer Job?

LorMet Webteam — Mon, 04 Aug 2014 15:31:00 GMT

Whether your teen is making a little or a lot from his summer job, that weekly paycheck is an excellent opportunity to teach your child about responsible money management. If you want the lesson to be successful, allow your teen to take ownership of his decisions by involving him in setting financial guidelines and goals.

The Big 3: Saving, Investing and Spending

Encourage your teen to divide his earnings between savings, investing in the future and daily spending. Expect some ups and downs and be prepared to provide plenty of guidance as your teen learns to manage his new income while dealing with peer pressure, youthful impatience and the desire to splurge or, in some cases, horde his paychecks.

Some parents recommend their teens divide their earnings evenly into spending, savings and investment. While that’s an easy way to get started, your teen’s expenses and goals may dictate that more is saved for college, a car, school trip or other large financial goal. On the other hand, if your child is expected to pay for his car insurance, phone bills, clothing or school books, a greater share of his paycheck may need to be allocated to spending.

Getting Started

Sitting down with your teen to create a simple budget and set a few financial goals will help your child understand where his money needs to go. Knowing what he is working for and saving for provides a strong incentive to keep his spending and savings on track. Opening his own LorMet teen checking account and primary savings account will help your teen keep track of his money and take control of his financial future.

LorMet Tips: Just for Waiters and Waitresses

LorMet Webteam — Fri, 01 Aug 2014 13:57:00 GMT

Living with the uncertainty of ever-changing tip income makes life challenging for waiters and waitresses. It can be hard just to get control of your finances and even harder to start building a foundation for the future.

Use these tips from LorMet’s financial advisors to create a better financial future:

Put your money in the bank.

Many waiters and waitresses bring their tips home and stash them in a jar, grabbing a handful of cash when they need it. Unfortunately, cash tends to slip away when you don’t keep track of it and one burglary could wipe you out financially. Open LorMet checking and savings accounts and protect yourself by depositing your tips and earnings regularly.

Learn how to budget.

When your income fluctuates, budgeting can help you maintain control of your expenses and ensure that you have enough money to pay your bills. To create a budget, follow the step-by-step instructions on TheNest.com. We also recommend:

Saving 10-20% of every paycheck to pay income and social security taxes. Once you have accumulated an emergency cushion, start saving for retirement by funding a LorMet IRA.

Start reporting all your tips.

Yes, you’ll have to pay taxes on them. But reporting your actual earnings raises the monthly income that loan officers use to determine whether you are credit worthy when you apply for an auto loan or home mortgage. Reporting a higher monthly income can also earn you a more favorable loan interest rate.

For help creating a sturdy financial foundation for the future, stop by any LorMet Community Federal Credit Union branch and talk to one of our knowledgeable financial representatives.

LorMet Tip: Piggy Bank and Cookie Jar Savings

LorMet Webteam — Wed, 30 Jul 2014 13:59:00 GMT

Do people still save money in cookie jars and piggy banks? It turns out they do. In fact people rarely stop looking for creative ways to stash their cash, whether it is to save for something in particular or hiding their proverbial cash stash.

A long history of stashing the cash…
Clay jars have been around for centuries, offering a convenient hidey-hole for any and everything. In fact in Europe during the Middle Ages, clay pottery was made from what was referred to as “pygg” clay. Sound familiar? While not shaped like the cloven-hoofed friends on your desk, “pygg jars” have offered a convenient stash for coins and valuables for quite some time.
The good luck… pig?
Yes, in many cultures, pigs are associated with good luck and good fortune. Plus, when “pygg” sounds like a pig, naturally it was only a matter of time until the storage jars and animal became hybridized.
Still at it.
Even after all these years, piggy banks are often the first savings tool of choice for teaching children about finances. They are also used by families the world-over as a savings tool for an array of desires and destinations.
Looking for a bigger jar?
At LorMet, we are just like your cookie jar or piggy bank – but with added dividends, less raiding, and greater protection. And while not as entertaining as your friendly family pig, our savings accounts are still the safest place to stash your cash because LorMet is federally insured by NCUA.

Found yourself scrounging in the couch cushions lately? Don’t break the bank. Contact LorMet today to learn more about tools that can help you meet your savings needs.

LorMet Tip: Pets are Expensive 5 Ways to Save Money

LorMet Webteam — Mon, 28 Jul 2014 13:42:00 GMT

From love to safety, pets offer a host of benefits. However caring for your pets can get costly. If your pet-related expenses are getting you down, try these 5 money saving tips:

Keep your pet healthy.
Regular preventive veterinary visits, a good diet, and exercise ensure your pet’s health - your best defense against unexpected pet care bills. If you’re stretched thin, seek out low-cost pet clinics at your local animal shelter or reduced-cost care at veterinary colleges.
Go generic.
From pet food to pet medications, generic brands offer a great deal of savings. Avoid premium brand names, but be wary of overly cheap alternatives. Talk to your vet about generic alternatives. For food, opt for middle-of-the-road solutions that don’t contain fillers and additives that cause health problems. Want to save a little extra? Buy it in bulk.
Consider insurance.
If you’re the type that will do absolutely anything, sparing no expense for your pet, it may help you spend smarter.
Look for assistance.
When times are really tight, such as in the event of a job loss, don’t be afraid to reach out for help. Organizations such as the Humane Society and SPCA are there to make sure your furry family is cared for, offering assistance with food, vet care, and other expenses.
Tone-down the toy purchases.
Like you, your pet doesn’t need a bunch of expensive toys to keep him happy. A few inexpensive essentials will get the job done without breaking your budget.

Looking for more money saving tips to keep your checkbook out of the red? Count on LorMet. From love to safety, pets offer a host of benefits. However caring for your pets can get costly.

LorMet Tip: 5 Ways to Save Money on Your Cable Bill

LorMet Webteam — Fri, 25 Jul 2014 17:58:00 GMT

Though well-loved, cable services can be a costly monthly expense. But fear-not. There are ways you can save and preserve your favorite mode of entertainment.

Boost your monthly savings with these five tips:

Change your programming. Are you paying high monthly fees for channels you don’t really need or watch? Tame the got-to-have-it mentality by dropping specialty packages for more cost-effective options, such as renting or streaming.
Don’t be afraid to ask. Don’t keep paying the same amount monthly when you see your cable company advertise smokin’ deals for new customers - ask for a deal yourself. Fee structures and options may have changed dramatically since your initial signup. If they won’t bite, let the rep know you’ll be getting in touch with the competition.
Spend smarter with bundles. Have multiple services such as cable, internet, and phone? A fair amount of money can be saved monthly by bundling.
Buy your own. If you're paying a monthly rental fee for your DVR, consider purchasing new or used equipment of your own. If you stay with the company for a long time, the investment can pay for itself.
Nix the cable. This may sound extreme, but the truth is there is an array of options besides cable to help you live thrifty. Apple TV, Amazon Fire TV, Chromecast, Netflix, Hulu, Roku, Xbox, Wii, Playstation, and more offer alternatives to cable that can drastically reduce your viewing costs. You can also make a minor investment in an antenna and booster for access to local stations and some major networks and ditch monthly viewing bills altogether.

Don’t blow your budget. Save money and still have fun with savings tips from LorMet, Lorain County’s savings experts.

Find Out Why Credit Union Auto Loans May Offer the Best Terms

LorMet Webteam — Wed, 23 Jul 2014 15:07:00 GMT

If you’re in the market for an auto loan, you may find the best terms at a credit union. It’s always smart to shop around, but credit unions typically offer lower auto loan rates and more favorable terms than commercial banks or finance companies. Bottom line: With a credit union auto loan you could pay your car off sooner!

The Credit Union Difference

Unlike for-profit commercial banks, credit unions are not-for-profit financial cooperatives owned by and accountable to their members. Active participants in their communities, credit unions are locally-oriented and typically enjoy more personal relationships with their members than large national banks. That personal connection makes credit unions more likely to approve your auto loan and offer you a more favorable rate than you’ll get from a bank.

Sweetening the pot, credit union members typically pay lower loan processing fees than bank customers. All in all, it makes for a friendlier, more personal lending experience.

Speedier Loan Approval

Speed is another advantage of obtaining your auto loan from a credit union. Most credit unions are local which means loan approval decisions are made locally. This may allow for a faster response time when you apply for a loan than you’re likely to get at a bank.

LorMet Community Federal Credit Union even offers on-site auto financing at a many of Lorain County’s most respected auto dealerships. You can apply for a LorMet loan while you shop for a car.

To aid our members, LorMet also offers handy auto research tools and loan calculators on our website. Stop by any LorMet branch and let us help you finance your next vehicle.

LorMet's Tip to Getting the Most Out of Your Vacation

LorMet Webteam — Mon, 21 Jul 2014 19:39:00 GMT

"Summertime and the living is easy" is true enough with blue skies and plenty of sunshine just beckoning for you and your family to enjoy the great outdoors. From scenic state and national parks waiting to be explored to white sandy beaches bordering turquoise waters, there's plenty of fun in the sun for everyone.

To get the most out of summertime vacations, weekend getaways, or a full day of excitement, having the right "toys" available will make it that much better. With a loan from LorMet Community Federal Credit Union, we can make it happen.

Summertime Fun

Our loans have competitive rates so you can purchase a new or used item to make your getaways jammed packed with fun and excitement.

At LorMet, we have loans available for the following:

New and used cars or trucks
Boats
Motorcycles
Recreational vehicles

Think about your next vacation riding a touring motorcycle or zipping across the lake in a new boat. Consider a new truck to tow a travel trailer along with a couple of all-terrain vehicles for touring the countryside. At LorMet, we're just a phone call away.

Start planning ahead for vacations year round by using the LorMet Visibility tool to help you keep track of expenses, create a budget, set goals, and more.

With an array of products and services available to you along with helpful tools, competitive rates, and an experienced staff, we'll have you on the road to your favorite destination with everything you need without breaking the bank.

LorMet's Tips to Saving Money on Utilities

LorMet Webteam — Fri, 18 Jul 2014 15:09:00 GMT

With weather extremes and rate hikes, utilities can really put a dent in your monthly budget.

To save money on utilities, try these simple suggestions:

Start replacing incandescent light bulbs with compact fluorescents or LEDs.
Compact fluorescents use about 75 percent less energy and last 10 times as long as incandescents. LEDs use 75-80 percent less and last 25 times longer.
Upgrade to a programmable thermostat. Your home’s largest energy expenses is heating and cooling, and programmable thermostats allow you to reduce those costs by adjusting temperatures while you are away. For every degree you turn your thermostat back or up over an 8 hour period, you could save one percent of your energy bill.
Install low-flow fixtures. Low-flow showerheads and faucet aerators can greatly reduce your water bill, reducing flow rate from 2.5 to as little as 0.5 gallons per minute.
Turn down your water heater. Electric water heaters add up to about one-quarter of your utility bill. Want to save even more? Reduce shower times and switch to cold water for laundry – today’s detergents work just as well without hot water.
Add a separate meter for irrigation. Your sewer bill is tied to water usage, so why pay for what isn’t going down the drain? Contact your utility company regarding the option of a dual meter.
Upgrade to high efficiency appliances. High efficiency appliances offer greener options, using less energy and water per use than lower-end options.
Verify adequate attic insulation levels. Inadequate insulation can drastically affect heating and cooling costs, your largest energy expense. Check recommended levels for your area, ensuring your attic access points are insulated and well-sealed too.
Seal air leaks. Seemingly insignificant, all those air leaks in your home can add up to a window that is constantly open. Seal up leaks around outlets, windows, doors, pipes, baseboards, ceilings, and walls, in the foundation and siding, and more to save 5-30 percent.

LorMet’s Tips to Saving Money at the Gas Pump

LorMet Webteam — Mon, 14 Jul 2014 20:17:00 GMT

Nothing is getting any cheaper these days, and summer prices at the gas pump can be particularly brutal. Hold onto a few extra dollars at the pump with these sound gas-savings tips from the Alliance to Save Energy:

Opt for efficiency. A gas-savings no brainer, the better your vehicle’s fuel economy, the more money you will save. Buying a new or used vehicle that gets just 10 more miles per gallon could save you nearly $1,000 per year in fuel costs. Check out the DOE’s fuel economy website to learn more about how much you could save.
Rein in your inner road-rager. Aggressive driving including speeding, rapid acceleration and hard braking can lower gas mileage up to 33 percent. Taking a chill pill could save you nearly another $1,000 per year.
Don’t just sit there. Idling can waste one quarter to one half gallon of fuel each hour. Avoid excessive idling; it takes very little fuel to start your car.
Go cruisin’. Cruise control helps you maintain speed and save gas.
Put it in overdrive. The reduction in engine speed saves gas.
Off-peak isn’t just for your cell. Avoid peak rush hour driving to save gas, time, and stress.
Lose that junk in your trunk. Remove unnecessary items from your trunk and roof rack to reduce weight and gas consumption.
Stop stalling on repairs and maintenance. Poorly maintained vehicles also have poor gas mileage. Replacing just one faulty oxygen sensor can improve mileage up to 40 percent. In addition, worn out oil, low fluid levels, or incorrect lubricants increase friction, wear and tear, and fuel consumption.
Keep an eye on your kicks. Tires, your car’s shoes, need to be properly inflated and maintained for longevity, safety, and fuel efficiency. Check your tire pressure regularly.

Don’t let today’s high gas prices get you down. With a few small changes, you could save big!

Cool Down with Homemade Treats

Jacqueline Sergent — Fri, 11 Jul 2014 17:18:00 GMT

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Summer is here and to be honest it’s been HOT! But who’s complaining after the winter we had right?!? One way to cool down is with a frozen treat. My personal favorite is a cold refreshing Popsicle!

Sure you can go and buy a box of Popsicles, or you could get a little creative and make your own! All you need are some molds or Dixie cups, a yummy concoction of juices and a freezer… and bam you’ll have yourself a delicious, frosty, homemade treat!

Below are 2 quick and easy recipes to get you started!

The Kool-Aid Popsicle

Grab your favorite flavor of Kool-Aid, mix it up by following the packet directions. Get your molds or Dixie cups ready and fill up them up about 2/3’s of the way full. Stick them in the freezer for about 6-10 hours (or overnight) and Enjoy!

Puddin’ Pops

Mix up a batch of instant chocolate pudding and add a cup of whipped cream (to make the pops a little creamier), fill up your molds or Dixie cups about 2/3’s of the way full and stick them in the freezer for about 8-10 hours and Enjoy!

(*Tip: Put the Dixie cups on a cookie tray and then place in the freezer)

If you now feel inspired to try more recipes, check out some of these ideas!

Happy Freezing... and Eating :)

Use Your Debit Card For A Swipe & Win Summer

Scott Heidrich — Thu, 10 Jul 2014 14:15:00 GMT

When you make a purchase, do you instinctively reach for you debit card? Do you find check writing to be time-consuming or even passé?

Me too! I'm the first to admit that I live or die by my debit card. I'm not really a cash guy and I'm definitely not a check guy. Credit cards have their place, but if I'm at the store I'm using my LorMet Debit MasterCard. It's just quicker and easier to get out of the checkout line and on my way. And I can see my transactions immediately in mobile banking so I can stay on top of my spending and always know my balance. Do you want an even better reason to use your debit card?

Swipe & Win Summer is here!

Now through August, make 20 or more purchases with your LorMet debit card each month to be automatically be entered into a drawing for that month's prize. That's it. The more you use your card, the more chances you'll have to win! The June winner is already enjoying a pair of Cedar Point Platinum Passes. The July winner will get to splash the day (or night) away at Kalahari with a $300 Kalahari gift card. And August? Well, that prize will be revealed soon so you'll have to check our our Swipe & Win Summer page for that and the Official Contest Rules.

You even have a little less competition since I'm not eligible to win. Your LorMet Debit MasterCard could just be your ticket to even more fun this summer. Good luck!

LorMet's Tips to Saving Money on Vacation Travel

LorMet Webteam — Wed, 09 Jul 2014 15:01:00 GMT

Finally saved for a great getaway but worried you’ll blow next month’s budget on vacation incidentals? You can still enjoy a terrific vacation while protecting your bottom line. Ensure success with these simple tips:

Timing is everything. Peak travel times, like summer, can cost you more than off-peak timing. “Shoulder season,” the time between peak and off-peak seasons, offers maximum value. Each region has different seasons, however, so be sure to do your research to stretch your vacation savings.
Think ahead. Taking advantage of daily deals websites to not only keep money in your pocket, but provide you knowledge of area attractions prior to your trip. Also, don’t neglect free apps for coupons, drinks, and meal deals.
Reap your rewards. Open up your wallet and pull out your AAA, AARP, student ID, and more to take advantage of member discounts and perks prior to purchasing food, lodging, or tickets to area attractions.
Don’t spend it all in one place. Plan your vacation spending in advance, anticipating weekly needs so that you’ll know how much to budget for your trip. Make a specific budget for shopping, souvenirs, entertainment, and other fun splurges – and stick to it.
Hitch a ride. Look into free shuttles and public transportation options like buses, trains, and trolleys to avoid the expense of a rental or cab, especially when traversing a relatively small geographic area.
Make your own. Dining out for every meal can really take a toll on your vacation budget. Making your own meals in your hotel room or vacation home’s kitchen when possible can save you a significant amount. No kitchen? Opt for easy to eat items such as fruit, cereal, and sandwiches.
Be a mooch. Why purchase and haul items like soap and shampoo that your hotel stocks for free? Get a list and take advantage of hotel freebies.

For more help meeting your savings goals, contact LorMet today. Our trusted professionals are here to help you.

Save Money and Stay Close to Home - LorMet's Tips to Lorain County Fun

LorMet Webteam — Thu, 03 Jul 2014 14:36:00 GMT

Finding affordable ways to have fun while saving money is a great way to teach your kids financial responsibility. Show them how easy it is to do both with these fun and affordable Lorain County entertainment options:

Get moving with the Back Roads & Beaches Bike & Multi-Sport Tour - Spend more time with your family by taking advantage of some of the best cycling, mountain biking, kayaking, and swimming in Ohio. Explore wineries, museums, shops, galleries, and restaurants together en-route. Fly by the seat of your pants, or plan ahead with a downloadable Back Roads and Beaches Map and Guide.
Enjoy the excitement at a sporting event - High school events, college sports, professional teams, and racing are all exciting local and nearby options for the sports enthusiasts in your family. Attending events like these are a great way to still have fun while saving ahead for your next big vacation.
Pick your own at local orchards and farms - This offers a great fall family outing. Pick your own from many apple varieties; enjoy hay mazes, wagon rides, farm animals, and more. There are great orchards and farms located throughout the county for your family’s enjoyment.
Get inspired by the museum - Looking for a little culture or history? Local historical societies and museums bring you in touch with the past in ways you may not have expected. Take a tour of an art museum or gallery to experience the beauty and creativity of original works.
Indulge your inner connoisseur on a winery tour - View expansive grape fields, learn about the winemaking process, and taste-test an extensive array of wines available at local vineyards.

Don’t let a budget ruin your fun. Contact LorMet today to learn more about banking and savings strategies designed to keep money in your pocket.

No Money for a Vacation? LorMet's Tips to Saving for Your Next Trip

LorMet Webteam — Mon, 30 Jun 2014 18:21:00 GMT

It's never too early, or too late, to start planning for a vacation but one thing that's needed is the extra cash. Credit cards are great to have but if you save throughout the year, you can splurge without worrying about paying credit card interest.

Plus, there's always a tendency to overspend with a credit card and once you've used it for an extra day at the theme park or an additional night's stay at a hotel, it's spent with no refund.

Benefits of Planning

While having the best vacation without going in debt is the goal, start saving now so you can plan and enjoy without stress. The last thing you want is to miss out on a much needed vacation.

With money saved, there's no unnecessary debt due to credit cards and no worry about making payments when extra money may not be in the budget.

Savings Options

You'll be surprised at how much even the smallest amount stashed away can add up to. Cutting back on an extra latte or eating out every day instead of packing a lunch will add cash to your vacation fund.

LorMet Community Federal Credit Union is standing by with savings options, too. Open a dedicated Vision Savings account just for a vacation. Use the handy online or mobile services to transfer funds into the account and watch your vacation balance grow.

An option to consider is opening a Holiday Savings account at LorMet. You can add money to the account but you can't withdraw and the best part is it earns quarterly dividends. On October 31, the funds are transferred into your primary savings account.

Give us a call and we'll get you started with a savings plan that fits your budget and ensures you have a vacation to remember.

Food Costs Rising - LorMet's Tips to Saving at the Grocery Store

LorMet Webteam — Fri, 27 Jun 2014 19:16:00 GMT

Is the money in your bank account dwindling? It could be due to rising food prices. Since February, food prices have increased sharply, resulting in the biggest increase since September 2011.

The worst offenders: milk, meat and produce, the result of past droughts effecting produce, beef, and dairy prices, and a virus outbreak in the hog population. While retailers have tried to absorb most of these increases for as long as possible, sharper hikes these past two months are no longer sustainable, resulting in significantly rising prices for consumers.

What’s a family that’s already on a tight budget to do? Here are some great tips from the friendly staff at LorMet on how you can save at the grocery store and keep more of your hard earned cash.

Eat healthfully and preserve your savings with these shopping tips:

Plan ahead. Planning your menu in advance will help you to purchase only necessary items at the grocer, making you less inclined toward impulse purchases. Focus on in-season foods, which are less expensive.
Shop sales. Peruse weekly sale flyers for reduced prices and BOGO deals and stock up.
Go local. By growing your own and purchasing from local farmers markets, you can save and live green.
Don’t overlook canned and frozen. When in-season local food is scarce, such as winter time, opt for canned and frozen fruits and veggies which are much more reasonably priced to avoid the unnecessary use of credit cards to cover grocery expenses.
Buy in bulk. Bulk purchases typically offer a lower unit price based on costs associated with packaging and shelf placement, and can save you 20-50 percent. Involve your children in bulk purchases to teach them inventory, cost savings, and budgeting skills.
Do-it-yourself. Pre-made foods and pre-cut veggies are far more expensive and often less healthy. Spend some time and save your money.
Get creative. Maximize the value of your food dollar by making large batches, freezing dishes, and finding imaginative ways to use leftovers in subsequent meals.

Need more rainy day savings funds to deal with rising costs? Talk to the banking professionals at LorMet to learn more about savings strategies to keep your account out of the red.