North Texas is in a Milk Price War – Cash In Now!

Have you been to the grocery store in the past four days? If not, you may be pleasantly surprised the next time you go to buy milk. Some grocery stores in North Texas are selling gallons of milk for under $1. A gallon of milk hasn’t been that cheap since the early 1960s. According to WFAA.com, today’s average national price for a gallon of milk is $3.31. If your family drinks a lot of milk, now is the time to cash in.

The Aldi grocery chain started the price war this past weekend by reducing its already low price of $1.29 to $.99 cents. The reduction in price was an attempt to get more people into Aldi stores to so they could realize the savings on other items. But it didn’t take long for competing grocery stores to follow suit.

On Monday, area Albertsons and Tom Thumb stores lowered their prices to $1.68. Kroger, Target and Wal-Mart matched the Aldi price. Aldi responded by lowering milk prices again to $.90 cents per gallon. You can barely get one cup of plain coffee for that price anymore, let alone an entire gallon of milk.

Here’s something else most people don’t know about Aldi milk. It has a store brand label on it, but it’s really Borden milk being sold under the Aldi name. That makes the value even better, because Borden milk is one of the most expensive brands of milk on the shelf.

Aldi plans to leave its milk prices below $1 for at least a few weeks, so you have a little bit of time to cash in on this great deal. Keep in mind, though, that many others will be cashing in as well, and supply may not always meet the high demand.

If you family drinks several gallons of milk a week, buy them all at one time. Just be aware of the expiration dates. Aldi, like most grocery stores, puts its gallons of milk with the longest expiration period at the back of the shelf. If you can’t reach the gallon you want, ask the employees to reach it for you. That’s their job, and this deal is too good to pass up. 

Now is a Great Time to Buy a Used Hybrid

About year or so ago, when gas prices were through the roof, hybrid vehicles were all the rave. They are still a great option for reducing emissions and greenhouse gases, but if you’re only buying one to save at the pump, Kelley Blue Book advises you to buy used.

Kelley Blue Book is the leading provider of used car information. In its Blue Book Market Report for September 2010, Kelley indicates that values for new hybrids are dropping off, because demand is not as high as it was a year ago. Fewer people are buying hybrids, because gas prices have remained steady for so long.

According to Kelley Blue Book, it takes 16 years to recover the cost of a new hybrid, versus the five years it takes to break even when purchasing a used hybrid. If you’re intent on owning a hybrid, Kelley recommends purchasing used hybrids with around 60,000 miles. That gives you the best hybrid value, as well as a greener alternative.

Kelley Blue book is also reporting that more people are buying used hybrid SUVs than any other model of hybrid - particularly 2008 models. Many of the top 10 vehicles experienced a redesign or launch for that model year, and they are proving to be a better deal than new hybrid SUVs.

Neighborhood Credit Union makes it even more affordable to buy a used hybrid or any other used car for that matter, because our rates for new and used vehicles are the same. Right now, our rates on new and used vehicles are as low as 3.49% APR. Plus, if you have a vehicle financed with another lender, we’ll pay you $200 to refinance it with us.

More information about this special offer is available here.

Also, don’t forget to use our FREE Car Buying Service. Once you’re pre-approved for your Neighborhood Auto Loan, our vehicle locator specialist will do research vehicles for you, find the car you are looking for in the price range you can afford, and take care of the paperwork. All you have to do is sign and drive.

Earn Money for Refinancing Your Vehicle Loan

In the previous blog post, we told you how refinancing your vehicle at a lower interest rate could save you hundreds of dollars and lower your monthly payments. Now, we’re going to tell you how refinancing your vehicle could actually earn you money.

It’s really quite simple. When you refinance you auto loan from another lender with Neighborhood Credit Union, we’ll give you $200. What’s the catch? The loan must be at least $10,000, and the loan you are refinancing must be from another lender. You cannot refinance a loan which originated at Neighborhood Credit Union. Meet those two requirements, and our regular credit criteria, and you’ll be $200 richer. This offer starts Friday, September 17 and will last through October.

During our fall auto loan promotion, we’re offering rates as low as 3.49% ARP for up to 72 months, with no payments until 2011. And remember, dealers are lowering prices now to make room for new inventory on their lots. If you stack our low rate on top of dealer clearance prices, you probably can find a new vehicle with payments that fit into your monthly budget.

One of the key things to remember when you’re shopping for anything is the cycle of savings. Every product, from what you buy at the grocery store, to what you buy at a dealership, has a cycle of savings. The price is highest when it first hits the marketplace and eventually goes down in price. Fall is by far the best time to save on a new vehicle. Prices on this year’s models go down, because next year’s models are hitting the lots.

Shopping gurus are always advising us to buy something when it’s on sale. Don’t wait until you need it, because the price may be higher. The same principal applies here. If you feel like you’re current vehicle is on its way out, don’t wait until you’re stuck on the side of the road. If it fits in your budget now, take advantage of these great fall deals while they are here. It may save hundreds or even thousands of dollars.

Lower Rates Can Reduce Your Current Debt

As consumers, when we hear that interest rates are historically low, we’re somehow conditioned to think about spending money we don’t have. That’s not always a bad thing, especially if you truly need a house or a car. But lower rates aren’t just for new debt. They can also help make your current debt cheaper.

When you refinance your auto loan at a lower rate, you can lower your monthly payments, which also adds wiggle room to your monthly budget. Another option is to continue making your same payment on a lower interest loan and possibly pay off your loan earlier than anticipated. That saves you money down the road.

What about credit card debt? Is the interest rate on your credit cards higher than 10 percent? Consolidating all of your cards into one low interest loan can save hundreds or even thousands of dollars in interest payments and help you pay off those cards so much faster.

Let’s put this in perspective. If you have $10,000 in credit card debt with an interest rate of 18.99% APR, and you’re making the minimum monthly payment of $200, it will take you 100 months – more than 8 years – to pay off that debt. You’ll also pay almost $10,000 in interest before the loan is paid off.

If you take that $10,000 debt and put it into a low interest loan like a home equity loan, with an interest rate of 5.99% APR, you can pay off that debt in 5 years with a monthly payment of about $193. If you pay an extra $100 a month, you can pay off the loan in about 3 years and save yourself the thousands of dollars in interest you’d be paying over 8 years on those credit cards.

Everyone’s financial situation is different. Some people would rather increase their monthly payments and get the debt paid off faster. Others just need to make more room in their monthly budgets. Both are usually possible when you can take your current debt and refinance it into some form of lower interest loan.

Should I Refinance My Mortgage?

Mortgage rates are at historical lows. A few years ago, it was unheard of to get a mortgage rate at or below 5.0% APR. Today, that’s the norm, which makes it tempting to refinance a mortgage with a higher rate. Is now the right time for you?

Refinancing your mortgage could lower your monthly mortgage payment considerably. It could also cost you a lot of extra money and prolong the life of your mortgage loan, if you’re not careful. The cost to close a mortgage loan averages from 1 percent to 3 percent of your loan balance. You also have to take into consideration any down payment that may be required, as well as appraisal fees, title insurance fees, etc. For a $150,000 home, you’re looking at somewhere between $3,000 and $6,000 in closing costs and fees. If your monthly payments go down by $100 a month, it will take about two and a half years to recover $3,000 and five years to recover $6,000.

Using this specific scenario, it would most likely make sense to refinance your mortgage if you plan to be in your house at least five more years and you can keep closing costs/fees at or near $3,000. It also may make sense to refinance if you currently have an Adjustable Rate Mortgage (ARM), and you refinance to a fixed rate mortgage.

Generally speaking, it is NOT a good idea to refinance your mortgage if:

· Your property value has gone down

· You have been paying on your current mortgage for a long time or only have a few years left on your loan

· You have already reduced your equity with a second mortgage or home equity loan 

Mortgages can be complex, and there are so many different scenarios to consider, including credit scores, loan terms, equity and more. If you’re considering refinancing your home, we suggest starting with our online mortgage calculator. By plugging in how much you want to refinance and how much your property is worth, you will get an estimate of what your monthly payments will be (not including escrow for property taxes and other fees) and an estimate on closing costs and fees, for just about every mortgage loan type and term we offer.

You can also e-mail one of our mortgage professionals or call them at 972.629.7897. They’ll help you determine if it makes sense to refinance your mortgage.

 

Labor Day Weekend is Known for its Deep Discounts

Labor Day generally marks the end of summer in most people’s minds. For savvy shoppers, it’s also the weekend to get deep discounts on anything from furniture, to computers, to basic school supplies. Major retailers are already getting ready for the holiday shopping season. To make room on their shelves for more inventory, they often have huge markdowns throughout their stores and online. If you’ve been putting off a major purchase, or you want to get a head start on holiday shopping, Labor Day is your weekend to save BIG!

Here’s a look at some of the sales you can take advantage of this weekend!

Furniture
Save 50% on JCPenney’s entire stock of furniture and mattresses. Make your purchase with a JCPenny credit card, and pay zero interest until January, 2012.

Get 50% off all mattresses at Sears, plus free delivery.

Electronics
Newegg.com is having a blowout sale on components, electronics, peripherals and more. Save up to 60%, plus free shipping on many items.

All televisions are on sale through Sears online only. Get free shipping/delivery and pay not interest on electronics priced $399 or higher, if the entire purchase is paid in full with a Sears card in 12 months.

Appliances
Get 20% off select Whirlpool, Maytag or Samsung brand appliances and 10% off other brand appliances at Lowes – plus free next day delivery and haul away.

Get 10% off all appliances that cost $398 or more, and get 25% off certain specialty appliances at Home Depot.

Get 15% off all appliances at Sears. Pay with a Sears card and get an additional 10% off.

Travel
Save up to 35% on last minute travel deals and 30% on hotels through Expedia.

Southwest Airlines is offering a 30% savings on hotels, through Labor Day.

This is just a sample of what’s out there this weekend. If you’re in the market for something specific, this is the weekend to shop for a bargain.

Getting the Most from Your $5

It’s so easy to impulse shop when the amount you’re spending is only about $5. How many times have you wanted to stop for coffee or pick up a cute pair of earrings off the clearance rack because they were only $5? How many times have you actually justified it and made the purchase.

For most people, $5 is no big deal. But, spending $5 here and $5 there is what throws many budgets off track. It’s amazing how fast it adds up.

Let’s put this in perspective a little. Here is a list of some things you can buy for $5 (give or take some spare change):

· A latte or mocha from Starbucks

· A foot long sandwich from Subway

· A kids meal at most fast food restaurants

· A regular size combo meal from many fast food restaurants

· Ear phones from Big Lots for your MP3 player

· A rotisserie chicken from the grocery store

· About two gallons of gas for your car

· Two lunches from a public school cafeteria

· Four gallons of milk

· Two to three pounds of boneless, skinless chicken breast

· One pound of deli meat on sale at the grocery store

· Two loaves of whole wheat bread from most grocery stores

· A whole watermelon and three to five pounds of bananas from Aldi

· A package of socks or under garments from Wal-Mart 

Let’s say you stop for a mocha or a latte twice a week, and you eat a fast food meal once a week. You’re paying $15 for two cups of coffee, a burger, fries and soft drink. That same $15 can get you: four gallons of milk; enough chicken breast to feed a family of four twice that week; and enough fruit for the family to have at breakfast and lunch for an entire week.

The coffee and fast food may be worth it to you. That’s your choice. This just gives you a little perspective and may help you beat that impulse the next time you’re ready to spend $5.

 

 

Beware of This New Scam to Steal Your Identity

Members of other credit unions have been receiving calls on their cell phones from an automated system, telling them their account is blocked. To “unlock” their account, the system prompts them for their debit card number, pin and security code. People who have provided the information have had their accounts depleted almost immediately.

At this time, we are not aware of any Neighborhood Credit Union members who have been affected. However, this is a good opportunity to remind you of some important information about protecting your identity.

1. Never, never, ever give your credit card, debit card or account number, or any other personal information to someone over the phone, unless YOU called them. Even if a seemingly innocent charity calls you for a donation, and they only accept credit cards, do not give them your credit card information. Have them mail you a form or get their web address so you can pay online. To be sure it’s a valid organization, check the home page for a link to a secure site. Secure web addresses start with https. Be sure the “s” is there so you know it’s secure.

2. Never give your personal information to an automated system, especially one telling you your credit union account is blocked. Neighborhood Credit Union will NEVER call you – through an automated system or a live person – to ask for your account number or any other personal information. If you get a call like this, hang up and call the credit union immediately to report it. If you can, write down the number the call came from, so we can give that information to the appropriate authorities.

3. Never respond to an e-mail that looks like it’s from us, if it asks you to provide any type of personal information. We will NEVER send you an e-mail asking for this information.

4. If you have already provided information to someone who asked for it either by phone or e-mail, call the number on the back of your card and report the incident. You may have to change your passwords or have a new card issued.

Technology is making it easier for identity thieves to prey on innocent people. Don’t be their next victim.

 

Beat the heat with Ice Coffee on the Cheap

The Dallas area is experiencing one of the hottest summers on record. It’s so hot that even the most dedicated coffee drinkers are trying their favorite java on ice. That can get expensive, though, if you’re visiting your local coffee house every day. Here’s a way to beat the heat without breaking your budget. The whole process takes no longer than it would to fix a hot cup of coffee.

· Start with leftover coffee. That’s right…leftover coffee. Every time you have coffee left in the pot, don’t pour it down the drain. Pour it in a pitcher and store in the refrigerator.

· Purchase your favorite creamer from the grocery store. You can get an entire quart of regular or fat free half and half for about $2.50, and it doesn’t go bad as fast as milk does. Half and half can last in your refrigerator up to month. Flavored creamers may be a bit more in price, but you’re still getting a lot of creamer, and those last even longer, because they are non-dairy.

· When you’re ready for ice coffee, fill the cup of your choice with ice. Crushed is best if you have an ice maker with that option. Fill the cup about ¾ full of coffee, than add your creamer to taste. This may take some adjusting the first time you make it.

· If you like your ice coffee sweet, add whatever sweetener you keep in the (sugar, Splenda, Agave nectar).

· If you like your ice coffee flavored, use a flavored creamer, or you buy flavored syrups at many local grocery stores. Target and Wal-Mart sell vanilla and sugar-free vanilla. Albertsons and Tom Thumb sell the same brand of syrup Starbucks uses in several different flavors.

· To make your ice coffee taste like a flavored ice coffee from McDonald’s, use five pumps of flavor and a ¼ cup half and half for a 20 oz. drink, and 10 pumps of flavor with a ½ cup of half and half for a 32 oz. drink.

Your initial investment to buy creamer and flavored syrup will be under $10, and you’ll get at least 10 cups of ice coffee out of that investment – maybe even more. The best part, aside from saving money, is having ice coffee right there whenever you want it, and being able to control the fat and calories. Try it. You may never buy another cup of ice coffee from you local coffee house again.

How Will You Pay for College?

 With summer more than half over, many families are trying to figure out where they’ll get the money to pay the college tuition bill next month. If you don’t have the money the pay it outright, there are other options to consider.

Scholarships.com
Scholarships.com is the largest free and independent college scholarship search and financial aid information resource on the Internet and is recognized by thousands of high schools, colleges, and universities nationwide. This site assists students and their families in not only finding college scholarships, but helping them explore valuable financial aid opportunities they may not have discovered otherwise.

Student loans
There are two types of government issued student loans. Subsidized loans are for students who demonstrate a financial need. Interest does not accrue while students are in school at least half-time. Unsubsidized loans don’t require student to demonstrate financial need, and interest begins accruing as soon as the loan is issued. The college reviews the loan application and determines the amount the student can borrow. Student loans are a good choice, because they have a low interest rate and are in the student’s name.

Parent loans
Parents may apply for a PLUS loan to help pay for a child’s education if the child is still considered a dependent. These are also low interest loans, but certain eligibility requirements must be met. Click the link for complete details.

Home Equity Loans
If you own your home and have been living there for quite some time, you may have equity that you can borrow against to fund a college education. When you get your loan at Neighborhood, you can choose between a Home Equity Loan and Home Equity Line of Credit.

Retirement Funds
Drawing on retirement funds to pay for education expenses is generally frowned upon because it depletes your retirement income, but it’s doable. When an IRA withdrawal is used to pay for qualified education expenses, the money is exempt from the 10% early distribution penalty usually incurred on withdrawals before age 59½. However, you may be subject to higher income taxes when you withdraw education funds from a traditional IRA, because withdrawals count as income. Withdrawals can be used for tuition and fees, as well as room and board or other supplies.

The prospect of paying a big tuition bill can be frightening. Hopefully these resources will lead you in the right direction.