Posted by LorMet Webteam on Thu, Sep 02, 2010 @ 01:52 PM
In a recent article, USA Weekend Magazine, The Five Biggest Mistakes that College Kids Make, suggested that parents talk to first-year college students to help them avoid pitfalls that can not only get in the way of progress, but may also be very costly as well.
Make the most of class time
Some really eager students who want to finish college quickly, either to simply shorten their time in school or because they hope to save money, try to take a heavier course load 
than normal. If you can truly manage your time and are willing to sacrifice
some of your social life, this may work, but many students who go this route find themselves burnt out. They cannot do the work for all of their classes and risk failing (and having to spend money and time re-taking a class).
On the opposite end of the spectrum are the students who either do not go to class or spend their class time surfing the internet. This is another way to lose money on a college education. The article reminds parents that "on average, each lecture is 3% of the course and 1/350th of tuition cost ($35,000 tuition equals $100 a lecture, and $7,000 tuition equals $20 a lecture)."
Seek help when necessary
Sometimes in an effort to prove that they are mature enough to handle things on their own, students don't want to ask for help--from classmates, from professors or even from their parents. Talk to your children in college to make sure they know that it is okay to rely on outside help with academics, social life and finances.
We've already mentioned that it is difficult for some college students to get credit cards. You can send your child to college knowing they have access to the advantages of a LorMet Visa Credit Card if you encourage them to join the credit union.
Posted by LorMet Webteam on Wed, Sep 01, 2010 @ 03:25 PM
Time is Running Out to Win FREE Lake Erie Crushers Tickets
LorMet's "Win FREE Lake Erie Crushers Tickets" drawings started August 6 and time is running out for you to win tickets. From now until September 5 LorMet members who withdraw money or get cash advances from LorMet owned and operated ATMs may win 2 Lake Erie Crusher tickets. Random bills that are dispensed by the ATMs at one of five LorMet branch locations will have a sticker on them to alert winners to their prize. Tickets will be in LorMet Branch location ATMs in Amherst, Elyria, Lorain, Oberlin and Wellington
How often can you say a trip to the ATM netted you tickets that you didn't pay for? It is one thing to go to the ATM, take out money to buy tickets; it is another to go to the ATM, get some money and get free tickets.
Yes, there are some eligibility rules and requirements, but for the most part this is a simple way to win a great time at a Crushers game. There are not trivia questions to answer, numbers to guess or physically-demanding stunts to perform. Just visit a LorMet ATM and take out cash as you normally would and you may win. This contest is back by popular demand--you liked it so much the last time we did it, we heard you and decided to do it again.
Baseball games are a lot of fun--not just the game itself, but also the atmosphere, the food, the crowd...we know that things have been tight for a lot of area families and we want to do our part to provide some very lucky LorMet members with a little relaxation and stress relief.
Not a member of LorMet? Join LorMet Community Federal Credit Union today and then you too will be eligible for loans with low rates, flexible savings accounts and contests like this one.
Posted by LorMet Webteam on Mon, Aug 30, 2010 @ 08:05 AM
We have advised you that it is to your advantage to get a
loan before buying a car and even told you about the
best time to go shopping for a car, but we know that sometimes life can be unpredictable. While it is best if you can research car values and not to be rushed into making a car-buying decision, things don't always happen that way.
Approved Today! Buy Today!
If you find that you need to purchase a new car in a hurry or that you want to purchase a new car in a hurry,
LorMet is here to help. With
on-site dealership financing, you can be approved for a
car loan on the same day that you buy a car. So whether the car you had planned to hang onto for at least a few more years suddenly died or you just really want some new wheels, LorMet can help you make that happen quickly. No need to rely on friends and relatives for rides or borrow someone's car. No need to spend a lot of money renting a car while you figure out how to get your next vehicle.
New car loans that last for 72 months have rates as low as 3.99%. You can also buy a used car with a loan that also lasts 72 months with a rate as low as 5.50%.
Once you get immediate loan approval to buy a car at these low rates, you will be able to finance or refinance and there is no prepayment penalty. Sometimes you see what you want and you just know right away, no need to mull it over or consult everyone you know...if you see a car that you want to buy, a
LorMet auto loan can help you get that car sooner than you imagined.
Interested? Call 960-6600 today!
Posted by LorMet Webteam on Thu, Aug 26, 2010 @ 02:50 PM
While we like to stress the importance of having a savings account to put money aside for major purchases or hard times, we know this can be difficult if you are currently experiencing financial difficulty due to job loss. Here are some things to keep in mind as you search for work:
The Numbers Game
When you are desperate for work, it seems like a good idea to apply for a large number of jobs. However, if you are applying for jobs that are not a good fit or doing a sloppy job with applications, then you may waste time that could be spent more productively. You need to take the time to tailor your resume and cover letter to fit the company and job description online just as you would on paper.
Don't Search Online Only
You can apply for work and do some networking online, but it is a mistake to rely solely on online communication to find work. Some people think that if they send out a lot of resumes and job applications online this will lead to employment, without them having to get out there and pound the pavement. You should definitely take advantage of online opportunities, but you also need to talk to people you know face-to-face and let them know you're looking. If it is all possible, you should try to use online communication to progress to face-to-face meetings and interviews.
At LorMet we have online banking that allows you to manage accounts through a computer, but we still encourage you to come in to a branch and talk to us to discuss financial planning. You never know who you might run into while visiting the bank or even while grabbing a cup of coffee at the Arabica Café at our Main branch in Amherst.
Posted by LorMet Webteam on Wed, Aug 25, 2010 @ 09:16 AM
Secure Your Auto Financing With a Vehicle Loan from LorMet
When you decide you want to buy a car that is either new or new to you, sometimes you are doing so when your current vehicle is almost no longer serviceable. This can create pressure to hurry up and make a decision, but we advise you not to buy a car in haste. If you have to make do with alternative transportation arrangements or even rent a car for a bit, this would be better than making payments on and spending years using a vehicle that is less than suitable for you.
While there is a wealth of information to be found online, you want to make certain that you do some offline research too. You can test drive the cars you are considering, and even ask for some preliminary quotes on pricing, but do not feel obligated to buy. While you are still in the exploratory phase, do not let a dealer convince you to sign a contract or give them a deposit. In fact, you can simply tell them that you are still looking and rather than buy on your first trip out to the dealership, you want to be sure you choose the right car for you.
As part of your preparation to buy a car, you can secure your financing with a vehicle loan from LorMet Community Federal Credit Union. The Credit Union offers 100% financing on new vehicles and will loan up to the retail value (as rated by NADA) of a used vehicle.
LorMet Offers "On-Site Auto Financing at Participating Auto Dealerships in Lorain County
LorMet also offers its members "On-Site" auto financing at Lorain County's most respected auto dealerships. Sometimes things just do not go as planned, so if you find a car you really want, you can instantly apply for LorMet Community Federal Credit Union financing at select dealerships.
Posted by LorMet Webteam on Fri, Aug 20, 2010 @ 03:08 PM
Some etiquette experts have frowned on the giving of gift cards, saying that they are impersonal and could make it seem as if the gift-giver was in a hurry. While this may certainly be true in some cases, we would argue that a gift card is as thoughtful a gift as any other.
If you have received a gift and wondered why someone thought you would like that particular gift, then you know that it is possible for someone to spend time choosing a gift and still not quite get it right.
Give the Gift of a LorMet Visa Gift Card to Someone Special
When you give a gift card, you are indicating that you thought of the receiver and that you want to give them their heart's desire. A gift card gives someone the financial resources to treat themselves in the way that they see fit. And they are likely to think fondly of the person who provided them with the means to get themselves something extra. Despite what some etiquette experts may say, many people relish the opportunity to choose a gift for themselves and will be grateful to you for providing it.
When we give a gift card we certainly hope that it is used for something fun, but the truth is that some people will use it for necessities like groceries. And having some extra for those things is not bad either.
You can purchase Visa Gift Cards at any of our LorMet branch locations. They fit all occasions and you may just want to an extra one or two to keep on hand for those times when you suddenly find you need to give a gift or suddenly find that you want to be generous.
LorMet Visa Gift Cards can be used anywhere that Visa is accepted and recipients can register their fit card to view account information online.
Posted by LorMet Webteam on Thu, Aug 19, 2010 @ 03:02 PM
According to CNN.com, A Citigroup poll says that women are more optimistic than men about money. They found that age is also a factor in how people view finances, with younger people feeling more upbeat that older people, but overall there was still a marked difference along gender lines.
They also found that, based on their telephone poll results, compared to last quarter, men had grown less satisfied with their financial outlook than women. The article speculates as to why this may have happened:
Why the shift? Lisa Caputo, CEO of Citibank's Women & Co. business, says, "When people are optimistic, it's because they've taken the steps to make sure that their own personal financial situation feels good to them."
Take Charge of Your Financial Present and Future
This is a very important point: You will feel much better about your financial present and future if you take charge. It is one thing to know that the economy is shaky and that you have some money coming in; it is an entirely different matter to sit down and plan the best ways to use your resources now and think about how you can use what you have now to secure a better future. What are you doing to bolster your finances and your confidence? The peace of mind you will have from knowing that you have a plan is very valuable and you cannot put a price on that.
At LorMet we are here to help. You can stop by any of our branch locations to discuss financial matters with us. We offer savings accounts and IRAs that can help you prepare for the future. We also offer competitive loan rates for vehicles, mortgages and home equity lines of credit that you can take advantage of now or as the need arises.
Posted by LorMet Webteam on Tue, Aug 17, 2010 @ 02:19 PM
At LorMet Community Federal Credit Union we think that back-to-school shopping is a great opportunity to teach children about fiscal responsibility. If you have been keeping financially fit with a summer savings diet, you may have already put school clothes on layaway. Here are some additional tips for back-to-school savings:
Inventory
Take some time to go through the clothing your child already has. Figure out what fits, what is ripped, what can be repaired and what should be given to charity. This way you will not have to get to the store and wonder if you buying things you don't need.
Needs vs. Wants
Help your children to understand the difference between a need and a want. For example, if your child goes to a school that requires a uniform, decide exactly how many uniform shirts, pants, etc, your child needs. It would be nice to have a uniform for every day, but it isn't practical. And when it comes to buying the very latest trend, come up with a spending plan that encompasses your child's desire to be stylish with the need to stick to a budget.
Discounts
If your city (or another municipality in your area) offers tax-free shopping for a certain time period to encourage back-to-school shoppers, be sure to take advantage of that. Look for other discounts, but compare prices to make sure you are really getting a bargain.
School Supplies
So far, we have discussed clothing only, but as we all know, these are not the only school expense for families. If you set up a back-to-school shopping budget, make sure to include school supplies. If your childs school gives lists of required supplies on the first day of school, make sure that your child knows that you have to set some of the budgeted money aside to buy school supplies.
Posted by LorMet Webteam on Fri, Aug 13, 2010 @ 03:29 PM
Most of us are aware that what we will get from Social Security is related to the age we are when we retire--the longer we work, the higher our monthly Social Security check will be. But if you do not want to have to rely solely on Social Security to fund your golden years, you will need to start saving in advance.
Things To Consider For Retirement
Do you have a mortgage? Or are you at an age where buying a new home would mean you would still need to pay your mortgage when you retire? These are things to consider because if housing expenses take up a large portion of your income when you are continuously working…think about how they will affect your budget when you no longer bring home a paycheck.
You also have to remember that when you retire, unless you decide to go back to work, the money you have is pretty much all you've got. Now if you have investment properties that you rent or some other form of income, then you will earn additional money. And if times get tough, as they are now, you will have to rein in spending to make sure that your retirement savings can last.
When you consider all of this, it makes sense to set aside some money. It isn’t easy because you can always find uses for your money now. Even if it is just a little at a time, you can build up a decent retirement fund if you start in your 20s and 30s. When you are into your 40s and 50s, you can save aggressively to make sure you can retire with ease later.
You can start saving for retirement now with an IRA from LorMet Community Federal Credit Union.
Posted by LorMet Webteam on Thu, Aug 12, 2010 @ 02:45 PM
Adults who grew up in the 1980s and the preceding decades remember layaway. This was a way to get what you wanted from a store without paying for it all at once. You and the store would enter an agreement that as long as you had paid for items in full by a certain time, they were yours. And of course the terms varied—at some stores you had to pay a fee to put items on layaway, at other stores you had to give a certain amount as a down payment to keep the items on hold. Parents would often put back-to-school items on layaway, pay for them all throughout the summer, and then finish the payments just before school started.
At some point in the 1990s, layaway seemed to disappear, although now it has resurfaced. Some people have wondered why it ever went away in the first place.
When you use your savings to put away money a bit at a time for a big ticket item like a new car or a new flat screen TV, you are in a sense entering into a kind of layaway agreement with yourself. While a store is not holding the item for you, you are telling yourself that you will get the item when you have enough money to pay for it, rather than splurging on it all at once and putting your budget in jeopardy.
Open A Savings Account At LorMet
Why not open a savings account at LorMet Community Federal Credit Union specifically for something you want to save up to get—be it a television, a vacation, or a house? LorMet has Holiday Savings Accounts and we do not get to tell you how to use the money you save, so you can set one up to save for the holidays or to save for something else.