Your Path to Financial Success

Today’s world can be harsh. Every day we face obstacles that drain us emotionally, physically, and financially. We somehow seem to muster up enough strength to get through the emotionally and physically trying times, but what happens when there is just NO money left? Fear, depression, and avoidance are common ways to handle financial difficulties.  It doesn’t have to be that way. Taking control, making a plan and asking for help are the best ways in which to deal with financial problems. Below are some ways to make a financial crisis easier to manage and produce positive results:

Track Your Spending: If your budget continuously comes up short, take a week or two and log all your purchases and spending. This will highlight areas that are draining your wallet. You just might be surprised to see how much you’re spending in a week on unnecessary items.

Make a Priority List: Sit down and make a list of all your “Must Haves.” Make sure to include the due dates and weekly expenses for each.  This list should include housing, utilities, and any expense needed to secure a roof over your head. Account for a vehicle, gas, and related travel expenses so that you can make it to work to earn that next paycheck. Also, debts with monthly payments, like credit cards or loans, should be listed. Keeping these on track will ensure no added fees, no increased interest rates, and no aggressive collection action. Food and personal items will also need to be calculated. Be honest with yourself… it’s your list!

Construct a Plan: Your Priority List will allow you to start making a financial plan. You will know what needs to be paid and when. You can start to budget individual debts weekly or biweekly depending on your pay schedule. It helps to make a plan on paper. If you see it, it will happen!

Talk About It: If, after making a plan, you are coming up short, be open and honest about it. Every credit union, bank, and utility company has a Debt Resolution or Collections Department. People are in place to help you! Making contact with these people will ensure a productive working relationship. Most have programs or ways in which to make it easier for you to make payment. Establishing an open line of communication is a great way to work through budgeting shortages, past due balances and avoiding aggressive collection action. We all know how hard it is in today’s world and it is okay to ask for help.

Debt Management Companies: There are companies that extend their services to help you create budgeting plans. Be sure to research which company you choose to work with. One trusted company is Money Management International, with offices in Auburn, South Portland and Bangor.

Your Credit Union encourages a proactive approach to financial hardship. We understand the stresses of life and that there seems to never be enough money to go around. We have a knowledgeable Collection Department ready and willing to help you. Contact us with any questions or to discuss an appropriate course of action for you. You may reach our Collection Department at 207-353-4144.
Just remember, where there is a will, there is a way!

Article written by: Tracy (Lisbon Credit Union Loan Collector)

Become a Holiday Saver

With only 9 days until Christmas, we know that Members all have a different story about their Christmas shopping progress. Some may be almost done while others are not even close. Some may be just getting started while others have been done since October! Some may be going light this year because of employment circumstances. Regardless of your story, the Lisbon Credit Union has just the tool to make your holiday shopping much more simple and enjoyable.

In addition to our Savings (Share) and Checking (Share Draft) Accounts, we offer a Christmas Club Account that is specifically used to save ALL YEAR for your shopping pleasure. You are able to open a Christmas Club anytime during the year but they work the best if done right after the holidays. How do they work? Just deposit money each week or month by cash or checks, automatic transfer or payroll deduction. On October 1, the balance will be either mailed to you by check or transferred into an account of your choice. If you need the cash before October, you’re able to withdraw the balance without a penalty. Simple!

The Credit Union also offers a couple more Club Accounts. We have a Vacation Club that can be used to save for a yearly family trip or a one-time epic getaway. Similar to the Christmas Club, you’re able to access your funds anytime without a penalty. For Vacation Clubs, the balance is mailed or transferred on June 1 – just in time for summer! We also have an All Purpose Club that is ideal to save for taxes, insurance, utility bills, heating oil, the list goes one.

Our Member Service Representatives are happy to answer any questions you may have on these accounts. Give us a call or visit our Club Account page on our website, which is http://www.lisboncu.org/.

Happy Holidays!