15 Dec

Member’s Choice Mechanical Repair Coverage. You need it, we have it.

mechanical repair picMany people believe that cars are more reliable these days than in decades past and that additional auto coverage is a waste of money.  They’re half right. Cars are built better and are infinitely more functional than in years past. As IHS Automotive recently reported, nearly 1 out of 4 cars on the road was built before 2000.

But consider that if you are keeping your car longer, the likelihood that it will need repairs will increase with time. Not to mention that more of cars have electronic parts that require additional attention, otherwise known as more expensive repairs.

You are a prime candidate for this coverage if:

  • You plan on keeping your new car longer than the manufacturer’s warranty – most common are three years or 36,000 miles or 5 years or 60,000 miles, whichever comes first.
  • You bought a used car and the factory warranty period is fast approaching its expiration.
  • You want to sell your car to a private party to get the most money and want to increase its appeal.

Luckily, RMLEFCU offers Member’s Choice Mechanical Repair Coverage with a laundry list of benefits:

A few highlights:

  • Rental reimbursement: up to $35 per day for 5 days.
  • 24-hour emergency roadside assistance: up to $100 per occurrence. Includes towing, battery jump start, fluid delivery, flat tire assistance and lock-out service
  • Travel expense reimbursement: up to $500 for lodging, food and rental expense when a covered breakdown or collision occurs more than 100 miles from home
  • Honored at any authorized repair facility in the U.S. or Canada
  • No out of pocket expense (except for any deductible)
  • Transferable: if you sell your vehicle privately, the coverage can be transferred (for an administrative fee), adding resale value and appeal.

Select from 3 levels of coverage: Silver, Gold and Platinum. Platinum, the highest, covers ANY breakdown as long as you perform normal maintenance.

Car repairs can be crippling to your budget, but you can purchase piece of mind with Member’s Choice Mechanical Repair Coverage. Talk to a RMLEFCU member representative today to find out more.

 

 

14 Dec

5 Year End Money Tips You Can ACTUALLY Use

5 reasons pic_12.14.15“The bad news is that time flies, the good news is that you’re the pilot.”  December’s days are dwindling and before you know it you’ll be writing 2015 on your checks and scribbling it out. But you are still the master of your domain when it comes to finances. Here are 5 Year-End money tips that we at RMLEFCU believe are do-able even if you are a procrastinator.

  1. Make sure you maximize your FSA. This is where your employer allows you to pay for eligible out-of-pocket health care and dependent care expenses with pre-tax dollars. Sounds like the best thing since sliced bread, right? Sure, but many policies are use it or lose it. So check with your HR department and use the full amount since many companies won’t allow you to roll it over.
    New federal laws permit employers to let their workers roll over a maximum of $500, but it’s the employer’s choice whether or not to allow this. You may have a grace period until March of next year to use the prior year funds, while other employers require that the funds are used by Dec 31. So, if you’ve been meaning to get those prescription glasses or visit the dentist (haven’t we all?) better book those appointments STAT.

 

  1. Donate to charity. Secure some additional tax deductions by donating to a charitable cause. As long as you itemize your donations, you can claim everything from cash donations to goods to used vehicle donations.
    Ask for a signed and dated receipt from the charity, noting the amount of your contribution — especially if you’re donating goods instead of cash.

 

  1. Contribute to your 401k. For 2015, you’re allowed to contribute up to $18,000 to your 401(k). (If you’re 50 and over, that limit increases to $24,000.) This is the maximum you’re able to save per year and still defer paying income tax on that money.

 

  1. Get organized.Make this the year that you keep all your deductions/receipts organized and easy to find when April 15th rolls around. Check out these apps that help you manage your receipts.

 

  1. Examine the big picture. If you changed jobs, sold or bought a house, or expanded your family, you might need to add new insurance policies, adopt a more ambitious savings policy or rebalance your long-term investments.

RMLEFCU Members can now prepare, print and e-file simple returns FREE with TurboTax® Federal Free Edition. TurboTax makes it easy to do your taxes right with 100% accurate calculations and your maximum refund, guaranteed. Click here to find out more.

See it’s not so hard, two of our five tips are forward thinking. We bet that when we check in with you next December, you’ll be on your way to a more pleasurable tax experience. For any of you that are already doing the above give yourself a pat on the back!

08 Dec

Smartest. Gift. Ever.

pic for 12.8 blogEvery year T. Rowe Price surveys parents and children about their attitudes towards money. Year after year, parents express varying levels of reluctance to talk to their children about the “almighty dollar.”

The reasoning for this is all over the map and includes:

  • Their children would overshare this information with others
  • Not wanting children to worry
  • They’re too young to understand

The most troubling responses are:

  • They would rather discuss important matters with them
  • It’s none of their business

Here’s our take. Each one of these concerns has a simple solution.

If you’re worried about oversharing, talk about how it is impolite to ask or state how much someone makes. Secondly, a child’s worry can be lessened with transparency, so why not be as forthcoming about money as possible? Children can understand a lot more than we give them credit for, just don’t throw a copy of the Wall Street Journal at your 5 year-old and ask them about treasury bonds. Furthermore, understanding basic financial lessons is extremely important, and if they don’t discuss money with you, how else will they learn? Whitney Houston once sang, “Teach them well and let them lead the way.” You don’t want their lack of financial knowledge to affect you for many years to come. After all, whose basement will they be eyeing when they get into credit card debt in their twenties?

Rocky Mountain Law Enforcement Credit Union makes it simple. From now until the end of the year, when you open an account for your child, grandchild, niece or nephew, we will throw in a $25 1 year piggybank CD and a piggy bank. Just ask a RMLEFCU customer service representative the next time you’re in any one of our three branches.

Saving now and into the future to save you headaches later in life, RMLEFCU salutes you!