Seriously, we do.  I mean it.  Come on in…call…write.  It’s up to you how we do it – we just really need to.  Now I know you’re asking yourself “What is she going on about this time?  What exactly does she think we need to talk about?”  The brilliant answer?  Anything you want!  Yep.  It’s true.  Well, let me condition that.  There are some things we don’t want to know but if it has to do with the Credit Union, your finances or something in between, then we definitely want to talk. 

You see, that’s the beautiful thing about belonging to a Credit Union – and I use the word belonging intentionally.  Being a member of a Credit Union is almost like being a member of an exclusive club – well, aside from the fact that anyone can join!  As a member, your opinion, your wants, your needs – they are what matter.  We can’t always do exactly what our members want BUT we can’t begin to try to address your needs if you don’t tell us what those needs are.  If you have a problem, no matter how big or small, we want to hear it – talk to us so we can make it better (or at least try…).  That’s why, as a member, you have access to our branch managers, our Chief Executive Officer or our Board President if that’s what you want!  How many other financial institutions out there can say that?  Plus, you can find any and all of them in (or very near to) the Saint John River Valley – you don’t have to go too far to get to the top dog!  In saying all of that, if you’ve experienced something great here, please tell us that too!  That way we can praise the person who did it – I love giving praise!  Really, who doesn’t?!?

So, to recap:  talk to us!  It’s your right as a member.  Help us to better help you!  It’s that simple. 

Have a great day everyone!

Today, I wanted to talk to you about some programs that are available out there that will help you to make the most of home ownership and, I admit, I got some help.  Our Atlantic Canadian Credit Union experts over at focusedonme.ca have already written about this topic so I am sharing their article with you (with permission, of course!):

“There are a number of programs available offering incentives to make buying or renovating a home easier.  These programs include:

Home Buyers’ Plan: A program that allows you to withdraw available funds from your RRSP plan to purchase or build your first home, up to $25,000.  If you and your spouse are first-time home buyers, you can both withdraw up to $25,000 from your individual RRSP savings without paying tax at the time of withdrawal.  Amounts withdrawn are repayable and subject to certain conditions.

First-Time Home Buyers’ Tax Credit: A program that allows first-time home buyers to claim an amount of $5,000 for the purchase of a qualifying home made in 2011 – if the following applies:

• You or your spouse or common-law partner acquired a qualifying home.
• You did not live in another home owned by you or your spouse or common-law partner in the year of acquisition or in any of the four preceding years (first-time home buyer).

GST/HST New Housing Rebate: A program that may qualify home buyers for a rebate of part of the GST/HST paid on:

• The purchase price or cost of building a new house.
• The cost of substantially renovating.
• Building a major addition onto an existing house.
• Converting a non-residential property into a house.

Medical Expense Tax Credit: A program that will allow a non-refundable tax credit to be claimed for certain amounts paid for renovations or alterations to give a person who has a mobility impairment access to (or greater mobility within) the dwelling.

Moving Expense Tax Credit: You could be eligible to deduct moving expenses if you move and establish a new home to be employed or carry on a business at a new work location.

Energy Efficiency Rebate Program: Both Canada Mortgage and Housing Corporation (CMHC) and Genworth Financial Canada offer an energy efficiency rebate (10% refund on the Mortgage Loan Insurance Premium) if you qualify for the program.  The rebate applies when your mortgage uses their insured financing to buy an energy-efficient home, purchase a house and make energy-saving renovations, or renovate your existing home to make it more energy-efficient.  You could also have the added flexibility of an extended amortization (up to a maximum of 30 years) without a premium surcharge.

For more information on the Federal programs, visit the Canada Revenue Agency and for more information on the energy efficiency rebate programs, please visit CMHC and Genworth Financial Canada.”  

Another great place to get Energy Efficiency information is Efficiency New Brunswick.  As always, our Mortgage Specialists are available to discuss all of your options or for additional information on the benefits and realities of home ownership, you may also want to check out some of the other expert articles found at focusedonme.ca.

Have a great Mother's Day weekend everyone!

Oops, I did it again!  Every year I think to myself, “self, next year, start your vegetable plants early from seed; you’ll save yourself some money”.  And, every year, I say to myself “self, you forgot to start your seeds early”.   So, here we are approaching the end of the first week of May and, as usual, I’m planning my garden knowing that I will have to pay more for several items because I’ll be buying plants that someone else remembered to start from seed – early.  That said, I know I’ll still save a bundle because, later this summer, I will be enjoying my own homegrown veggies instead of paying for them.  And, trust me, carrots never taste quite so good as when you pull them out of the ground, wipe them off on your pants and enjoy their fresh, sweet crunchiness right there in the middle of your own backyard!  Wow, I wish I had a carrot, right now…but I digress.

Planting your own garden is really not that difficult – it simply requires a little planning and some elbow grease.  There are many benefits to having your own garden.  First, of course, there is the savings on the grocery bill.  Not having to buy fresh produce week after week is huge.  Secondly, there is the health benefit.  Not only are you getting exercise from tending your garden, the vegetables are often a bit healthier for you because you harvest when they are ripe and, usually, consume right away – except, of course, for the items you might can or freeze for enjoyment in the winter (and continued grocery savings).  Finally, there is that sense of satisfaction that comes from knowing that you are the one that grew that particular food item.  I can’t speak for anyone else but I take great pleasure from my first hodgepodge of the year (Google it if you don’t know it!) knowing that those vegetables are all my own – plus it just tastes sooo good!

Even if you don’t have a lot of space, you can grow some of your own foods.  You could try a container garden or perhaps you could get space at a community garden like the NB Community Harvest Gardens, for example.  Once you have a garden started, here are a couple of tips to save you some more money:

• Instead of purchasing fertilizer, use nitrogen rich coffee grounds – sprinkle it over the ground and let the rain do the rest
• Use a barrel or pail to collect rain water; if you are on municipal systems, you’ll be saving every time you give your plants a drink
• Use a spray bottle filled with water and a small amount of dish soap as a pesticide – not only is it cheaper, it’s better for the environment
• Start with seed – granted, we’re a little late on this one for some plants (ie tomatoes) but I think we already covered that…

The idea of gardening can be a little daunting but it’s so worth it in the long run.  Good for our health, good for our personal satisfaction and good for the pocketbook!  What more could we ask for!?  Okay, maybe to remember to start the seeds early next year… I must remember to do that…

Have a great weekend everyone!

Seriously.  Have you ever thought about it?  As with our personal lives, there are all kinds of different scenarios out there when it comes to our relationship with our money – some of them good, some of them not so good…

On Again/Off Again:  You know how this one goes – here one minute, gone the next – often because of some crazy move we made.  Maybe it’s a shiny bauble in the store window, a funky new bag or a new phone we simply can’t live without! Our money, seeing us yearn for these other items, flies right out the door.  And then, a week or two later, it comes back – only to go again!  Relationships like this one cause a lot of frustration but, usually, with an increase in commitment, we can make it work…

The Open Relationship:  It’s difficult to make this type of relationship work.  Instead of spending our time with cash, we invite others in like debit and credit, for example.  Sometimes our money is okay with this and sometimes not so much.  Too much time spent with debit and credit cause money to disappear.  And sometimes, spending too much time with credit causes money to stay away for extended periods – almost to the point of never being seen again!  It’s okay to spend some time with debit and credit but it’s a good idea to keep that relationship less serious and pay more attention to your money if you want it to stick around.

Fully Committed:  This is my personal favourite.  You see being fully committed means that you can have fun and enjoyment but you can rest easy knowing that your relationship is secure and money will still be there in the long run.  This type of relationship usually has us setting up a savings account (even small amounts will do) or RRSPs, for example – some type of vehicle that will help us plan for the future.  Plan is a keyword for the fully committed relationship.  For it to be successful, we need to plan our future together and then work towards the goal. 

There are other types of relationships out there that you can have with your money – none of which I recommend!  The Internet Connection and The Abusive Relationship are a couple of quick examples but I’m sure there are more. 

If you would like to Fully Commit to your relationship with your money and feel you need some help, we have counsellors at all branches who would love the opportunity to assist!

Have a happy Friday and a great weekend, everyone!  J

Well, I guess that I shouldn’t speak for you but it’s definitely something I want – especially when you consider the cost of gas these days.  Nothing would make me happier than to be able to bike or walk to work but, the fact is, I live in the country so that isn’t an option for me – and neither is moving so don’t even suggest it!  J  This means that I have a roughly 40km commute each way most days – further if I go to a different branch – which, in turn, means that I’m all about saving at the pump!  Plus, the less gas I use, the better it is for the environment – making this topic that much more important.  

When I started to look around to see what tips might help us out, I admit to being surprised at just how many of them I came across.  Certainly too many to talk about here but I will mention a couple of easy ones…note, that I said easy ones so I’m not going to talk about how I should buy a hybrid – I really want to but my current car, Fiona, has far too much life in her yet!  Moving on – first suggestion?  Give up the drive-thru!  You know it and I know it.  Sitting in a drive-thru line-up wastes gas.  Period.  We basically take several (many?) minutes to drive around a building.  According to wikiHow, starting your car is equivalent to six seconds of idling.  Hmmm…I’ve never made it through the drive-thru in six seconds.  In fact, I have on occasion wondered while waiting if they’ve gone to pick the beans.

Next, use your cruise control and…stop using your cruise control.  What?!?  I know, make up my mind, right?  Well, here’s the thing.  Constant acceleration and slowing can result in using more gas so using your cruise control can help you maintain a constant speed which can help you save gas and it can potentially save you a speeding ticket!  Of course, if you set your cruise control at 140kph, I could be wrong on several counts there.  According to Canadian Tire’s gas site (yes, I am quoting Canadian Tire), you can cut your fuel consumption by about 20% when you slow down from 120kph to 100kph.  Now, on the flip side, if you live in hilly country like I do, you should avoid relying heavily on cruise control.  Unlike the driver, cruise control cannot anticipate an approaching hill and, in an effort to maintain that constant speed, will kick in heavily to keep you going and suck up a bunch of that gas – exactly what we’re trying to avoid.  You’ll be much better off maintaining control of your “cruising” yourself.

Of course, maintenance can have a huge impact on your fuel economy!  Filters, proper tire inflation, coolant levels, spark plugs, you name it – they can all affect your gas use so make sure you maintain your vehicle properly.  As I said earlier, there are many, many ways to better your fuel economy and I can’t begin to list them all here so I’m leaving you with some sites you can check out for more ideas:

Ø  treehugger – 66 Ways to Save Money on Gas

Ø  wikiHow – How to Save Money on Gas

Ø  Open Travel Info – How to Save Money on Gas – 29 Tips

If you have a great tip for saving gas which will help me and others benefit both our pocketbook and our environment, please share!  We’d love to have your input!  Have a great day everyone!

Today, I start my post with another rant warning...any of you who have read very many of our posts (thank you) will have figured out by now that, on occasion, I can get a little riled up about something.  During my commutes this week, I’ve had several of those “occasions” and it’s been about the same thing every time.  What would that be?  Litter!  Now that the snow is pretty well gone, litter is really getting easy to see and it makes me both a little mad and a little sad.  Something so simple as taking our waste home and disposing of it properly (preferably through recycling) seems so difficult for some and I fail to understand why that is.  I look around me and I see the beauty that nature provides to us each and every day and can’t imagine throwing garbage on the side of the road or into the woods.  

As a matter of fact, last weekend, my hubby and I took a long walk on some land that we own – it was a great day and, ripped pants and scratches and all, I loved it!  The land was cut over about 12-15 years ago (long before we ever thought of buying it) and there are still large plastic pails in the woods from where the people who cut the trees had emptied them out and tossed them aside while working there.  For the most part, you would think the pails had just been thrown out – they are not deteriorating – which reiterates how important it is to take our trash with us.  We will dispose of them properly and hope to restore the woods to what they once were – mind you, it will take a long time to fully accomplish that.

It seems rather timely then that, this coming Sunday, we celebrate Earth Day – a day meant to remind us that we are not alone on this planet and that we need to make decisions and take actions that do not harm it.  All of the things that keep us alive – food, water, air – come from our environment and, as such, we need to protect it.  Refusing to litter, instead disposing of waste properly, is one way we can do this.  And, taking it one step further, we need to make an effort to recycle everything we can.  In fact, Earth Day Canada tells us that approximately 70% of the waste found in landfills could be recycled or composted.  That’s a big number!  Composting is something that I don’t do but really want to – I think this year is the year!  After all, if I’m going to complain about other people’s actions, I really should look more closely at myself and how I can improve too!

That said, if you would like some ideas on how you can become more considerate of our planet (if you are not already an environmental star J), check out Earth Day Canada’s Top 10 Actions, their EcoTrivia or some of their other resources.  It’s just one place to start.

Have a great weekend everyone when it gets here!  I hope that despite the pending rains, you are able to get out and enjoy some of what nature has to offer – it’s really something else out there!

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A few weeks ago, I told you that I had managed to book an almost free trip to Las Vegas courtesy of the Choice Rewards points on my Credit Union MasterCard.  Last week was the week – and what a week it was!  First, let me confirm one thing.  Things really are better when they’re free!  J  That said, not everything was free (like food, souvenirs, show tickets, etc) so one still has to be prepared – preferably by saving up some spending money ahead of time so you don’t have to swipe that credit card which is exactly what we did.  So, I know you didn’t ask but I thought I’d share a few of the things I learned while we were away…

Ø  SUVs really do wait at the airport to chase Air Force One down the runway…we flew out of Portland, ME and watched the President’s plane come in (he was in town for a fundraiser)

Ø  Girls like me cannot afford to participate in US President’s fundraisers…not by a long shot!

Ø  Ponytails can result in a pat down at airport security.  Fortunately for me, the girl just patted my head…

Ø  Pepto Bismol chewable tablets show up as little cylinders on an x-ray machine which will result in your carry on being searched.  Didn’t see that one coming!  Take note that I learned from these two lessons and had a much smoother trip through security coming back… 

Ø  It is possible to get lost inside.  I think we may have walked three or four miles in Caesar’s Palace looking for the rental car desk while only actually covering about a tenth of a mile.

Ø  Gravol is one of the greatest inventions of all time.

Ø  Gravol is only so effective against high winds and little airplanes!  That said, I would do that Grand Canyon tour all over again in a heartbeat!  What an incredible sight!

Ø  When you think the elevator is full, it’s not…apparently, it’s not even close to full enough…

To be honest, I learned a lot more than that but a girl has to keep some secrets…however, there is one other thing I learned that I will share.  Well, truth be told, I relearn this every time I go away. And that’s how good it is to come home.  We are truly blessed to live in Atlantic Canada and while it’s amazing to have the opportunity to see the beauty in other places, it’s always good to come back!  Mind you, I could do without being greeted by a snowstorm…J

If you would like to have more opportunity to travel but aren’t sure how to swing it without going into debt, try talking to one of our professionals.  They can help you set up an automatic savings plan or perhaps realign your current debt to save you money or make your payments easier to handle in order to make that savings plan feasible.  They will do their best to focus on you and your needs to help you set up the plan that best suits your life.

In the meantime, have a great day and, if you’re planning to get away, happy travels!  I’d love to hear what lessons you learn…

Pretty much every financial institution will allow you to skip a payment every so often.  The question is, do you really want to?  Well, there are times when your answer will be yes but I encourage you to use caution.  Skipping a payment is in your best interest only when you have a definitive need to do so.  For example, perhaps your car needs an $800 part and you simply don’t have the funds to fix it.  Skipping a payment so you can use the money for good times is generally not a good idea and I’m going to tell you why. 

Numbers alert!  Yep, here they come.  Let’s say, for example, that the current balance on your account is $75,000, your rate is 3.5% and your payment is about $375 per month.  Interest is calculated daily and will add up (or accrue) until you make your next payment – in this case, at a rate of just over $7 per day.  After 30 days, the accrued interest will be about $216.  So, when you make your $375 payment, $216 will go to interest and the balance of $159 will go to principal.  This means that for the next 30 days, interest will accrue on $74,841 ($75000-$159).

Now, let’s assume you’ve decided to skip this month’s payment.  That means that instead of accruing interest for 30 days between payments, you will accrue for 60 days.  This amounts to nearly $432 in interest.  So, when you make your $375 payment next month, guess what happens?  Your entire payment goes to interest plus you are short $57 meaning no principal reduction for two months (skipped month plus the month with the interest shortfall).  This means that for the next 30 days (month three), interest will continue to accrue on the full $75,000 plus you still owe an additional $57 in interest which will come out of your next payment.  Clear as mud?  I thought so.

Now, you finally have your interest caught up but keep in mind that during this time (three months), you’ve lost the opportunity to reduce principal to the full potential.  This means that you will be paying a little bit of extra interest each month than you would have been had you not opted to skip that payment.  That said, you normally have the ability to pay extra on your borrowings (before or after skipping a payment) so you can make this up (and here at PCU, in the rare case in which we allow a skipped mortgage payment*, you are required to – it’s in your best interest). 

One other thing that I want you to keep in mind: if your interest rate is higher (and most will be), your interest shortfall will likely be bigger which means it will take even more work to catch your interest up and get back to dropping your principal the way you should. 

I hope that you are able to see where I am coming from when I say you should think hard before you skip a payment.  We do have the option here but we do not promote it nor do we encourage it because we feel that, in the end, it usually costs you money – and we don’t feel that that’s a good thing.  If you pay ahead in an effort to set it up so you can skip a payment, it’s better but it’s still not great, keep paying every month unless you simply can’t – the more you pay now, the less you pay in the long run and that can only be good for you.

As always, our experienced professionals are here to answer any questions you may have about this or any other topic – please feel free to contact us at any time at a branch or via any of our social media sites.

Have a great day everyone!

*CMHC insured mortgages do not qualify for skipped payments

PS  I did the calculations on this for different borrowing amounts using the same interest rate and amortization (up to $300,000) and determined that, based on those variables, the interest shortfall after 60 days amounts to about 15% every time.

The other morning I heard some of the sweetest words my husband has ever said to me…”what can I do to help you?”  Not what you were expecting, was it?  Don’t get me wrong, it’s not that he’s not helpful, it’s just that things were a little hectic right then so the specific offer was very, very welcome!  That, my friends, is just how easy it is to start someone’s day on the right foot.  And then, not that long ago, someone told me how much they enjoy having me in their branch.  That filled me up for at least that day if not the rest of that week!  Once upon a time, I would have rejected the compliment, so to speak.  But I learned that by doing that, you can sometimes bring down the person offering it up and you don’t get nearly as much out of it yourself.  So, now, I lap it up!  Maybe more than I should… J

Because I’ve recognized just how good a quick compliment or offer of help can feel, I try to hand them out on a regular basis.  Granted, I make sure they’re true…and I don’t always give them where I should.  You know how it is; we get distracted and rushed and don’t really pay attention to those around us.  It happens.  But as I try to be more conscious of how I affect others (because face it, we all affect other people whether we try to or not), I’m trying to get better about letting them know what good things I see in them or about them. 

Anyone care to join me?  It’ll feel good, I promise!  Try it…go ahead…make someone’s day!

Have a great one everyone!

As a financial co-operative, Progressive Credit Union is governed by seven primary principles; one of which being Education, Training and Information.  What this means is that we have a commitment towards ensuring our members receive the education and information they need to succeed in life.  We do this through things like this blog, information seminars and, of course, bursaries which help to enable students to achieve a higher education.

That said, we are fast approaching our bursary application deadline which is April 30^th.  Each year, Progressive awards eight bursaries totalling $5,000 to members or the dependents of members who will be attending a post-secondary school in the fall.  If you are interested in applying or know someone who may be, you can get all the details and the application directly on our website’s Bursary section.

Good luck!