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    Smart Savings Tips

    Last updated 1 year ago

    Saving money is vital to financial health, but getting started can seem impossible. Check out these tips for cutting back that will put more money in your pocket.

    • Pay Yourself First
      When you get your paycheck, it is tempting to splurge on those shoes or that video game you’ve been pining after. Take the opposite approach: after you get a paycheck, immediately put a predetermined amount into your savings account and make your credit card and loan payments. That way, you’ll always be saving. 
       
    • Create a Budget
      Track your expenses for a few weeks to see how much you really are spending. Make sure you write down everything, from your rent or mortgage payment to that pack of gum you bought. From there, establish how much you should be spending on items like food, clothing, and utilities, and work to bring your real-life expenses more in line with your ideal numbers.
       
    • Cut Out the Extras
      Buying a $3 coffee every day may seem like no big deal, but it can add up to hundreds of dollars every year. Eating out is even more costly. Instead of letting these small expenses chip away at your budget, work to minimize them. Buy a smaller coffee, or forego it altogether; eat out less often or share plates with friends. These changes will make a big difference to your bank account
       
    • Cook Your Own Meals
      Even if you’re not a gourmet chef, you can learn to prepare healthy, delicious meals that will be much cheaper than take-out. If you’re too tired to cook when you come home from work, make big batches of soups or casseroles on the weekends to keep in the fridge and microwave when you come home on weekday nights.

    When you follow these simple tips, you’ll find that your bank account doesn’t look nearly so dismal at the end of every month. Put that extra money into a savings account at Jeanne D’Arc Credit Union, where our 7% interest rate will help it grow even more. Call us at (978) 452-5001 to get started.

    Financing is the Key to Your Business

    Last updated 2 years ago

    Financing is essential to any successful business, and can be the key to your business’ ability to thrive and to grow. The relationship between you and your bank should be more than just a contractual arrangement: in many ways, it should feel like a partnership.

    Take a look at this video to see how a bank with your interests at heart can help your business succeed. Follow the story of Lowell’s Alpine Butcher to learn how a bank like Jeanne D’Arc Credit Union will take the time to understand your company’s individual needs.

    If you’re in the Lowell area, call Jeanne D’Arc Credit Union at (978) 452-5001 to see how our financing options can help your unique business. A part of the Lowell community since 1911, it is our passion to help Lowell’s businesses grow. At Jeanne D’Arc Credit Union, we share a common thread. 

    Comparing Home Equity Loans and Lines of Credit

    Last updated 2 years ago

    Home equity loans and home equity lines of credit can both provide you with extra money based on the value of your home. These two systems of borrowing both use your home as collateral, but they are structured differently. Read on for more information about the difference between a home equity loan and a home equity line of credit.

    Home Equity Loans
    A home equity loan is a single lump sum of money that homeowners can spend as they choose. This system of distribution is ideal for big one-time expenses, like replacing your home’s roof or buying a car. Once you have this money, you’ll have to repay it in installments on a fixed schedule, usually for a term of up to thirty years. Your monthly payments are fixed, as is the interest rate, and repayment works generally like any other loan.

    Home Equity Lines of Credit
    You can draw from a home equity line of credit, on the other hand, at any time, in any amount, to pay for smaller recurring expenses like home improvements or college tuition. It is a revolving line of credit, meaning you can pay down your balance and then borrow the same money back as new expenses arise. You can draw from this line of credit for twenty years, during which your interest rate will vary, and your payments can be as small as just the interest you owe. After this draw period, you have a fifteen-year repayment period.

    Home equity loans and lines of credit put the equity in your home to work for you, and they provide money that can help you through tough financial times. Jeanne D’Arc Credit Union offers both loans and lines of credit, depending on your needs. For more information, call us at (978) 452-5001 or speak to a representative at one of our banking centers.

    The Best Loan Options for You

    Last updated 2 years ago

     

    Do you want to learn more about credit card consolidation or auto loans? You can find information about these topics on the following websites:

    • Find tips for paying back your student loans on this page from ProjectStudentDebt.org.
    • Visit this page from the Federal Trade Commission to learn about the benefits of credit card consolidation.
    • Learn some of the benefits of consolidating your student loans in this article from Forbes.
    • You can read about how auto loans work on this page from HowStuffWorks.com.
    • Take a look at this page to learn what questions you should ask when applying for a car loan.

    To learn more, contact Jeanne D’Arc Credit Union today at (978) 452-5001!

    What Is Credit Card Consolidation?

    Last updated 2 years ago

     

    Credit card debt is an issue for individuals and families around the country. Research shows that the country’s credit card debt balance experienced a 75% increase between 1997 and 2007. Trying to get out of debt can be a stressful, complicated, and overwhelming experience. That is why credit card consolidation is a good choice for anyone feeling drowned by their debt. Here is a closer look at what credit card consolidation is:

    • Credit card consolidation offers a solution for people with credit card debt
      Credit cards can offer security, but they can also make it easier to spend money you do not have on items you do not need. Credit cards are also commonly used to pay bills and other regular expenses, making them an important part of many people’s finances. However, this reliance is also why so many people are currently struggling with credit card debt on multiple credit cards.
       
    • Credit card consolidation offers a way to start handling your debt
      With this process, a debtor takes out one loan to pay off credit card debt. First, the debtor must visit a financial institution to learn about the loan options that are available to him. Depending on personal finances and credit history, a debtor will either qualify for a secured loan or an unsecured loan. After getting the loan, the debtor will use the money to pay off all debts. They will then focus on gradually paying back the loan. 
       
    • Credit card consolidation offers a number of benefits
      First, debtors will no longer have to worry or stress about paying of all of their separate debts. Another benefit is only paying one loan bill each month instead of multiple credit card bills. This can greatly reduce the stress and anxiety that are commonly associated with multiple credit card payments.

    Learn more about credit card consolidation and personal loans by contacting the team here at Jeanne D’Arc Credit Union. Our Lowell credit union can help you get on the right track to eliminating debt. Visit us online or call us at (978) 452-5001 for more information.

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