September 2023

Articles in this Newsletter:

1. What to Buy and What to Skip in September
2. Are you ready to hit the jackpot and win big?
3. Student loan payments are resuming – is your budget ready?
4. Member Question
5. TruStage™ Auto & Home Insurance Program
6. Help him BUILD credit while EARNING credits!
7. Capital Mortgage Funding
8. Ask for a HELOC and leverage your Home's Equity

Get ready for big savings on big-ticket items this September! Retailers want to bring the crowds back after the big back-to-school storm has passed, and to clear the shelves before the holiday season blows in. All that, plus the Labor Day sales, means big savings in September – but not on everything. Here’s what to buy and what to skip in September.

Buy: Mattresses and bedding

Mattress sales are synonymous with Labor Day and for good reason. Get crazy-deep discounts on mattresses this month at almost any retailer that sells them. Top off the deal with some bedding and bath supplies, which are also selling at bargain prices.

Skip: Halloween costumes and decor

Retailers will have you thinking Halloween is tomorrow, but you have plenty of time to prep for Oct. 31. Though Halloween costumes and decor will hit the stores this month, hold off on buying them until October rolls around for some scary-low discounts.

Buy: Airfare

The best deals on plane tickets usually show up eight weeks before the travel date, and for Thanksgiving, that means buying tickets in September. Look out for deals on tickets at the end of the month to save big on your travel plans.

Skip: Autumn wear

It’s too early in the season for slashed prices on clothing. You can pick up some essentials if you must, but you’re best-off waiting until October or November to shop for your complete autumn wardrobe at sizzling-hot prices.

Buy: Plants

Hold onto summer a bit longer with some vibrant greenery. All summer plants, trees and shrubs will be retailing at dirt-cheap prices this month as garden centers make room for autumn and holiday plants. This can be a terrific time to upgrade your property’s landscaping with some perennials.

Skip: Electronics

Labor Day might bring some incredible deals on big-ticket items, but electronics aren’t one of them. Instead, TVs, headphones, audio systems and more tend to see their lowest prices during Black Friday sale events.

Buy: Denim

Jeans are a hot item during back-to-school shopping. Come September, retailers will slash prices to unload any unsold inventory.

Use this guide to know what to buy and what to skip in September.

Look no further than JMAFCU, your trusted financial partner, for all your auto loan needs! We're excited to announce our incredible offer that gives you the chance to enjoy low-rate auto loans on new and used vehicles, with flexible terms and amazing benefits.

At JMAFCU, we understand that purchasing a vehicle is a significant decision, and we want to make it as rewarding as possible. Switching to JMAFCU is simple and hassle-free, Whether you're considering a new or used vehicle, we've got you covered! You can enjoy low-rate auto loans on new vehicles for up to 75 months and used vehicles for up to 72 months.

Don't miss out on this incredible opportunity to hit the jackpot with JMAFCU. Make the switch today and experience the thrill of low-rate auto loans, extended terms, lower monthly payments, and personalized care. You deserve it!

The federal student loan payment pause that has been in place since the beginning days of the COVID-19 pandemic is coming to an end. The Department of Education has announced interest will resume and statements will start going out in September, with payments expected to start being due in October. 

Three and a half years after these payments were last due, many of our budgets will need to be adjusted to make room. As a member of JM Associates FCU, you have access to free resources and counseling from our partners at GreenPath Financial Wellness to help you create a plan. 

Here are a few resources you can use now to prepare for student loan payments to start back up:

• Aligning Priorities Online Course: A useful tool for prioritizing your expenses and identifying what changes may need to be made to fit student loan payments in. 

• Free Financial Counseling: Call GreenPath today at 1-877-337-3399(or request a call on their website) to connect with one of their NFCC-certified financial counselors. They will help you strategize changes to your budget and can help you understand your student loan repayment options. It’s free, no-pressure, and 100% confidential.

• Worksheets and Guides: Use the Budgeting worksheet, Aligning Priorities workbook, and 4 Steps to Take with Your Student Loan guide to plan your next steps.  

For additional financial wellness resources, visit: my.greenpath.com.

Q: With home prices rising, it seems like a good time to use my home’s equity. What’s the best way to use these funds?

A: A home equity line of credit, or HELOC, can be an ideal way to source extra funds. With interest rates on a JM Associates Federal Credit Union Home Equity Loan at just 8.50% APR*, the repayment plan is affordable. If approved, you’ll have access to a line of credit for eight (8) years. There are no restrictions on how to use these funds, but because you are essentially pledging your home as collateral home with this loan, it’s important to choose wisely.

Here are four forward-thinking uses for a home equity loan:

1. Home improvements

One of the most popular uses for home equity is home renovations and improvements. Using your home’s equity for such projects is a smart choice for many reasons. For one, the money you put into the renovations acts as an investment. If you choose improvements that increase the home’s value, you can make back the money you spend or even see a return when you sell your home. Also, if you use the funds from a HELOC to increase your home’s value, you may be able to deduct the interest paid on the loan from your taxes (be sure to also consult with your tax adviser).

2. Debt consolidation

Another popular use for a HELOC is to consolidate high-interest debt. Paying off multiple debts that have high interest rates can be cumbersome and difficult to manage. Worse, the heavy interest rates mean more of the your money goes toward the lender and less goes toward paying down principal. Using a HELOC to consolidate debt to a single low-interest loan can slash a pile of debt by several thousands of dollars and help shorten repayment time by several years.

3. College education

Funding a college education through a home equity loan instead of a high-interest student loan can be a smart choice. Similarly, homeowners struggling to meet their student debt payments without defaulting on the loan might want to use their home’s equity to pay off the debt quickly and replace it with a more manageable low-interest loan.

4. Emergency fund

If you’ve been struggling to get an emergency fund going, tapping into your home’s equity can be a great way to get what you need. You’ll have a large stash of cash to build your fund, and the manageable payment plan will help ensure you put money into savings each month.

If you’re ready to take out a HELOC, we can help. Our rates and terms are always competitive. Click here to apply online, give us a call at 800-581-2256 or stop by JM Associates Federal Credit Union to get started on your loan application today.

* APR = Annual Percentage Rate and is valid as of 8/14/2023.

Made available to credit union members like you, the TruStage™ Auto & Home Insurance Program provides top-quality protection designed to fit your budget. You could enjoy discounted rates combined with online convenience and 24/7 claims service.

To get your free quote today call 1-855-589-2146.

Are you a parent concerned about your student heading off to college and managing their finances responsibly? Look no further! JMAFCU offers a Share secured Visa credit card tailor-made for parents of college students. Not only does this card help your student build credit, but it also provides you with peace of mind as you can monitor and guide their spending.

A JMAFCU secured Visa credit card is a great way to start. Send them off with the best card from a financial institution you know and trust, YOUR credit union.

Simply open an account with a $500 deposit (or more) and your student can make purchases, payments, and more: up to a $1,000 (or more) credit limit. Before they know it, they’ll qualify for an unsecured card, one that does not require a deposit.

Need additional financing for back-to-school supplies? JMAFCU can also help with that!

Our Personal loan has a great low rate. Apply today to receive a response in minutes. 

Click HERE to apply now, stop into your local branch, or call (800)581-2256.

JM Associates Federal Credit Union | 800-581-2256