Savings

When it comes to the average amount of debt in U.S. households, our credit card balances are behind only mortgages ($149,782) and student loans ($34,703). American consumers are in debt to the tune of over $11 TRILLION, with just under half carrying a credit card balance, with an average balance of over $15,000*.

If we take the average credit card balance for U.S. households ($15,000) and attach the average interest rate (around 14%), according to Bankrate.com’s Credit Card Calculator, the minimum payment (at 2% of your balance) would be $300.

When you start saving early for retirement, it can make a big financial difference. Compare the two IRA examples*:

Emily Jacob
Age 25 Age 35

Contributes: Contributes:
$4,000 per year $4,000 per year
10 years         30 years

Balance at 65:  Balance at 65:
$680,120                  $528,534

According to the Farmers’ Almanac, the winter of 2012-13 will bring colder-than-normal temperatures to our region. Is your family’s wardrobe ready for the chill of Old Man Winter? Winter clothing can get expensive, but we’ve found some tips from thefamilywallet.com on how to save money on winter clothing.

Well here it is, October. Already. Fall is officially cooling down a long, hot summer, and the holidays are lining up to take us through the New Year. Some serious shopping will be here soon (if it hasn't already started for some), but don't jump the gun on select items you may have your eyes on. October is just not the month to get the best buys on many items. So in the spirit of saving you some money, let's take a look at stuff you'll want to hold off on buying until prices hit more budget-friendly levels.

Are you taking advantage of our MyE-Rewards program? It seems many members are by simply using their Vantage check card and managing their checking accounts online. The rewards just keep adding up, now to the tune of over $10,000!

We created MyE-Rewards to reward members for their loyalty. This unique program is available FREE to all Vantage members who use a Vantage check card and manage their Vantage checking account online.

To date, we’ve handed out some serious rewards!

So you were hurrying to work, late for a meeting, and you backed out of the driveway a little too quickly...YIPE! YIPE! YIPE! It’s all right, Gizmo is going to be fine...after a hefty vet bill. And you were just getting ahead financially. Sheesh. File it under “Life Happens.”

Kids. Car trouble. Spending spree. Unexpected illness. Yes, life happens, with or without our consent. It’s filled with twists and turns, many times with expenses for which we haven’t planned.

And when life happens, everyone has a story to tell.

“If anyone feels this man and woman should not be united in holy matrimony, let them speak now or forever hold their peace.”

What if your financial advisor (you did invite him, right?) stood up at your marriage ceremony with an objection? He didn’t think you two were compatible based on your views on money, the top reason for many arguments between married couples. It seems you two didn’t sit down beforehand and have a frank discussion about finances.

Did you just say “No” to a deliciously warm apple cider? Really? On these crisp nights when it would taste so good sitting by a fire? Whoa, that’s some ridiculously strong willpower you have going on! We’re betting you’re a good saver of money, too.

Willpower is like a muscle, to keep it strong we need to give it regular workouts. But can willpower become fatigued like a muscle? Some experts say yes. Studies have shown that when it comes to money, those who’ve exerted more willpower at any given time tend to spend more than those who have exerted less. Their willpower was depleted like a muscle that had been fatigued, and it led to weakened willpower regarding spending.

It’s yard sale season. Or garage sale. Or estate sale. Whatever, this is the time of year when such sales are prevalent around our neighborhoods. People are peddling things they no longer have a use for, and that means there are deals to be had on things you may need. What are the things to look for when you’re cruising the local lawns? Some things are better than others.

Budget. Yep, we said it. The dreaded “B” word. As a financial institution, we’re all for budgets and their fiscal responsibility. As a private citizen, you’d likely rather talk about a root canal, but please hear us out. While a budget may be painful to create and/or stick to, it has distinct advantages that can help enhance your life. We’re serious! Let us prove it with a few relevant points...