A Message From Tom Decker, CFP, CLU, ChFC,
Vice President, Investment Services
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The past twelve months have been particularly unsettled in the financial markets. First, the major stock indices each continued their rallies, including record closes for both the Dow and the S&P during the spring of 2007. Then things changed at the end of the summer, but rallied again in October. Second, following a run of seventeen consecutive rate increases the Federal Reserve finally began cutting its target rate in September in response to the economic fallout from the sub-prime mortgage mess.
What does this mean to you? It means that the investing landscape has fundamentally changed, and now, more than ever, it pays to have a skilled professional that can help you sort through the clutter and help you make sound financial decisions for yourself and your family.
To read the full article, visit SCCU.com. |
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Looking to Cut Costs?
Downsize Your Loan!
The current economic climate has plenty of people considering their financial options: Should we trade in our car? Move to a smaller house? Could we even sell our house if we wanted to?
Re-evaluating a household budget is always a good idea, but why downsize your home when you can just reduce what you’re already paying for your loan? Your mortgage is most likely your biggest monthly expense and costs are only forecast to go up in the new few months.
Now is the time to refinance your home mortgage! Refinancing your current mortgage can leave you with a significantly lower monthly payment, a streamlined 1st and 2nd mortgage in one easy payment, or extra cash for projects or expenses. Plus, with SCCU, the refinancing process is fast and easy – and we’ll even credit you up to $5,000* to offset your closing costs.
Get the process started today by calling Express Services.
* Limited time offer. SCCU’s normal credit criteria apply. Not all applicants will qualify for a loan. Amount of closing cost credit based on loan amount. SCCU will credit $375 (up to a maximum of $5,000) for every $50,000 in loan amount at closing. Example: A loan amount of $225,000 will qualify for $1,875 in credit. Maximum loan to value: 95%. Loans exceeding 80% of the appraised value of the home require private mortgage insurance. Amount of waived closing costs, as detailed on the Settlement Statement at closing, must be paid back to SCCU if the loan is paid off within the first 36 months from the first payment due date. SCCU will determine the method used to evaluate property value. Maximum cash permitted to borrower at closing: $50,000. All normal rate adjustments apply. Owner occupied, primary residence only. New money only. This offer does not apply to existing first mortgage loans held at SCCU. Member Rewards fee waivers are not permitted in conjunction with this offer. |
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Attend one of the many complimentary Financial Workshops offered by our team of educated, knowledgeable and caring professionals. Take advantage of this valuable member benefit and meet with your CFS* Financial Services representative this month.
Investments and investment advisory services offered through CUSO Financial Services, L.P. (CFS) an independent broker-dealer and SEC Registered Investment Advisor are not NCUA/NCUSIF insured, are not credit union guaranteed and may lose value. Space Coast Credit Union is in partnership with CFS. Financial Advisors are employees of Space Coast Credit Union and registered through CFS. (Member FINRA/SIPC). |
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In today’s challenging economy, many of our members have experienced a change in their household finances. If you feel like your money has begun to control you instead of the other way around, now is a good time to take a fresh look at your expenses.
Unless winning the lottery is a certainty, you have a lot to gain through some basic financial organization.
Get the family on board, and then follow these simple steps:
 For one month, track all your expenses in writing. Don’t leave out the tiniest detail! This simple exercise can benefit you more than almost any other action. You can’t control what you don’t understand.
TIP: All your account transactions are easily viewed in Online Banking. Whether you withdraw cash, write a check, or use your debit and credit card, it’s all there. Using SCCU for all your purchases and payments makes managing your money much easier.
 Compare your final list of expenses for the month to the amount earned during the same month. Look at the amount brought in, not gross income. Take note of whether your expenses are higher, equal to or lower than your income.
 Now you are ready to set some goals. Pick an area where you are spending too much money and find ways to cut costs. Make these decisions as a family so everyone will support the goals!
You may want to strive for the "60 percent split," which recommends that expenses take up no more than 60% of your total income. The remaining 40% is typically for entertainment, savings and retirement.
Once you’ve tracked one month on paper, keep going! It’s easy for old habits to creep back, but you can ensure your continued success by having a little fun with this process – schedule some (affordable) rewards for the months that you stick with the effort.
A well-organized plan and a commitment to stick to it will keep you in control of your finances – so your finances don’t control you.
Visit SCCU.com/takingcontrol for some SCCU resources to help you stay in control of your finances. |
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Board Election Results
The following individuals were re-elected in February to the Board by SCCU members:
- Martha Frasier
- Charles Renfro
- Willie Howard, Jr.
Holiday Closings
Lobbies and drive-thrus will be closed:
Monday, May 26 for Memorial Day
For a listing of branch and ATM locations, maps, and hours of service, please visit SCCU.com/locations. |
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New Member Discounts
- 2 Jays Art Studio (Edgewater)
2 Jays Art Studio provides oil painting classes by two local artists who were trained and certified under famous TV artist Bob Ross. Artists Jeanie and Jim work with students to
prepare and complete an 18x24 painting in one 4 hour class. All classes come with a
money back guarantee!
Their motto is: "PAINT IT AND TAKE IT HOME." Anyone can do this method of painting!
- Complete Home Inspection (Cocoa)
- Receive 10% off home inspection
Thinking of purchasing a home? Don’t make any decisions without a home inspection!
Put Complete Home Inspection to work for you. Family owned and operated, Complete
Home Inspection has over 30 years of home renovation and restoration experience.
They will inspect new or pre-existing homes or condominiums to provide you with the
information you need to make an informed purchase.
Visit the Member Discount page at SCCU.com/discount for a complete list of participating businesses. Just click on any business link for detailed information. Also stop by the Member Discount table whenever you visit any SCCU branch. |
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