Saving & Investing
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Savings Goals Calculator
Set a savings goal and see how long it'll take to reach it with LMCU's easy-to-use calculator.
HSA Calculator
See how contributing to an HSA with LMCU can help you save on healthcare costs and grow tax-free savings.
CD Interest Calculator
Estimate your CD earnings with LMCU's free calculator. See how term length and rate affect your savings growth over time.
Save Smarter, Not Harder: How to Use a High-Yield Checking Account and a CD Together
You always hear, “don’t put all your eggs in one basket,” and the same applies to your nest egg. Spreading your money between different types of accounts allows you take advantage of the unique earnings and access that each offers, which then makes it easier to save for future purchases and plan your big financial dreams.
LMCU is rated #1 for keeping more money in your pocket.*
Everything we do at LMCU is guided by you, our members. You’re our number-one priority, and that’s why we’ve been rated number-one by Callahan & Associates in the Return of the Member report.*
Strategies to save for a down payment on your home.
Strategies to save for a down payment on your home. Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is the down payment. Many buyers believe they need to put at least 20% down on a home when, in reality, that’s not always the case.
Teach Your Kids About Savings
Financial conversations are usually stressful and avoided. Your comfortability of the subject can depend on the household you grew up in. Regardless of exposure, it’s important to integrate financial responsibility into the education of the next generation.
6 Ways to Simplify Car Buying
Getting a new car is fun but nobody gets excited about an all-day haggle-fest at a car dealership. You can do most of the legwork from your computer or mobile device to save time and energy. Follow these steps to simplify the car-buying process and find the best ride faster.
10 Money-Saving Activities for Summer Fun
The summer months are the perfect time to try something different without breaking your budget. Warm weather lends itself to lots of outdoor activities that are often free or cheap. Even if you’re not the outdoorsy type, lots of communities offer discounted activities for families to get out of the heat while still having fun.
Big Financial Decisions
Big financial decisions. Are wedding bells in your future? Here are the top four things you should discuss with your future spouse to get your finances ready to walk down the aisle.
Strategies to save for your down payment on your home
Considering homeownership? One of the biggest expenses to save for when becoming a homeowner is saving up for the down payment. One of the many myths about the down payments is that buyers need to put at least 20% down on a home, when, in reality, that’s not always the case. In 2020, the median first-time homebuyer financed their home with less than 7% down.* And at LMCU, we’ve financed many homes for as little as 3% down. On a $250,000 home, 7% down is $17,500. It might seem like a lot, but if you start saving now, you can chip away at it little by little. Once you’ve determined your down payment goal, it’s time to start saving using these strategies:
Better Budgeting
LMCU Budget Tool: All Your Finances, All in One Place. When you're juggling checking and savings accounts, loan payments, retirement savings, and more, it can be easy to lose sight of your overall financial health. That's why LMCU offers its members FREE access to the budget tool, an easy-to-use tool where you can view your entire financial portfolio in one place.
Ready for a change of scenery in 2021?
They said to stay home. But they didn't say which home. In 2020, you worked from home. You shopped from home. You staycationed from home. The point is, you might be ready for a change of scenery in 2021. If you’re in the market for a new home, here are four ways to help you save for the down payment.
Spending Your Savings on Purpose
Three Ways to Make the Most Out of Your Savings. You’ve made a budget. You’ve stuck to your budget. And you’ve finally managed to have money left over at the end of every month. Congratulations! Now comes the tricky part: what to do with that extra cash?
Start saving for the holidays, today!
The holiday countdown has begun. Soon Halloween will arrive and, days after, retail stores will immediately change displays and advertising over to winter holidays. The average consumer spends around $1,000 during the holiday season, according to the National Retail Federation. Perhaps COVID-19 has changed your financial situation this year. Now is a great time for families to think about saving up before the winter holidays.
The tax filing deadline has changed- get special savings on TurboTax
Have you filed your taxes yet? In response to COVID-19, the IRS has extended the federal tax filing deadline to July 15, 2020.
Changes to Michigan’s personal injury protection insurance could save you money.
Up until now, Michigan drivers have been required to carry unlimited personal injury protection. But as of July 2, you can choose how much coverage you carry, and that COULD save you money on your insurance.
4% Max Checking - A little extra can go a long way
Right now, we could all use a little extra. With 4% Max Checking, you can earn up to nearly $600* extra every year in interest.
File online and get your maximum refund plus special savings on TurboTax®
With TurboTax, you’ll get your biggest possible refund fast and your taxes done right. Plus, credit union members save up to $20 on TurboTax federal products, all through tax season.
Consolidate high-interest debt and potentially save thousands
With a home equity fixed-rate loan starting at 4.49% APR*, you can consolidate high-interest debt–like credit cards and student loans— into one low monthly payment. You could save hundreds every month, equating to thousands in savings over the lifetime of the loan.
You and your investment representative: a relationship of trust
Perhaps your doctor, lawyer, and accountant are trusted advisors. Through years of working with them, they have come to know your family and your particular needs. How about your investment representative? Have you built the same kind of trusting relationship with him or her? Your investment representative could be a resource to tap for financial planning information through the many stages of your life.
Cash can get tight around the holidays
We get that. Consider LMCU’s Skip-a-Payment program for a little extra financial breathing room.
Make your Black Friday shopping more rewarding
Max Rewards Visa Your money will go farther with 3% (up to $500 per month) in cash back or points on gas purchases, 2% on groceries and 1% on everything else. Qualify for a Signature Max Rewards Visa card and you’ll get 2% back on restaurants and dining purchases, too!
Save on insurance with Lake Michigan Insurance Agency
We’re an independent insurance brokerage, which means we aren’t locked into any single provider, but work with the nation’s best to offer the lowest rates possible. We personally assess your situation to make sure you get the coverage you need. Plus, when you bundle your home, auto, life, health or business policies with us, you can save even more.
You could earn an extra 100 coffee dates on LMCU
Pumpkin spice or not, you’ll earn 3.00% APY* on up to $15,000 every year with no fees, no minimum balance and access to over 55,000 ATMs worldwide through the AllPoint® network. That extra cash can turn your tall latte into a venti.
Keep your head in the game: avoiding mental errors when you invest
In the sports world, a mental error can cost your team the big game. When you are investing, a mental error can put your retirement portfolio at risk. Mistakes often result from letting misconceptions and emotions affect your decisions.
Lower your tax bill with year-end planning
As the end of the year draws near, the last thing anyone wants tothink about is taxes. But if you are looking for ways to minimize your tax bill, there’s no better time for tax planning than before year-end. That’s because there are a number of tax-smart strategies you can implement now that will reduce your tax bill come April 15.
Good savings habits start young
Our Kids Club and Teens Club will confirm once and for all that money does not grow on trees—it grows by saving and earning interest.
Financial wellness: establishing an emergency fund
First the car broke down, then the dishwasher stopped working, and now the dog is sick. Sometimes the old proverb, “It never rains but it pours,” seems to ring a
Have a 401(k) plan at a former employer?
Here are some options for getting the most out of multiple retirement accounts. You may have had multiple jobs over your career, and left behind retirement account balances of critical building blocks for your retirement. Here is a short guide to your options of what to do with a retirement account left with a former employer:
Investing for your later years? Think asset preservation but don’t forget growth
After years of investing for retirement and other goals, you may have accumulated a substantial portfolio. If you’re approaching or already enjoying retirement, there are important steps that you can take to help ensure that your investment plan -- and your nest egg -- is on track for your Golden Years.
Dividend-Paying Stocks: A Potential Source of Income
If you’re looking for an investment-income source, you may want to consider adding dividend-paying stocks to your portfolio. They may be especially appealing to retirees or investors who aren’t comfortable with a lot of risk.
Top 12 Tips to a Healthier Financial Future in 2019
Welcome to 2019! This month’s newsletter is packed with helpful advice on how to improve your finances both now and down the road. Just a few simple changes can be the key to making 2019 your best financial year ever.
Year-End Gifting Strategies
The tax year will be ending on December 31. If you have plans to make charitable gifts to family members, it’s last call to make those donations for 2018. The Basics If you have the financial ability and devotion to make lifetime gifts to family members, consider making them annually. The inflation adjustment for 2018 has increased the amount you can gift without being subject to a per-individual gift tax – $15,000 individual, or $30,000 for married couples. Keep in mind that gifting decisions should reflect any additional wealth transfers or estate planning steps you already have in place.
Wealth Management Is More Than Portfolio Supervision
At its most effective, wealth management is a multi-faceted approach—addressing risk and tax issues, estate planning and charitable gifting, and perhaps college and long-term care planning. It’s unlikely to find one single financial professional who’s equally well versed in all these disciplines. Acknowledging that reality, the LPL Financial Advisors of MaxWealth Management located at Lake Michigan Credit Union frequently collaborates in a team effort, to draw on their collective understanding to the benefit of their clients.
