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We are making the rounds today to all of our branches to referee the creativity of our employees. We have invited all of our departments to participate in our decorating and costume contest. All entries will be judged on originality of the theme, creativity, good taste and compliance with the rules. Throughout the day we will be uploading pictures to our Facebook page. Choose your favorites and help us pick the winners!
Take a look at last years winners:
Enter Your Lock of the Week and Win an iPad!
Here at El Paso Employees we love football and this year we would like to invite you to play the “NFL Lock of the Week” with EPEFCU President and CEO Ken Walters! Ken will join Steve Kaplowitz on Sports Talk Radio KROD once a week to choose his lock of the week. You can participate by emailing Steve your lock of the week. The last player standing will walk away with an iPad, but you have to hurry because you only have one week to enter for your chance to play.
Click Here to listen to Ken Walter's KROD radio contest description
Complete Contest Rules:
Prizes:
1st place: Apple iPad
2nd place: iPod Nano
3rd place: iPod Shuffle
Halloween is just around the corner and if you’ve been putting off purchasing your costume because of the scary cost then we’ve got some costume buying tips that are sure to make your wallet happy.
Putting your Halloween costume together this year doesn’t have to cost you a fortune, just a little bit of creativity. While it may be easier to purchase a costume complete with accessories, it may not be the smartest thing if you’re trying to save some money.
Start by raiding your own closet for costume pieces. Those items at the back of your closet you thought you’d never wear just might come in handy this October. If you still can’t find what you need, visit your nearest thrift store. Second-hand clothing stores carry a variety of pieces at very little cost.
Using real clothing pieces from either your own closet or from a second-hand shop will not only save you money, but it will give your costume a more authentic look.
If after rummaging through your old clothes and thrift stores you still come up empty handed, consider waiting until a few days before Halloween. Seasonal items will usually be marked down significantly, including Halloween costumes and candy. While you may not get to pick from a large selection, your new outfit will definitely cost you less a few days before the holiday. Also, make sure to look over the clearance section first. Oftentimes the newest design of a pirate costume will cost more than last year’s version.
Halloween costumes are usually only worn once a year and by the following year, you’ve got a new costume in mind. Instead of paying full price for a costume you’ll most likely only wear once, get together with family and friends and exchange costumes. Their old outfit can make you look brand new.
When searching for your new look this holiday, stay away from specialty stores and consider purchasing your new outfit at a drug store or other discounter such as Walgreens or Target. These stores have a great selection of holiday costumes and accessories at a much lower price than specialty stores. Can’t find your size? Both Target and Walgreens sell Halloween costumes online. You are sure to find what you’re looking for if you opt for purchasing your costume via the internet, just make sure you place your order with enough time to receive your shipment.
Lastly, while it’s difficult to predict what you’ll want to wear a year in advance, you can bet on finding great deals on left over Halloween costumes the day after the holiday. Get a head start on next years festivities by purchasing your costume a few days after Halloween and you’re sure to encounter some significant markdowns.
This Friday our branches will be celebrating Halloween by dressing up and decorating their lobbies. We’ll be making the rounds with our camera in tow and uploading pictures of all of the creative costumes and we’ve decided to let you, the member vote! So check back on Friday and vote on your favorites all weekend.
Were these tips helpful? What have you done to save money for the upcoming holiday? Let us know, we'd love to hear from you!
Today marks the beginning of International Credit Union week, celebrated by credit unions across the nation as a way to reinforce the philosophy and history of the credit union movement. In addition to the festivities this week we would like to take these next few days to express our appreciation for our members.
The happiness of each of our members at El Paso Employees Federal Credit Union is important to us because your support makes us who we are today.
As an organization, we can only hope to empower you through our values and the quality of our services. Your faith and loyalty in us is what drives us to better serve you.
We hope that we are more than just a place for you to bank. We hope that we have won over your hearts and your minds by going above and beyond your expectations. So, from the bottom of our hearts, thank you for being a member.
Join us next week, and if you're currently a member, make sure to take advantage of all of the free services we have to offer!
October 19, 2010
Main Branch
8840 Gazelle Drive
6:00pm-7:30pm
October 21, 2010
Main Branch
8840 Gazelle Drive
6:00pm-7:30pm
October 23, 2010
Main Branch
8840 Gazelle Drive
11am-1pm
Entertainment provided by KSII
Event Schedule:
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Making mistakes is easy and inevitable. Some mistakes however are harder to fix than others, especially when it comes to money. Before you let your bad judgment get the better of you, read over the list of common money mistakes many of us make. When it comes to money, it’s probably best to learn from others’ mistakes rather than from your own.
When it comes to money mistakes it’s better not to have regrets. Keep these common slip up’s in mind and remember that the road to becoming financially sounds may not always be the easiest, but in the end we’re certain you’ll be happy with your financially sound decisions.
Were these suggestions helpful? Can you think of any other costly money mistakes we left out? Let us know! We would love to hear from you.
The end of the year is fast approaching bringing with it newly released car models. These shiny new releases might have some of us thinking about trading in our old vehicle for a brand new model. When it comes to purchasing a vehicle however, there are several options for you to consider. So before you decide to buy or lease you next set of wheels find out which option is the best financial fit for you.
Leasing a vehicle basically means that you are borrowing the vehicle from a company for a certain amount of time. When your lease is up, you are then given the option to buy the car or turn it back in. According to the Federal Reserve Board, most leases run anywhere from 2-4 years.
When leasing, you may be responsible for your first month’s payment, a security deposit, taxes, registration, and a capitalized reduction. According to leaseguide.com, “capitalized reduction” or “cap cost reduction” is any down payment or trade-in that decreases the amount being financed.
In contrast, when purchasing your vehicle, you will be responsible for your down payment, taxes and registration.
Leases are more appealing to some because your monthly payment is typically lower than what you might be paying if you were purchasing the vehicle. Still, paying a little more every month could pay off big in the long run.
If you decide to forego the lease route and purchase your vehicle, you can look forward to the day when you give your last car payment, boosting your equity and lowering your monthly expenses. Owning your own vehicle gives you the freedom to drive as many miles as you’d like or customize it to fit your preferences.
On the other hand, leasing a vehicle significantly affects your freedom to do what you’d like with your car. Remember that because it is a lease, you are essentially borrowing the vehicle for 2-4 years. Leasing companies usually have strict standards as to how they’d like their vehicle returned.
When leasing, you will be given a limit as to the number of miles you are allowed to drive, exceeding this limit can mean paying costly fees. Additionally, leasing a vehicle means you don’t have the freedom to personalize your car, such as tinting your windows because it must be returned in like new condition. Many leases hold you responsible for excessive wear and tear. You can also count on having a car payment until you decide to get out of the lease cycle and make the commitment to purchase a car.
In short, remember that when determining whether to buy or to lease, consider how long you plan to keep your vehicle, how many miles you drive per year and whether or not you plan on customizing your new car.
The bottom line: consider leasing if you typically keep a vehicle for 2-3 years anyway, if you don’t drive long distances and if you don’t have any or little money for upfront costs. Otherwise, purchasing a vehicle could be the smarter route. It will save you a significant amount of money if you choose to keep your vehicle long after you give your last monthly payment.
Do you prefer to purchase or lease you vehicle? Please share your thoughts in our comments, we would love to read them!
October is already here and with it marks the transition into fall and the many festivities that ensue. During the last quarter of the year, many of us take the holidays to spend time with family, take an end of the year vacation, or just treat ourselves to some well earned R&R. Whatever it is that you decide to do, we at El Paso Employees FCU want you to stay safe.
October also marks the start of National Cyber Security Month. According to the CIA World Factbook, in 2008 there were over 231 Million Internet Users in America alone. Let’s face it, the holiday seasons are peak times for internet usage. Many of us are busy holiday shopping or booking travel reservations via the World Wide Web. Phishing and spam attacks on U.S. citizens are increasing daily, which means you, your identity, and even personal information may not be as safe as you once thought it was.
Here are some tips you should consider to help make sure your cyber activity doesn’t have any unwanted results:
Do you have an tips and tricks to share? Or have you ever had an experienced an attack on you or your personal information. Let us know just leave us a comment!
Now that you’ve learned the basics of a 401(k) we’d like to go over the fundamentals of another investment option, the IRA. An IRA or Individual Retirement Account is a type of savings account with larger tax benefits. Keep in mind that an IRA account is not an investment; it is merely the account that holds your investments, such as stocks, bonds, or mutual funds.
Unlike a 401(k) which is provided by your employer, an IRA is an investment vehicle which you open on your own. If you’re interested in opening an IRA, you have several different options; however, the two most common types of IRA’s are a ROTH IRA and a traditional IRA.
The main difference between the two is the point at which you will be required to pay income taxes on your money. With a traditional IRA, taxes are typically paid when money is withdrawn from the account once the owner is ready for retirement. A ROTH IRA however works in the reverse. Taxes are paid not when the money is pulled from the account but rather when it is deposited into the account. In both cases however, your money grows tax free while it remains in the account.
According to schwab.com, a traditional IRA contribution for 2010 is fully deductible for single filers with an Adjusted Gross Income of $56,000 or below (partially deductible $56,000–$66,000). For married filing jointly, the phase-out range for deductibility is $89,000–$109,000 ($167,000–$177,000 for the nonparticipant spouse of an active participant in a qualified employer plan, when filing jointly).
Contributions to a Roth IRA are never tax-deductible, but qualified withdrawals are tax-free (unlike withdrawals from traditional IRAs, which are taxed as ordinary income). For 2010, you can contribute the maximum to a Roth IRA if your Adjusted Gross Income is at or below $105,000 for single filers and $166,000 for married filing jointly. You can make a partial contribution if your Adjusted Gross Income is between $105,000–$120,000 for singles and $167,000–$177,000 for married filing jointly.
Like a 401(k), there are limitations as to how much money you are allowed to put into your IRA each year. On average, anyone under the age of 50 can deposit up to $5,000 a year. The older you are the less you are able to contribute each year.
Another difference between the two accounts is the time at which you are required to begin pulling your money from the account. In the case of a Roth IRA, you have the option to leave your money in the account for as long as you need, all the while your money will continue to grow. In the case of the traditional IRA however, you are required to begin withdrawing money from the account when you reach the age 70 1/2.
When deciding where to open up your account, be sure to find out first if you will be required to start with a minimum initial investment, or if there is a minimum on the amount of contributions that you will need to make. Find out if there are any fees which may you may be charged and if the company offers automatic contributions.
Remember, it’s never too late to start saving for retirement. Make an appointment with a financial advisor, or open up an IRA account online. In any case, you’ll be glad you decided to invest in your future sooner rather than later come retirement.
Do you currently contribute money into an IRA account? Why or why not have you chosen this investment route? Share with us! We’d be honored to read your comments.
Movie Popcorn
We all know how expensive a bag of movie popcorn is, and yet, we continue to pay for it. According to an article on MSN, University of California economics Professor Richard B. McKenzie found that the average markup of an ounce of popcorn at the movie theater is about 1,255%! If you’re craving popcorn, opt for the buttery, grocery store kind at home instead.
Brand Name Drugs
According to the Food and Drug Administration website, generic drugs are merely reproductions of its brand name counterpart and are required to meet the same standards. They are equal in dosage form, safety, strength, route of administration, quality, performance characteristics and intended use. Generic drug version cost up to 85% less than its brand name version.
Brand Name Products
It’s not uncommon to be a little hesitant about buying the generic version of a product, after all the sweet, original taste of Coca Cola is hard to duplicate. Opting for the in-store brand products however can save you an average of 30% at the checkout lane, according to Consumer Reports Magazine. A recent study conducted by the magazine shows that in a taste test, national brands won seven of the 21 match-ups and store brands won three. Don’t be too quick to discriminate, give the in-store brand a chance, it may surprise you and help you save money as well.
Items at the Checkout Counter
You know which ones; those oh-so-conveniently placed packages of batteries or gum, just in case you forgot to pick them up while checking off your grocery list. Reaching for these items doesn’t just make shopping convenient; it also hurts your bottom line more than you think.
Alcohol
Enjoying dinner at a nice restaurant is a luxury we all enjoy every once in a while, but paying for drinks during your visit could be doing major damage to your wallet. According to the Wall Street Journal, the standard restaurant markup for wine for instance is about three times the wholesale cost. Perhaps the highest markup however is wine by the glass. On average, the sale of just one glass of wine will pay for the entire bottle of wine. Save the drinks for home or go for the bottle rather than the glass when purchasing wine with your meal.
What product markups do you tend to stay away from? Let us know! We'd be honored to read your comments!
