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Winter is coming, and Winslow Community FCU is here to help our members avoid these five common financial mistakes this fall!

Waiting to Lock in a Price on a Heating Oil Contract

Oil prices usually climb during the heating season, so it’s risky to put off signing a contract. Costs per gallon can fluctuate, and you can save money by planning ahead. Don’t forget about our Energy Saver Loans which can relieve the financial stress of heating your home.

Paying for Fall Fix-Ups with a High-Cost Credit Card

If home improvements are on the horizon, plan ahead. For example: instead of diving for your credit card to pay for new shingles when the roofers show up, talk to us now about obtaining a Home Equity Line of Credit. It costs nothing to keep an unused line available. When you do use it, the rate is typically lower than other ways to borrow, and interest is tax-deductible if you itemize.

Putting Off a Ticket Purchase for Holiday Travel

Last-minute deals may pop up—but do you want to risk missing them? It may be better to book now instead of waiting for the best bargain, and you won’t have to deal any uncertainty for your trip.

Neglecting to Max Out Your 401(K)

If your retirement savings plan has an employer match, check with your HR manager to see if you’ll qualify for the maximum in matching funds by year-end. If not, consider bumping up your savings rate now to earn more free money.

Postponing Winter Preparations Until the Snow Flies

Let’s say you know you’ll need snow tires, cash for holiday gifts, or a new oil furnace. If you plan now, we may be able to help you find affordable ways to come up with the money. To save up for your tires, for example, you could stash $80 or $100 in a share account every two weeks. Applying for our low-rate VISA Rewards Credit Card might give you a handy way to fund (and track) holiday spending. As for a furnace or other major purchase, a home improvement loan or equity credit line could be a cost-efficient way to pay for this investment over time.

As every true Mainer can confirm, winter will arrive before we know it. If you’re going to need financing, drop by now or give us a call. Fall is a great time to make plans—and we’re ready to help.