Tech CU Money Savvy

Are you feeling the squeeze this year when it comes to your back–to–school budget for clothing? Here are a few tips and resources that may help you stretch your dollars as far as you can, while still getting your kids the ‘cool’ clothes they’ll want to wear.

Hit the outlet malls.
There are plenty of discount stores and outlet malls in the Bay Area where you can find brand-name clothing at discounted rates. We’re talking 20-75 percent off the regular store prices. Don’t think that you’ll get damaged goods. It usually takes a magnifying glass to catch the irregularities in the products sold at these places. Here are just a few of our favorites with links to their web sites where you can find a location near you.

Nordstrom Rack
The Gilroy Premium Outlets
TJ Maxx
Ross Dress for Less
Marshalls

Check out consignment and thrift shops.
Years ago, most kids and teenagers would shrink at the thought of showing up for school in second–hand clothing, but today, going ‘retro’ has become a very cool statement of style. Lucky for us, there are plenty of fabulous shops throughout the South Bay that offer a ton of cool, ‘vintage’ clothes. Here are just a few.

Crossroads Trading Co
1959 W San Carlos St, San Jose - (408) 292-6100

Moon Zoom
(408) 287-5876
1630 W San Carlos St, San Jose, CA 95128

The Kids Shoppe
(408) 879-0989
14454 Union Ave, San Jose, CA 95124

Our Secret
1393 Lincoln Ave
San Jose - (408) 289-9290

23 Skidoo
342 E Campbell Ave, Campbell - (408) 370-2334

Paris Flea
1357 Lincoln Ave, San Jose, CA
(408) 289-9115

Ubyan New & Used Kids Stuff
540 S Bascom Ave
San Jose, CA
(408) 998-1867

If you’re really ambitious, you might head up to San Francisco and Haight-Ashbury where there’s a plethora of incredible vintage stores like Buffalo Exchange, The Wasteland and more. It’s a day-trip for sure, but we promise your teen will be thinking of you as one very ‘hip’ parent if you make the effort.

Buffalo Exchange
1555 Haight Street
San Francisco, CA 94117
(415) 431-7733

The Wasteland
1660 Haight St
San Francisco, CA 94117
(415) 863-3150

One last note: Yelp! is a great resource for reviews and recommendations of the best second–hand and vintage shops around. Don’t be afraid to jump online and see what you can find.

Survey Question:

What percentage of your income will Social Security payout if you retire with a final pay of $60,000?

Simply answer this survey question located in the right navigational sidebar and the first 25 registered users who answer correctly will receive a $10 Premium Coffee Gift Card.

Please be sure to include a valid email address for notification purposes.

Retirement is closer than you think. Are you ready?

Wherever you are, whatever you have, it’s never too early to start planning for your future.

To read about the new Retirement Benefit Estimator that helps you plan for the future by predicting the amount of benefits at retirement, view our latest blog post.

Are you close to retirement and want to know what your social security benefits will be?

You can now find out easily with a new Retirement Benefit Estimator that was unveiled this summer on the Social Security Administration web site. It replaces the old calculator that required users to type in their earnings history, which was a problem, as many people didn’t have that information readily available.

The new Retirement Benefit Estimator accesses the Social Security database for more accurate earnings information. It’s much easier to use: with just a few clicks and a bit of personal information, you can get an estimate of your benefits in less than five minutes.

Annual benefit estimates are currently mailed to workers once a year—they are based on prior earnings and assume that your salary will remain the same until retirement. With the online calculator, you can access that information 24/7. It also gives future retirees a more accurate picture of their benefits because they can factor in a higher estimate of upcoming earnings and different possibilities for retirement ages.

The calculator does have its limitations. Since it’s difficult for people to predict future earnings, there is built-in uncertainty in the estimates. (Estimates are more accurate the closer you are to retirement.) Keep in mind also that Social Security benefits are likely to be curbed in the coming years as lawmakers try to figure out how to strengthen the system and prepare it for the retirement of the baby boomers.

That being said, if you’re curious to find out how much you’ll be receiving if you retire at 62 versus holding off until 68 or 70, this is a great tool to use.

Social Security Retirement Estimator

Auto makers are cutting back on their leasing options for wannabe–new–car owners, especially those rare people who still want to get into an SUV or big pickup. What’s the reason? Falling used car values, i.e. the “residual value” at lease-end that is used to figure what the lease payments need to be has fallen as much as 26 percent because fewer people are willing to buy gas guzzlers these days. Pair that with a rising concern about tightening credit markets, and it turns out there aren’t many financial people in the car business willing to take on a lease.

Here are just a few of the manufacturers who are having trouble with their leasing programs:

• Chrysler: will suspend offering new leases on Friday
• Ford: lease rates will rise on big vehicles
• General Motors (GM): “weeding” out riskier credit customers
• Nissan: having trouble with their leasing program because of potential losses

Gotta buy? Get the best price with an auto buying service!

With leasing options falling to the wayside, more consumers are going to have to purchase their vehicle outright. This means you may not be getting that luxury car you could only afford with a lease, but it doesn’t mean you can’t still get a good deal. One option is to turn to an auto buying service to help you search for the best price on the vehicle of your choice, and it offers the added benefit of eliminating the need for you to deal with the dreaded car salesman. A number of financial institutions offer free auto buying services, including Tech CU.

Our service, The Car Store, is free and all requests can be conveniently submitted online.

Here’s how it works:

1. Go to the dealer and test drive the vehicle of your choice.<
2. Decide the exact make, model, upgrades, color (interior/exterior), etc. that you want.
3. Call, email or submit your specifications online.
4. A consultant will work directly with you to help you find what you’re looking for, and they’ll find you the lowest possible price for that vehicle. They’ll even deliver the car right to your doorstep!

As an extra incentive, Tech CU will also offer you a .25% APR discount off of your approved rate for purchasing through The Car Store.

You can also turn to one of the many independent personal vehicle shoppers around the Bay Area. Doing a simple Google search using the keyword ‘Auto Buying Services’ will provide plenty of names. Here’s a link to a recent article on the “Burgeoning Trend in Car Buying: Using ‘Personal Shoppers’ Instead of Dealerships.”

One last note: before working with anyone, you may want to check out Yelp! to see if the personal vehicle shopper you’re considering has been reviewed (positively or negatively). It’s a great resource for services like this.