SPRING 2016CREDIT UNION OF NEW JERSEY E-NEWSLETTER

U.S. ECONOMY 2015:

16 WAYS TO

8 WAYS TO BOOST YOUR

WHAT ECONOMISTS GOT RIGHT & WRONG

SPEND LESS IN 2016

HOME VALUE BEFORE LISTING

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Dear Members,

In this issue, you will find articles that focus on the economy and financial tips to make the most of your spending and assets. Enjoy reading and please remember Credit Union of New Jersey exists for one main purpose, “To ensure its members and future members will have the knowledge and ability to be in control of their financial lives.” This is accomplished through three brand promises:

• We promise to take care of you • We promise to give you a good deal • We promise to make it easy

2015 was a transformative year for Credit Union of New Jersey. The successful completion of the System Upgrades will allow us to take advantage of technological advancements, create additional efficiencies, and ultimately provide a better member experience.

Please take advantage of this complimentary newsletter and other membership benefit tools, which can be found at CUNJ.org to ensure you are receiving the most from your membership.

In 2016, we look forward to enhancing your security with chip enabled Debit Cards, instantly issuing Debit Cards in select branches and enhancing member benefits!

We value and appreciate you as a member of Credit Union of New Jersey.

Enjoy!

CUNJ CONNECTS | 3

Andrew L. Jaeger, CCEPresident/CEO

Andrew L. Jaeger, CCEPresident/CEO

Inside the issue:

EWING HEADQUARTERS1301 Parkway AvenueEwing, NJ 08628

Drive Thru Hours:Mon - Wed 8:30 am - 5:00 pmThurs - Fri 8:30 am - 6:00 pmSaturday 9:00 am - 12:00 pm

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ETS BRANCH (ETS EMPLOYEES ONLY)Rosedale RoadPrinceton, NJ 08541

Branch Hours:Mon - Fri 10:00 am - 2:00 pm

WILLINGBORO BRANCHWillingboro Town Center4364 Rt. 130 North, Suite FWillingboro, NJ 08046

Branch Hours:Mon - Wed 8:30 am - 4:00 pmThurs - Fri 8:30 am - 4:30 pmSaturday 9:00 am - 12:00 pm

D.O.T. BRANCH1035 Parkway AvenueTrenton, NJ 08625

Branch Hours:Mon - Wed 8:30 am - 4:00 pmThursday 8:30 am - 4:30 pmFriday 8:30 am - 4:00 pm

LAFAYETTE BRANCH12 East Lafayette StreetTrenton, NJ 08608

Branch Hours:Mon - Wed 8:30 am - 4:00 pmThursday 8:30 am - 4:30 pmFriday 8:30 am - 4:00 pm

MEMBER SERVICE CALL CENTERP: 800.538.4061F: 609.530.0437CUNJ.org

Call Center Hours:Sun - Sat 7:00 am - 8:00 pm

24-HOUR TOUCHTONE TELLER800.653.6828 / 609.538.4046

MORTGAGE DEPARTMENT800.880.0785

CUNJ ROUTING & TRANSIT NUMBER2312-7861-4

CUNJ is not responsible for typographical errors, omissions or misprints.

Federally insured by NCUA

Message from our Chief Governance Officer/Chairman . . . . . . . . . . . . . . . 5

Events & Announcements . . . . . . . . . . . . . . . . . . . . 6

U.S. Economy 2015: What Economists Got Right & Wrong . . . . . . . . . . 7

16 Ways to Spend Less in 2016 . . . . . . . . . . . . . . .8

8 Ways to Boost YourHome Value Before Listing . . . . . . . . . . . . . . . . . . 10

Sunny Skies Ahead forNew Jersey Economy in 2016 . . . . . . . . . . . . . . . . .11

CUNJ CONNECTS | 4

Message from our Chief Governance Officer/Chairman

CUNJ CONNECTS | 5

This April will mark the completion of my first year as the Chief Governance Officer/Chairman for Credit Union of New Jersey. During the past year, I have had the privilege of working with our talented and dedicated board of directors who embody the not-for-profit, financial cooperative spirit. With a focus on ensuring our members have the knowledge and ability to be in control of their financial lives while ensuring fiscal soundness, the board of directors has worked diligently to see that the most important financial needs of our members are being addressed.

Through a planned approach of receiving member input through surveys, it has been determined that having “knowledge and ability to be in control of their financial lives” was very important to members. Additionally, 24/7 convenience and competitive pricing were rated as very important by members. Throughout the year, the board also received expert presentations on industry, consumer, technological and economic trends. The member survey research and the trend data was reviewed and used as the basis for our annual planning retreat where the board used strategic thinking about what the future might look like for Credit Union of New Jersey and its members.

As the landscape of financial services continues to shift and change rapidly, be assured that your volunteer board has a disciplined approach to thinking strategically, maintaining fiscal soundness and ensuring the right results for our membership. Through a governance model in use world-wide called Policy Governance, the board is able to identify the most important future focused outcomes for members. We then task our CEO to deliver these outcomes, or benefits, to the membership while maintaining fiscal responsibility. These outcomes are identified in the board’s purpose statement, sometimes referred to as the Ends statement. It is these member influenced Ends statements that govern the board’s decisions.

As a member-owned, not-for-profit financial cooperative your board never loses sight of the purpose of Credit Union of New Jersey. It is about ensuring members are better off as a result of their membership with Credit Union of New Jersey.

Sincerely,

Gary ChizmadiaCHIEF GOVERNANCE OFFICER/CHAIRMAN

» Earn one point for every $1 spent on purchases

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*Subject to credit approval.with a CUNJ PLATINUM CREDIT CARD

more rewardingMAKE EVERYDAY SPENDING

SATURDAY, 4/23Food Truck Fiesta & MarketMercer County Park Festival Grounds10:00 am – 6:00 pm

TUESDAY, 4/26Identity Theft Webinar12:00 pm – 1:00 pm

FRIDAY, 4/29Arbor Day CelebrationTerhune Orchards10:00 am – 11:00 am

SATURDAY, 4/30Spring Craft & Vendor ShowEwing High School10:00 am – 3:00 pm

SATURDAY, 4/30 – SUNDAY, 5/1Kite DayTerhune Orchards10:00 am – 5:00 pm

SATURDAY, 5/7 – SUNDAY, 5/8Trenton Kennel Club Dog ShowMercer County Park Festival Grounds8:00 am – 5:00 pm

TUESDAY, 5/10Social Security SeminarCUNJ Ewing Branch6:00 pm – 7:30 pm

TUESDAY, 5/17Social Security SeminarCUNJ Willingboro Branch6:00 pm – 7:30 pm

FRIDAY, 5/20CUNJ Foundation Bingo NightHamilton Elks LodgeDoors: 6:00 pm; Bingo: 7:00 pm

TUESDAY, 5/24Value of a Dollar — Teaching Your K-8 Child Webinar12:00 pm – 1:00 pm

SATURDAY, 5/28Pork Roll FestivalMill Hill Park10:00 am – 7:00 pm

MONDAY, 5/30Memorial DayAll CUNJ Branches Closed

SUNDAY, 6/5Monster Truck DayOasis Family Farm10:30 am – 4:00 pm

SATURDAY, 6/18Paddle for Pink Dragon Boat RacesMercer Lake, Mercer Co. Park Marina8:00 am – 5:00 pm

SATURDAY, 6/18Mercer County Cultural FestivalMercer County Park Festival Grounds11:00 am – 7:00 pm

TUESDAY, 6/21Power Over Debt Webinar12:00 pm – 1:00 pm

SATURDAY, 6/25Mercer County Freedom FestivalMercer County Park Festival Grounds3:00 pm – 11:00 pm

SATURDAY, 6/25Ice Cream Party & Wheat HarvestHowell Living History Farm11:00 am – 3:00 pm

Events & AnnouncementsApril 2016 MAY 2016

Represents events hosted by CUNJ*Please verify event dates, times and locations for those not hosted by the credit union as changes may be made after this newsletter printing.

June 2016

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CUNJ CONNECTS | 7

What economists got right & wrong What They Got Right: What They Got Wrong:

Unemployment Rate5.2% 5.0%Avg. Forecast for December 2015

Actual as of November 2015

The pundits predicted this one pretty well on target, and thank goodness. Unemployment rates continued to come down in 2015.

1.6% 0.4%Inflation

Avg. Forecast for December 2015

Actual as of November 2015

In December 2014, Fed officials forecasted an inflation rate of between 1% and 1.6%. Lower price of oil is affecting these numbers and keeping them lower.

0.89% 0.375%Interest Rates

Avg. Forecast for December 2015

Actual as of December 2015

Most forecasters expected the Federal Reserve to raise interest rates much earlier in the year and continue to inch up interest towards the 4th quarter of 2015. That didn’t happen. The Fed waited to raise rates until the December announcement to a range of 0.25%-0.50% from 0-0.25%. This was way off from most economists’ predictions including the Fed itself due to lower inflation numbers.

4.1% 6.1%Home Prices

Avg. Forecast for 4th Quarter of 2015

(Federal Housing Finance Agency home price index, percent change from one year ago)

Actual as of October 2015

Looks like economists weren’t optimistic enough on the housing numbers. Housing prices climbed 6.1% higher than the previous year, where the prediction was 2% lower than that.

219,000231,000Job Growth

Avg. Forecastfor 2015

Actual for 12 mo. through November

Economists appear to have been very close with their forecasts of the economy continuing to add a little over 200,000 jobs a month. Not bad.

2.6% 2.3%Wages

Forecast for December 2015

(average hourly wages, annual percent change)

Actual as of November 2015

It also looks like economists were right to expect some acceleration in wage growth. That’s great news for an economy that saw mostly stagnant wages in the not so distant past.

12% Unlikely

Recession

Forecast for December 2015

(odds of recession starting in 2015)

Actual as of January 2016

The odds of a new recession starting in 2015 were deemed to be very low, and economists seem to have gotten that right. The National Bureau of Economic Research determines, with quite a lag, when the U.S. enters recession. For example, the last recession officially began on December 2007, but the NBER waited until December 2008 to announce that determination. The NBER generally waits until the most important data has all been produced and gone through some revisions so that it can be confident in its calls. The Bureau of Economic Analysis announced at the end of January 2016 that the U.S. real GDP grew at 0.7% annual rate in the fourth quarter. The U.S. is unquestionably facing some headwinds from slow economic growth elsewhere in the world, but so far none of the indicators are consistent with the conclusion that we’ve already entered a recession.

HIGHLY

$63 $38Crude Oil

Avg. Forecast for December 2015

Actual as of December 29, 2015

A year ago, expectations on Wall Street called for oil prices to rise slightly, to a range of $70 - $85 a barrel for U.S. West Texas Intermediate by year-end. After prices plummeted in early January, those forecasts were lowered by about $30 a barrel. Now even those revised levels seem too high. Crude oil is now trading near seven-year lows.

/BARREL /BARREL

References:thinkadvisor.comwsj.com

U.S. economy 2015:

1. SET GOALS. Set financial goals and hold

yourself accountable. If it helps, share your goals with friends or family so you have that extra push. Make sure your goals are specific, realistic and attainable. Don’t set the bar so high that you can’t reach it. A great way to keep up with your goals is to write them down and put them in a place where you will see them often, such as on the wall in front of your computer, by the front door or on the refrigerator.

2. SIMPLIFY YOUR MEMBERSHIPS.

Make a list of all of the subscriptions you are currently signed up for and narrow it down to the ones that you actually use. We often sign up for free or discounted introductory offers that turn into money down the drain in the end. If you are signed up for products or services that you are no longer using, cut them off! This includes premium cable channels, TV/movie subscriptions, gym memberships and magazine/newspaper subscriptions.

3. RE-SHOP YOUR CAR INSURANCE.

Don’t be afraid to get a few quotes from different providers if you have been on the same policy for a while. You may not pay much attention to your car insurance bill if it is paid up front or automatically deducted from your account. It can’t hurt to get quotes from other providers when your policy expiration date nears.

4. BROWN BAG IT. On average people are

spending about $53 per week eating lunch out. Try bringing your lunch to work at least 3-4 days per week and consider eating out a splurge. Bringing your lunch is usually healthier and will leave a little extra cash in your wallet.

5. JOIN THE CLUB. First do your research. There

are many household items and food products that you use on a consistent basis and buying in bulk would actually save you money. Warehouse clubs can offer discounted pricing on larger ticket items such as electronics, appliances, mattresses and tires.

6. HEAD FOR THE SALE RACK.

With a little research you’re bound to find a sale on the items you need. Look through newspaper ads for items such as groceries, clothing and appliances before you head out to the store. You may also find better deals online than in traditional brick and mortar stores so compare before you buy. Something to remember here as well – don’t buy things you don’t need just because they are on sale!

7. DIRECT DEPOSIT TO YOUR SAVINGS.

Most of us take advantage of depositing our paychecks directly into our checking accounts. Many employers can set up a percentage to go into a your savings account as well. This will save you the trouble of managing the money yourself and ensure that money is being put aside from every paycheck.

8. RETHINK YOUR WIRELESS PROVIDER.

If your contract is up with your cell phone provider shop around before resigning. There are plenty of smaller providers that can offer the same services for less than big name providers do. Be sure to check out the reviews regarding service coverage, customer service and technical support. Sometimes price isn’t the only thing that matters.

9. TEND TO THE THERMOSTAT.

Heating and cooling your home is costly. Try moving the temperature up a couple of degrees in the summer and down a couple of degrees in the winter. You will probably not notice a change in your comfort level but will notice savings on your electric and/or gas bill. Programmable thermostats are nifty tools that will manage the temperature for you based on your habits.

10. BALANCE YOUR BUDGET.

If you’re using a debit card like most Americans, you are probably not keeping a close eye on your accounts. Gone are the days of balancing a checkbook so it has become tough to keep track of our spending. Try using a budget app or monitoring your statement on a weekly basis to manage your spending habits. Set weekly spending budgets and stick to them.

11. ALWAYS NEGOTIATE.

Almost anything is negotiable. This is even true in big name department and electronics stores. When shopping for big-ticket items don’t be afraid to ask about discounts and price matching. Don’t just settle for list price.

12. MOVE YOUR PRESCRIPTIONS.

Prescription prices vary from store to store, even if the stores are in the same area. Many will offer discounts or bonuses just for moving your prescription to their pharmacy. It is always a good idea to shop around and find the best price.

16 WAYS TO

Spend less in 2016

CUNJ CONNECTS | 8

13. GET THE MOST OUT OF YOUR

WORKPLACE BENEFITS. If your job offers benefits, make sure you’re getting the most out of them. Many plans offer retirement accounts where the company will match your contributions. Also take a look at extra benefits offered that you may want to utilize but don’t know they are available, such as wellness support or financial literacy programs.

14. MAKE CHARITABLE DONATIONS.

Donate to your favorite charity and you can boost deductions when you file your taxes, while helping others at the same time. Be sure to ask for receipts when you make donations and file them away with your tax documents. Donations can include clothing, food, furniture or home goods, money and even vehicles.

15. RAKE IN THE REWARDS.

There are tons of retailers who want to reward you for shopping in their stores or eating in their restaurants. Create a separate email account and sign up for every rewards program you come across. The retailers will email you all kinds of coupons and special offers. Many of them will even send you FREE meals or items for your birthday and account anniversary. Check the email account when you are ready to shop and when your birthday is coming up.

16. DRINK MORE WATER. Not only is drinking water

beneficial to your health, it will also save you lots of money. Instead of ordering soft drinks, tea or juice when out to eat, order a tall glass of FREE water. You can also drink the tap water you’re already paying for at home instead of bottled water. Tap water is just as clean as the filtered, bottled water you’ll find in stores.

References:clarkhoward.comfamilyshare.com

CUNJ CONNECTS | 9

(One entry for any new Home Loan)

Prepared Meal DeliveryENTER TO WIN

“On The House” for 6 Months1

IT’S ONTHE HOUSE

Federally insured by NCUA

HOME LOANSCatered to Fit Your Needs

Fixed and Adjustable Rate Mortgages 24/7 Online Application Access

TERMS AND CONDITIONS: 1Must be a credit union member before closing the loan. New memberships must meet the credit union eligibility requirements and maintain $5.00 membership deposit in the main savings account. All applications must be received by the official expiration date of May 31, 2016 and must be opened by July 31, 2016. All qualifying loans opened within the promotional period stated above will be automatically entered for a chance to win prepared meal delivery (up to $1,500) for 6 months. One entry will be given for every new qualifying First Mortgage. New loans only. Refinances from existing CUNJ loans do not qualify. No purchase necessary. To enter, mail a 3x5 card with name, email, physical address, and contact information to: Credit Union of New Jersey, Attn: Home Loan Promotion, 1301 Parkway Ave, Ewing, NJ 08628. Winner will be selected August 31, 2016 in a random drawing to be held by the credit union and notified by phone that same day. A credit towards prepared meal delivery service will be issued in the amount not to exceed $1,500 and is based on an average (3) Prepared Meals for (2) People for 6 months. Subject to change without notice and at the sole discretion of the credit union.

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PAINT PERK UPPaint is a potent upgrade. If you are getting ready to sell you do not have to blow thousands of dollars having every square inch repainted. Instead, focus on the high-traffic areas such as the kitchen and bathrooms. Choose neutral colors that will appeal to more buyers.

Budget: $50 - $300

CLEAN UP, CLEAR OUTClear out clutter and unnecessary furniture that will turn off buyers. Depersonalize spaces that have family photos or specific display of personal taste. You want potential buyers to be able to picture themselves living in the home, not you.

Budget: $0 - $100

CREATE CURB APPEALA trip to your local home and garden store for a few plants, seasonal flowers, mulch and a can of exterior paint can really make a difference. Pull weeds, clean out the rain gutters, add fresh mulch and plant some colorful flowers in the beds. Another high-impact update is to add a fresh coat of paint to the front door making it really pop.

Budget: $100 - $500

BATHROOM BOOSTNext to the kitchen, bathrooms really sell a house. Liven them up with some simple updates such as painting the cabinets, adding new hardware and fixtures and replace the outdated plate mirror with framed mirrors. It is also very important to clean every last inch. Clean the shower and floor grout and redo all of the caulk in the tub and shower areas. Add new bath accessories for staging purposes.

Budget: $250 – $1,000

KITCHENS ARE KEYNothing you do will add more value to your home than updating the kitchen. Kitchens sell houses. If you are a do-it-yourselfer you can make some significant updates for a fraction of the cost of hiring a contractor. For DIY upgrades, paint walls and cabinets and install new appliances and flooring. If you have a larger budget to work with hire a contractor to replace cabinetry, countertops, backsplash, flooring and appliances.

Budget: $5,000 - $60,000

LEVERAGE LIVING SPACEConvert unused attic or basement space into usable square footage. More square feet will equal higher value. Add more bedrooms, bathrooms or just open space for playrooms or “man-caves”.

Budget: $20,000 - $70,000

FINESSE THE FLOOR PLANMake existing living space more flexible. Modern home design typically has an open floor plan and buyers tend to lean more toward that design. If walls are not load bearing, knock them down or add archways to give an open concept. Turn boxed-off kitchen, dining and living rooms into one grand room. Today’s buyers are also looking for homes with a main level master bedroom. If the master bedroom is currently on the second level but there is room on the main level to convert, this could be a change worth considering that will appeal to more buyers.

Budget: $15,000 - $50,000

MASTER BATH MAKEOVERAs mentioned on #4 above, bathrooms are the next biggest selling point in a home after the kitchen. More specifically, the master bathroom is a huge player. Buyers are looking for a spa-like retreat. If budget allows you will want to make sure all components are updated and clean, including the tub, shower, sinks, toilet, counter tops, cabinets and flooring. Working with a smaller budget, focus on making the bathroom more appealing by adding in a second sink if space allows, updating the faucets and fixtures, replace flooring, paint and a do a thorough cleaning.

Budget: $10,000 - $55,000

If you are thinking about selling your home this spring or summer, you may want to consider making some repairs or updates to boost your home’s value. For smaller budgets there are some pretty simple ways to really maximize the selling potential without breaking the bank. If you are looking to get more return on your investment you may consider larger remodel projects to get the most bang for your buck.

We have assembled 4 low to medium cost and 4 higher cost updates that will not only increase your home’s value but appeal to more buyers.

CUNJ CONNECTS | 10

8 WAYS TO BOOST YOUR

Home value Before listing

Easy Peasy, Paint and Cleaning If You Please-yFour simple and inexpensive things you can do to spruce up a tired home:

More Bucks, More Bang.Four larger and pricey projects that will bring the biggest return:

Reference:consumerreports.org

Believe it or not, one of the strongest indicators that New Jersey is doing well is the amount of tax revenue generated by the state. We all know that New Jersey is the tax stepchild of the country, so we don’t take talking about taxes in a friendly way lightly. Why in the world do we think more taxes are a good thing? New Jerseyans aren’t paying more in taxes as a percentage, rather, businesses are doing well. They are hiring more employees who are in turn buying more goods and services that are generating more taxes. Simply put, a sign that things are doing well.

More jobs and higher pay are exactly what the doctor ordered for New Jersey. Consumer confidence is at a high point with many people finding themselves back in the world of gainfully employed, with higher wages. Add in the cheapest gas prices we have seen in over a decade and that translates to extra cash for a lot of New Jerseyans to do the things they have been putting off. Things like taking a road trip this summer, making repairs around the house or putting more money into savings or retirement funds.

CUNJ CONNECTS | 11

SUNNY SKIES AHEAD

For new jersey economy in 2016

In an annual survey conducted

by the New Jersey Business &

Industry Association:

More than 60% of all businesses

surveyed stated that they would be

increasing wages in the

coming months.

More than 25% of those same

business owners and leaders also

stated that they would be adding

more jobs this year.

The few remaining financial clouds from the recession of 2008 are clearing out leaving blue skies ahead for the Garden State. In true New Jersey spirit, the state economy has persevered to the point where all signs show we are inching past pre-2008 standards and continuing to gain momentum towards a stronger state economy.

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Reference:New Jersey Business Magazine

CALL CENTER609.538.4061 / 800.538.4061

24 HOUR TOUCH TONE TELLER609.538.4046 / 800.653.6828

MAILING ADDRESSCredit Union of New JerseyP.O. Box 79211301 Parkway AvenueEwing, NJ 08628

CUNJ.ORG

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