Factors to Consider Before Buying A New Boat

The open water and sunny days are calling, but what are the actual costs of purchasing a boat, and is it worth it? Part of advising our members on financial decisions is revealing some of the hidden costs you need to be aware of before you take the plunge into a life on the water.

The Purchase Price

Whether you’re shopping used boats or new, sailboats or speed boats, obviously the biggest part of your overall price is the ticket price.

Insurance

Boat insurance generally covers collision, property damage, theft, and/or bodily injury liability. Your cost will vary by state, the type of motor and boat, and whether you’re boating on freshwater or open ocean.

Boat License

Watercraft licenses are required in most states for boats over a certain length. In Minnesota, boat dealers will help you apply for title and registration, and are good for three years.

Trailer

If you plan on visiting other lakes or taking your boat on the move, you’ll need a trailer, not to mention a vehicle that can tow something as heavy as a boat.

Storage in Winter

With many local options for winter rack storage, these storage facilities make sure to prep your boat, wrap it, and store it for a monthly or annual fee. Some boat owners choose to store their boats on their own property over the winter, which still requires winterizing and boat wrap.

Dock and/or Marina Space

Now that you have your boat, where will you dock it? You may be purchasing a dock for your own property or renting marina or dock space on a nearby lake, both additional costs to take into consideration.

Maintenance

Last, don’t forget the costs for cleaning, repairs, and maintenance to the boat, sail, or motor.


For additional advice on making a boat purchase, or questions about recreational vehicle loans, contact us at Financial One.

Simple Money Saving Summer Tips

It is easy to overspend during the summer. Taking trips and entertaining the kids can make your money feel like it flows through your fingers just like the water you wade through on hot days. There are many easy ways to save money that will actually enhance your summer you might not have thought of. Try some of these tips to put some extra cash in your wallet while the warm weather is here.

Turn Up The Thermostat For The Air Conditioning

Almost every home has some kind of air conditioning to make their home more comfortable during the hot temps, but almost every home also has their thermostat set too low. It is actually more comfortable during the summer if the temperature outside is not drastically different from the temperature inside your home. Your body will adjust to the warmer temps and you will not stress your body with the severe differences in temperature. The best part about adjusting your air conditioning to run less is that every degree you turn up the thermostat saves you 3% on your utility bill. The ideal temperature for most people is around 75 degrees. If your thermostat is set lower than that, turn it up

Cook Outside As Often As You Can

During summer months, it heats up your house to cook on the stove top or bake in the oven. Avoid cooking inside the house as often as possible to reduce the need to run the air conditioning and refrain from using kitchen appliances. Grilling outside is the epitome of summer fun, but also consider cooking in roasting pans, slow cookers, outdoor stoves, or single burners on your patio. This is especially wise when hosting parties because the extra bodies already heat up the house. Move the party outside to cook and converse and save money!

Switch To A Push Reel Mower

You might be surprised how easy and enjoyable it is to mow your lawn with an old-fashioned reel lawn mower. Switching to a push reel mower is especially feasible if your yard is a quarter-acre or smaller. You will no longer need to spend money on gasoline, oil, spark plugs, or filters. Plus, it will decrease air pollution and create a quiet, calm activity out of something that used to be loud, smelly, and a nuisance. The use of push reel mowers has increased in popularity in recent years. Enjoy mowing your lawn again and save money doing it!

These tips can not only save you money this summer but also make your summer the best one you have ever had! By changing the temperature in which you live, the way you prepare your meals, and how you mow your lawn you can save more than you ever thought!


If you’re interested in other money saving options - such as consolidating your debt or taking out a line of credit, contact Financial One Credit Union.

Achieving Your Summer Bucket List

The summer bucket list: for some, it includes making your own ice cream and swimming in the dark. As we grow older, our summer goals tend to become more narrowly focused and, unfortunately, more expensive. We want to help you complete your summer bucket list, no matter how big your dreams may be! Just to help you get the ball rolling, here are a few ideas:

Vacations

Summer is a popular time to take the family on a vacation. Minnesota is the perfect state to invest in a vacation property, given our wide range of opportunity for lakefront housing. Many choose to leave the state (or even the country) each summer for a relaxing getaway. Take your loved ones on a road trip around the country or destination of your choice. If you’re more of a homebody, there are still plenty of great Minnesota-based vacation options.

Boating

The land of 10,000 lakes means 10,000 reasons to invest in a watercraft vehicle. Even if you are just using it on the lake over the weekend, investing in a boat will give you many more opportunities for summer adventures. Already have a boat? Make this summer the year to upgrade to something a little more powerful or something with a bit more space, then you can stop staring enviously at your neighbor with the new 30-foot pontoon. Add some high-quality tubing accessories onto your bucket list, and invite a few friends for a day of summer fun that will be the envy of everyone else on the lake.

Summer Home Improvements

Every homeowner has plans to build a gazebo, make landscaping changes, or make energy efficient changes to the house. The list of ideas goes on and on! Somehow, thoughts of these plans almost always end with one word: someday. Summer is the perfect time to make these changes in your home. You can also make a few necessary investments during the summer that can save you money in the winter. Need to fill up your LP tank this winter? Many times, you can get reduced prices in the summertime. Thinking of switching your heating to a wood-burning stove? Make plans now- why wait until the cold hits?

Put in a Pool!

Clark Griswold wanted to use his christmas bonus to build his family a pool, and we all know how well that turned out for him. Pools (especially in-ground) can be an extravagant expense to some, but the equity it adds to your home can end up paying for a big chunk. Let’s be honest, you’re lucky if those inflatable options you purchase at big box stores last longer than one summer. Give yourself a summertime treat that will not only improve your kids’ opinion of you, but also the value of your home!

Whatever may be on your summer bucket list, Financial One Credit Union can help. With low rates and easy payment options, completing your summer bucket list is easier than you may think. Check out our flexible loan options to see for yourself!