7 Ways to Celebrate Earth Day at Home

Earth Day

  1. Plant a garden. Earth Day, April 22, is the perfect time to plant that garden you’ve always wanted. Garden centers and home improvement stores are still open around the country, with many offering curbside pickup. Add a burst of color to your property with a row of flowers, try your hand at planting a vegetable garden, or plant a tree!
  2. Learn about recycling. Celebrate Earth Day by learning about local recycling rules and refreshing your knowledge about what happens to the things we recycle. Share this information with your children as they are learning from home.
  3. Use the My Disney Experience app to explore the world of nature from home. Check out the “Wilderness Explorers at Home” feature on the app for a virtual tour of nature’s wonders.
  4. Learn about the plants in your neighborhood. Bring your daily walk around the neighborhood up a notch on Earth Day by looking out for plants in your area. You can use the Native Plant Finder website to find out which plants are native to your zip code. See how many of these plants you can find on your walk!
  5. Watch a documentary about our planet. Celebrate Earth Day by watching a fascinating documentary about the Earth. Netflix is now running “Our Planet,” an incredible docuseries hosted by David Attenborough that features beautiful footage from around the world. You can also check out Disney+ for DisneyNature’s “Elephant” and “Dolphin Reef,” which conveniently offer downloadable activity packets for kids.
  6. Watch the NASA Science Live webcast. The space agency website will host a special online events on Earth Day, April 22. To participate: https://go.nasa.gov/EarthDayEvent2022
  7. Join the Earthfest. The American Museum of Natural History (AMNH) in New York City is airing an all-day “Earthfest” on Friday. The live-streamed event will feature a full day of activities and education, check out the day’s activities at https://www.amnh.org/calendar/earthfest.

Your Turn: Tell us how you’re celebrating Earth Day on Facebook, Twitter or Instagram! @FreedomFedCU

Buy or Buy Out: What Should I Do When My Car’s Lease is Up?

By Penny James, Guest Blogger

 

Buy or Buy Out?

In the wake of the pandemic, the national inflation rate is at a 30-year high, and the car market has experienced extreme price surges. Now that the economy is on a path to recovery, the demand for new and used cars has picked back up.

Unfortunately, for car shoppers, the supply chain has not recovered, and the industry is facing a global shortage of microchips, an essential component in new cars.  Kelly Blue Book notes that even a basic new car, requires over a hundred microchips.  In the early days of the pandemic, the demand for new vehicles waned while so many stayed home.  Microchip suppliers repurposed their stock for personal electronics, which boomed as the world adjusted to remote work and virtual learning.

Two years into the pandemic, while demand for car purchases have returned, the microchip shortage continues to plague the industry, causing new lease contracts and traditional car prices to skyrocket.

While microchip suppliers are still focused on catering to other industries, automakers have been forced to slow down on producing new cars. Not only has this reduced the availability of new cars, but it has driven up the prices for used ones in order to accommodate the demand in the market.

If you’re leasing a car and are near the end of your lease, it may actually be better to buy out the vehicle in this current market. It would certainly be prudent to check the current market price of your car. If the buyout price is lower than the current value of your car, you could even earn a profit by selling your vehicle after purchasing it at the end of your lease. Even if you decide to keep the vehicle long-term, it may be more cost-effective than trying to buy an alternative, even a used car could be much more expensive.

Thankfully, most lease contracts have a provision that allows you to buy the car at a set price at the beginning of the lease. The leasing company can’t change the buyout price since the rate of depreciation is pre-calculated. They arrive at a pre-calculated buyout price based on past depreciation experience with your car’s model and brand. Usually, this deal favors the leasing company, but now that the prices for new and used cars are so inflated, the buyout price may translate to more vehicle equity and huge savings, particularly if you sell your car to a third party or list it on an online car retailer such as Shift or Carvana.

Buying out your leased car can seem expensive, especially if it’s only a few years old. Thankfully, there are plenty of financing options that can help you out. Your leasing company can usually arrange financing for you, but you may be better of shopping loan terms and rates. This is especially true if you don’t have excellent credit. AskMoney highlights how credit scores are factored into many of the financial decisions in your life. Because your credit score is the numerical equivalent of your “credit worthiness”, having a low score may signify to your leasing company or lender that you won’t be able to dutifully repay your loan. This could leave you with a high monthly payment that includes lots of interest.

An alternative is to get a loan from a credit union. Community chartered credit unions, like Freedom Federal Credit Union, are not-for-profit organizations that are in the service of members that work, live, or are otherwise connected to a specific locale. These organizations are controlled by their members and have a designated board that’s tasked with overseeing all functions of the credit union. Usually, a low credit score won’t automatically disqualify you from accessing a loan. While a good credit score can help you get great loan terms, credit unions will still look at your whole financial picture before finalizing their decision.

All in all, a lease buyout may make a lot of sense, especially if the value of the car in its current condition is higher than the buyout price. Be sure to weigh your options first before settling on a buyout financing option to make sure that you’re making the right decision for your financial future and lifestyle.


If you’re ready to buy out your lease, or would like to take advantage of our Refi Your Ride special, visit Freedom’s Vehicles Loans page to learn about your options. Call 800-440-4120 or email lending@freedomfcu.org.

About Freedom Federal Credit Union

Freedom Federal Credit Union is proud to be your financial partner. Freedom serves and is open to anyone who lives, works, worships, attends school, volunteers, or has family in Harford or Baltimore County, MD. As a credit union, we are committed to putting you first, not shareholders, and helping you achieve your financial goals.

Learn more at freedomfcu.org/personal/vehicle-loans/ or call us 800-440-4120 to see how we can help. 

Is Inflation Here to Stay?

Is Inflation Here to Stay?

Q: It seems like I have to take out a second mortgage just to fill up the gas tank and restock the pantry. Are these inflated prices a forever thing?

A: According to the most recent report by the Bureau of Labor Statistics, U.S. inflation is currently running at a 30-year high of 6.2%, and it’s showing no signs of slowing.

Inflation is not going anywhere soon

Rising prices in just about every sector is the new norm. The inflation rate fell at the start of the coronavirus pandemic, and during the nationwide lockdown. In March 2021, though, when the impact of halted manufacturing began hitting the market and crude oil prices started climbing, the inflation rate increased to 2.6% before hitting its current high of 6.2% in October. Experts, like the Trading Economics information technology company, had predicted that number would be around 5.5%, but even that prediction fell short.

Unfortunately for the average consumer who’s struggling to cover expenses amid rising costs, this means inflation isn’t going anywhere soon.

Why are prices so high?

There are several factors for the inflation bubble. First, suppliers are still catching up on production shortages that were caused by factory shutdowns during the pandemic. Second, climate disasters, like California wildfires and a drought in Brazil, are responsible for driving up prices in the food industry. The demand for higher wages, partially caused by the 11 million job openings in the U.S., and the rising cost of gas, are contributing to inflation as well.

What can consumers expect in 2022?

While no one can accurately predict the future, economists are expecting inflation levels to taper off by the middle of 2022. According to a survey conducted by the Wall Street Journal, many are expecting inflation to drop to 3.4% by June 2022 and to continue falling until it hits 1.8% by the end of the year.

 

Your Turn: When do you think the inflation rate will fall? Tell us about it on Facebook, LinkedIn,Twitter, or Instagram @FreedomFedCU.

 

About Freedom Federal Credit Union

Freedom Federal Credit Union is a community-chartered federal credit union offering consumer financial services to those who live, work, volunteer, worship, attend school, or have family in Harford and Baltimore Counties. Additionally, Freedom offers a full-line of banking services for all businesses, associations, and other organizations that are based in Harford or Baltimore County.  Freedom has been in business since 1953 and has six locations throughout Harford and Baltimore County. To learn more, visit freedomfcu.org.