• Heading off to college? A secured credit card is an excellent way to prevent overspending and help you learn to manage credit card debt. It’s also a great tool to help begin building your credit history and score.
• Before heading off to college, create a budget. Start by overestimating routine expenses, such as food and school supplies. Then, after a month or two, you can adjust your budget as needed.
• Ready to move out of your parents’ house? Sit down with them and review all their monthly expenses. Doing so will help you find everyday costs you may overlook when planning to head out on your own.
• Kid Heading Off to College? Help them build their credit score responsibly with a Secured Credit Card. You can also request a set credit limit to prevent excess spending. Be proactive in educating kids about money.
• Open a Checking Account at the Credit Union for your teen when they begin their first job. Be proactive in teaching them how to save a portion of each paycheck and responsibly manage their money.
• Most financial habits are formed before you’re an adult. Help your teen by opening a checking account with debit card. Teach them how to manage their money responsibly before they head off to college or out on their own.
• Teens need to learn how to manage a debit card. Online purchases and the convenience of swiping are common causes of financial problems. Teach them these skills before they head out on their own.
• Many young adults are unaware just how much their tech habits cost. Create a budget with your child to show how expenses like mobile plans, Netflix, Spotify, etc. add up quickly. Prepare them before they head out on their own.
• College is when most young adults get their first credit card – often without parents knowing. Be proactive & teach your child about managing credit responsibly. Request a lower credit limit for their first card.
• Create a simple budget with your teen so they can visually track where their money goes. Review their budget vs actual expenses at the end of each month. Budgeting is one of the most important money skills to possess.
• Your 1st financial goal as a young adult should be to create an emergency savings. Aim to put 3-6 months of living expenses aside. It may sound tough but get started by making small deposits regularly into this account.
• Your student ID could be your key to great savings. Not only at restaurants or movie theaters, but also on top-rated software and electronics. Always check to see if students receive a discount before you buy.
• Youth accounts are a great way to teach your children money management skills. They will learn how to make deposits, withdraw money, and review their account statements. It’s never too early to teach kids about money.
• If your child is returning to the nest, be sure to set realistic financial expectations with them right away. Decide if they will take over chores that you’re current paying for or contribute a certain amount each month.
• Opening a Teen Checking Account for your child is a great way to begin teaching them money management and savings goals. With mobile banking, they’ll be able to view and track all their expenses right from their phone.
• Adding a debit card to your teen’s checking account will allow them to make purchases online and in stores. Learning to manage a debit card and monitoring spending with mobile banking are crucial skills for teens today.
• Teach your teen to save for retirement with their first job. Set up payroll deductions for $5 or $10 per paycheck to transfer into savings. The goal isn’t the amount, but to help your teen build the habit of saving early.
• Planning to move out of your parent’s house? Make sure you’re financially ready. Check your credit report, create a realistic monthly budget, and work on building an emergency fund to help cover unexpected expenses.
• Even though teens are well-versed in today’s technology, fraudsters still target this group regularly. Make sure all their devices have security software installed to protect them from viruses and malware.
• Saving for your first car? Open a separate savings account solely for your down payment and future car payments. By keeping this account separate, you’ll be less likely to dip into it for frivolous expenses.
• If you opted to defer your student loans, be sure to check if interest is still accruing during the deferment. It may be a better financial option to start paying your loans back as soon as you can in order to save money.
• Use your first credit card primarily to build your credit score. Set up a small payment, such as a Netflix subscription, to auto-bill to your card monthly. Then, enroll in auto payments to ensure the balance is always paid on time.
• When looking for college scholarships, stop by your local Chamber of Commerce. Many businesses offer scholarships to support students in the community and the Chamber is a great resource in identifying these opportunities.
• If you have plans to go back to college or pursue an advanced degree, look for employers with tuition reimbursement programs. Even if the pay is a little lower than other jobs, you could save thousands on college expenses.
• With college expenses constantly rising, you might consider living at home during school. Room & board and meals often cost more than tuition. Living at home can significantly reduce the amount of student loans you need.
• Trying to build your credit score without taking on debt? Ask your parents to add you as an authorized user on their credit cards. Their good payment history can help jumpstart your credit history.
• Buy Now, Pay Later (BNPL) programs are becoming popular, but it’s wise to use them sparingly. Managing multiple payments throughout the month can be difficult. Missing one payment can cause a domino-effect of costly fees.
• Most financial advice focuses on the benefits of owning a home. However, renting provides many fiscal perks as well. With lower upfront costs, greater flexibility, and added amenities, renting can help you save more monthly.
• Many retailers allow you to enroll in receiving promotional text messages. While this is a great way to stay on top of deals with your favorite stores, it also increases the temptation to spend frivolously.
• Adjustable-rate mortgages (ARMs) offer lower-rate introductory periods typically for 5, 7, or 10 years. An ARM can be a great option for members buying a starter home or those that don’t plan on living in the house forever.
• Before your teen heads off to college, open a checking account for them at the credit union. Then, link your account to theirs. If they ever need money, you can quickly transfer funds directly into their account.
• Heading to college? Locate a surcharge-free ATM in your area that is on the credit union network. That way, you can make withdrawals without incurring costly bank ATM charges every time.
• Student loan forgiveness scams have already started. If you have questions about your student loans & how to apply for forgiveness, contact your loan servicer directly. Avoid clicking unsolicited links in texts and emails.
• Preparing to buy your first car? Make sure to include all vehicle-related expenses when determining how much you can afford to spend monthly. These will consist of your car payment, car insurance, fuel, and maintenance.
• Parents: Do you have a child that recently turned 18? Consider opening a secured credit card for them. They’ll learn how to manage credit cards responsibly with little risk and start building up their credit score.
• A top regret among retirees is not saving sooner. While retirement seems a lifetime away in your twenties, it’s the best time to save. Earning compound interest for 40+ years can be life-changing in retirement.
• We live in a world of instant gratification – we want everything & we want it now. Teaching kids delayed gratification and patience is crucial. Start by setting small financial goals and monitor their progress together.
• When teaching teens financial skills, don’t give in. If they run out of money, help them find solutions that don’t involve giving them handouts. Budgeting and fiscal responsibility are crucial skills they need to learn.
• Certificates of Deposit (CDs) are great tools for young investors. Because your money is locked into a specific term, they teach you not to touch your money for extended periods and let it grow through compound interest.
• Looking for college scholarships? The US Dept. of Labor sponsors CareerOneStop.org. Click “Toolkit” in the top menu, then select “Scholarship Finder.” Easily browse 8,000+ scholarships, grants & financial awards.
• Students often feel they won’t win college scholarships, so they don’t apply. There are so many scholarships available today, ranging from academics and athletics to diversity and community involvement.
• Do you have a child heading off to college soon? Use a share-secured loan to teach them how to manage loan payments responsibly. As a bonus, on-time payments will help them establish a positive credit score.
• When you first get married, try to live off only one of your incomes. Then, put your partner’s paychecks into savings. It’s a great way to boost your savings for future goals, such as buying a home or raising a family.
• Planning to go away for spring break? Stay at a place with a kitchen. Dining out is one of the quickest ways to deplete your budget. Instead, buy groceries and cook most meals yourself – leaving more money for fun!
• Traveling over spring break? Consider road-tripping instead of flying. Air travel leads to extra costs like baggage fees, rental cars, hotel shuttles, and taxis. Plus, you can plan fun stops along the way.
• Don’t compare yourself to others. While they might post extravagant vacations or expensive clothes, you never know their financial situation. They may struggle with extreme debt behind closed doors. Stay focused on you.
• In your 20’s, retirement is likely the last thing on your mind. However, it’s the best time to start saving. Thanks to compounding interest, even small contributions can turn into a substantial sum over 40+ years.
• Start saving for your child’s future education expenses with a 529 college savings plan. It’s a tax-advantaged account that offers tax-free withdrawals on qualifying expenses like tuition, room & board, supplies, and more.
• Rising mortgage rates have first-time homebuyers worried. If you’re looking for a starter home, consider an ARM (Adjustable-Rate Mortgage). The lower intro rates make housing more affordable, especially in the short term.
• Parents: If your child is heading off to college in the fall, consider adding them as an “authorized user” on your credit card. They’ll receive their own card linked to your account and can make purchases in emergencies.
• Do you have a college-bound child? Use the summer months to teach them basic money concepts like budgeting, managing their checking account, and monitoring their spending through digital banking.
• Preparing to buy your first home? As mortgage rates inch higher, it’s wise to consider an adjustable-rate mortgage (ARM). These loans have low introductory periods that are perfect for members looking for a starter home.
• Homeownership isn’t right for everyone. Renting provides many advantages, like saving money, increased flexibility when relocating, and the ability to allocate extra funds to other investments like the stock market.
• Before heading to college, research which local businesses and restaurants offer student discounts. Student-friendly companies will help you avoid overspending and stay within your budget.
• Maximize your college budget by saving money on textbooks. Many companies, like Chegg.com, allow students to rent physical and digital versions of popular textbooks at highly discounted prices.
• Working part-time in college is an excellent way to offset tuition and living expenses. Earning between $150-$200 a week will net you $4,500-$7,000 a school year (not including money you earn over the summer).
• When creating your college budget, keep it flexible. You’ll encounter many new costs in the first few months at school. Use digital banking to track all your expenses. Then, fine-tune your budget as the year progresses.
• Retirement planning goes beyond saving and investing. Don’t forget the essential step of addressing future taxes, which is often overlooked among young investors. It’s never too early to meet with a financial advisor.
• Is your budget stretched thin as student loan payments resume? Consider refinancing your auto loan or consolidating high-interest debt with the credit union. Both options will free up valuable funds to balance your budget.
• Fraud continues to rise as student loan payments resume. Before making any payments, log in to your dashboard at https://studentaid.gov. Verify your loan servicer’s information & ensure your contact information is current.
• Considering further education? Seek employers with tuition reimbursement, offsetting lower pay with potential savings. Thousands of dollars can be saved on college expenses through strategic employment choices.
• Lifestyle creep is when you begin to spend more as your income increases. While a raise or bonus is meant to help improve your financial position, don’t forget to increase your savings in proportion as well.
• Lifestyle creep doesn’t only result from an increase in income. It can happen as more credit is made available to you as well. For example, if you open a new high-limit credit card, you might be inclined to spend more.
• When your child starts their first job, review their paystub with them. Discuss their earnings, taxes, and the importance of saving. Enroll them in direct deposit and show them how to monitor their account activity.
• Choosing the right house is crucial, but so is selecting the ideal mortgage. Many programs and mortgage options exist for first-time homebuyers. Work one-on-one with a mortgage specialist to find the best solution for you.
• While tax-advantaged retirement accounts are beneficial, it’s wise to maintain easily accessible funds when you’re starting out. Money market accounts foster saving habits while providing emergency access to funds as needed.
• Teens are at a critical stage in their lives where they are starting to navigate the complexities of personal finance. Open a teen checking account with low fees & flexibility to begin teaching them money management skills.
• Set spending limits on your teen’s account to teach budgeting skills and curb overspending. Establishing a monthly allowance cap helps them prioritize spending, avoid impulsive spending, and build healthy habits.
• The ability to monitor your teen’s balance and spending habits fosters a sense of accountability on both sides. Your teen knows you’re keeping a watchful eye, and you can easily identify areas for improvement and discussion.
• Before teens can manage money successfully, they need to understand the value of earning it. Whether with an allowance or a part-time job, earning income teaches valuable lessons about the relationship between work and reward.
• Once your teen knows the basics of budgeting, let them take the reins and develop a personalized budget that reflects their goals and values. This step provides a sense of ownership and control over their financial future.
• Encourage your teenager to contribute regularly to their savings account, even if it’s just a small amount each week. For added incentive, you could try matching their contributions to encourage them to save even more.
• Talk with your teen to identify their financial goals, like buying their first car, saving for college, or traveling abroad. Then, work together to create a plan by breaking their goals into smaller, more manageable steps.
• Summer job scams are here. Be cautious of offers with vague job descriptions, promising high earnings with no experience necessary, requiring upfront fees for training, or communicating only through apps like WhatsApp.
• Before you head to college, enroll in mobile banking and download our free mobile app. With just a few taps, you can conduct most banking tasks, such as depositing money and transferring funds – perfect for busy students.
• With the 50/30/20 budgeting rule, you put aside 50% of your income for needs, 30% for wants, and 20% for savings and debt payments. You can adjust these percentages to fit your lifestyle and your financial goals.
• The zero-based budgeting method assigns every dollar you earn a purpose, ensuring you account for all your income. This detailed approach provides clarity on where your money goes, helping you manage it more effectively.
• Avoid the temptation to ‘Keep up with the Joneses.’ Focus on your own financial goals and ensure your purchases fit within your budget. FOMO can lead to financial regret if you overspend to match others.
• Go green and embrace reusable products to cut down on waste and save money long term. Consumers can now buy everything from reusable paper towels and grocery bags to silicone-sealable bags and reusable dryer sheets.
• Enrolling in e-statements is an excellent means to reduce waste and transportation emissions. Your account statements are securely stored online, easily accessible, and help minimize your environmental footprint.
• With new student loan forgiveness programs in the works, there’s a surge in student loan scams. Borrowers are falsely informed they qualify for loan forgiveness and then pressured into paying fees or sharing sensitive data.
• Student loan forgiveness scams are out in full force. If you’re asked to pay upfront fees or subscribe to assistance programs, it’s likely a scam. Authentic loan forgiveness programs do not require advance payments.
• Leasing your first apartment? Enroll in renter’s insurance. It protects against theft, fire, and unexpected events. Plus, it’s affordable and an excellent way to safeguard your belongings and provide peace of mind.
• Before moving into your first apartment, make a detailed budget of all necessary expenses. Aside from rent, you’ll have initial housing and utility deposits, moving costs, and expenses related to furnishing your new home.

8/6/24