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Spring Clean Your Finances

5/4/2023

Are you ready to make your finances sparkle? Here are six ways to spring clean your money matters:

spring clean your finances

Getting the Most Out of Youth Accounts

3/24/2023

Managing money is a foundational life skill. There are so many factors involved and so many open-ended questions at play. How much should you be saving When is it worth spending more? How do you keep spare change from burning a hole in your pocket? It takes years of discipline and training to perfect this skill, and ongoing self-control to maintain it.

That’s why it’s best to give your kids a head start on money management and saving. As a parent or guardian, remember that the lessons you plant today will take root and blossom, enriching your child’s life for years to come.

family of three looking at laptop

Here at Service One Credit Union, we understand the enormity and difficulty of this task. In honor of National Credit Union Youth Month, we’re focusing on ways to help make this process as smooth and as simple as possible.

Service One is proud to offer specialized savings accounts that are designed just for kids.

We know that different ages and stages have different needs. That’s why we offer Youth Savings Accounts for children aged 0-12, as well as Teen Checking and Savings Accounts for teens aged 13-17.

Our youth savings accounts offer no annual fees, competitive interest rates, and monthly dividends to help you teach your child that saving money always pays.

We’re more than just a place for your kid to keep their money, though. We also want to help your young ones learn all about money management. To do that, we go out of our way to make banking fun and kid-friendly.

When adolescence overtakes childhood, kids need a sense of independence and autonomy. We get this. That’s why the holders of our Teen Accounts are eligible for a debit card with maximum daily limits that can be set by parents/guardians. Learning responsible saving habits at an early age will prepare your kids for a sound financial future.

Ready to open an account for your child? Does your child already have one? Read on for three steps to take for ensuring your child gets the most out of a new or existing account:

Set a goal

Now that your child’s money will be sitting in an account instead of a piggy bank, let them use this opportunity to save up for something big. Sit down with them and discuss what they’d like to save for. You can create a long-term goal, like saving up for college or for a first car. Also establish a short-term goal, like a new gaming console or a hoverboard.

Set a date for your goals, and then set up a savings calendar to illustrate how much money needs to be saved each month to reach the intended target by the designated date. Discuss ways to add to the savings, being sure to include money from birthday gifts, summer jobs, allowances, and chores.

Another easy way to help your child save is to set up automatic deposits from Round-Up Savings. This is where your debit card transactions are rounded up to the nearest dollar and that amount is deposited into a savings account daily whenever you use your debit card.

Bank together

Whether your child is a first-grader or a teenager, if this is their first time owning an account, they’ll need you to show them the ropes.

Always bring your children along with you when you stop by Service One Credit Union to deposit their savings. Show them how it works and let them see the account balance growing. If your child asks you to withdraw money from their account, make sure they see how this translates into a dip into their savings.

For teens, you’ll need to walk them through that first deposit and withdrawal. When they’ve probably got the hang of it, it’s time to take a step back and let them be on their own. They’ll feel like a million dollars managing their account independently.

However, share with your teen that every swipe of their debit card also means a dent in their account balance. Also, be sure to warn kids of all ages about security. They should know to never share their account information with anyone and to keep their debit card in a safe place.

Monitor your child’s activity

Don’t aim to be a helicopter parent but do keep an eye on your child’s account. If he’s depositing a lot less than planned, ask him where his money is going. If your teen is maximizing his daily ATM allowance, speak to him about money management and impulse purchases.

Your teen’s daily withdrawal limit may need occasional adjustment, so keep a careful watch on spending to see if any modifications are needed.

Remember: Every financial lesson you teach your child today equips them with money management skills for a lifetime.

Your Turn: How do you maximize the benefits of having a youth account for your child? Share your best tips and techniques with us in the comments!

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6 Financial Lessons You Can Learn From Basketball

3/3/2023

With college hoops March Madness coming up, let’s take a moment to review some surprising financial lessons we can learn from the iconic sport and its players.

Lesson 1: Passion breeds success

As any wannabe professional athlete can tell you, it takes more than muscle and talent to be a star. You need to be completely passionate about the sport to really succeed; otherwise, you’ll find it challenging to summon up the single-mindedness and commitment necessary for building your skills and strength.

In much the same way, you’ll see the most success while working at a job you feel passionate about. Your interest in the field will drive you to push yourself harder, set increasingly larger goals and achieve true success on a personal and financial level.

Lesson 2: Discipline is key

From grueling training sessions to early-morning workouts, basketball requires an endless amount of self-discipline. Athletes must learn to ignore distractions and to devote themselves completely to the game to reach the top. This can mean missing out on social events, pulling all-nighters to keep their grades up and, of course, spending hours upon hours on training sessions and muscle building.

Managing your finances successfully requires a tremendous amount of discipline as well. Will you stick to your budget for groceries this month or blow it all on an expensive product that catches your eye? Will you have the self-control to decline an invitation to join your friends at a pricey restaurant when you already used up your allotted monthly budget for dining out? Will you remember to pay yourself first each month and set aside money for savings when there are so many things you’d love to buy today?

Training yourself to be disciplined with money is the key to a lifetime of financial wellness.

Lesson 3: Set small goals

Young athletes aspiring to compete on a professional level have a long road ahead of them. To bring their long-term goal within reach, they set smaller, trackable goals along the way. For example, they might work on increasing their muscle mass one season and then focus on bringing up their speed the next year.

Setting small goals is equally important when managing your finances. Sure, it’s nice to dream of acquiring your first million or buying a private island, but how realistic are these goals right now? How many years will it take to achieve them? It’s better to set smaller, manageable goals for your money, such as saving up a targeted amount of money, putting away a specific percentage of your monthly income for the future or bringing your monthly discretionary spending down by 10 percent. Just like a professional basketball player, your goals can be progressive, with another, larger goal taking the place of a smaller one you’ve already achieved.

Lesson 4: Diversify, diversify, diversify

A basketball team cannot be made up of star centers. The team needs every player, each of whom is an expert in their own skill area. The team players then work in perfect coordination, using their talents to compensate for their teammates’ weaknesses and, ultimately, to win the game.

Similarly, the best investors will diversify their investments across different classes to maximize their chance of success. This way, the loss of any investments that don’t work out as planned will be offset by those that do.

Lesson 5: Research, review, revise

Athletes prepare for games beyond training sessions and practice runs. Before a scheduled game with an opponent, coaches will show their players videos of previous games they’ve played against that particular team. This way, the players can get an understanding of what they’re up against, learn the other team’s strengths and weaknesses and develop the best strategy to help defeat them.

In smart money management, there’s no end to the ways you can build your knowledge. You can check out online financial resources, read the latest in personal finance literature and listen to podcasts on money topics that interest you. You can also stop by Service One Credit Union to speak to an [MSRP] about the financial resources we offer members. Use the knowledge you acquire to make smart decisions about general money management, your investment strategy and your long-term financial goals.

Lesson 6: There’s no such thing as the easy way out

Players learn quickly that there are no shortcuts to building their skills, stamina and strength. Those who try to take the easy way out by turning to steroids or other illicit sources to help them reach their goals end up ruining their own careers.

Short of winning the lottery, there are no shortcuts to financial wealth, either. Don’t fall prey to get-rich schemes or miracle investments promising astronomical rewards. Instead, follow the timeless rules of money management to maintain true financial wellness throughout your life: Always pay yourself first, invest early to take advantage of compound interest, spend less than you earn and increase your earning potential by investing in your own skills and knowledge.

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How Can I Save on Super Bowl Sunday?

1/5/2023

Q: I’m looking forward to hosting a big party on Super Bowl Sunday and possibly watching my favorite team celebrate their major victory, but I don’t want to blow my budget on this party. How can I save on hosting a Super Bowl party?

A: Super Bowl parties are always great fun to host, but they can cost a pretty penny. To help cut the costs, we’ve compiled some hosting hacks so you can pull off the party of a lifetime without breaking your budget.

Super Bowl Party

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