April Is Youth & Financial Literacy Month!

 

April is a pretty special month for more reasons than starting with showers and ending with May flowers!  April is Youth and Financial Literacy Month!  Teaching our young ones how important saving is can really make a difference in their financial success as they get older!

Here’s why saving at a young age is a good thing:

1.      Just as the saying goes “Old habits die hard” good habits started at a young age will die hard too! All good lessons and habits begin early. Learning to save at an early age is essential to a healthy financial future. It has been found that habits cultivated at an early age stay with people most of their lives. If you help your child begin saving a little, they may have a nice nest egg when they need it most.

2.      Wants Vs. Needs…the younger we start teaching this, the better!  Start giving your child an allowance, even if it’s just $5/week or smaller. When it’s their hard earned money that they’ll be expected to use for items they want or need, they’ll better understand the value of their dollars. Do they really want that candy bar? When it’s their money that they are spending, the thought process of what they really want to spend it on will make more sense.

3.      Interest! Now this may be a concept your kids may not quite understand if they are younger, but that’s ok because one day they will appreciate this.  Once you open your child a Youth account at Honor, their money will begin earning interest! Then, as they add to it, that initial $15 they put in could turn into a whole lot more. Then, when the day comes that they really need it, they’ll have the money for items, experiences, and their future.

Every day is a good day to save money, no matter how young you are. But now, there’s never been a better time to save at Honor Credit Union! To celebrate Youth & Financial Literacy Month anyone who opens a youth account with a $5 deposit during the month of April (that’s basically anyone age 0-22), Honor Credit Union will put $10 extra into the account!  Swing by a branch or give us a call at 800.442.2800 to learn more!

And of course, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

To listen to 97.5 Y-Country’s Wild Bill and Honor’s CEO Scott McFarland talk about Youth Literacy Month, listen to the Mason Jar Monday episode below.

Credit Union Mythbusters - Common Financial Tips

We all have that friend or co-worker or just that guy you met on the street that is full of financial tips.  Many financial tips are repeated so often that you begin to wonder…should I be doing that?  We are taking a closer look at three common financial tips* to determine if they are Myths or True good advice!

• Cut Up Your Credit Cards – MYTH! Some people’s opinions of credit cards is that they are a dirty word and should be cut up to get out and stay out of debt.  Don’t do this!  While abusing credit cards is a no-no, credit cards are WAY more secure than carrying cash, and in the issue of fraud or theft can be dealt with easier and faster to get your life back to normal.  Be responsible with your credit cards, but don’t cut them up!  If you have a hard time controlling your spending when there is a credit card at your fingertips, consider cutting up all but one and asking for a low limit so you can’t overdo it.

• Leave A Buffer In Your Checking – A great idea, but not true for everyone!  To avoid the issue of overdraft fees, it is always a good idea to keep a determined amount sitting in your checking.  However, not everyone can do this.  It’s a great goal to lead up to, but if this doesn’t work for your situation right now, don’t sweat it.  Just keep a good eye on your checking balance and budget to avoid overdrafting that way.

• Skip that latte – MYTH! While it may not be a great idea to choose that morning latte over your electric bill, treating yourself a little bit is alright!  Even if you are on a tight budget and watching your pennies, if you compensate in your budget in some other area and that latte is what really sets your day off on the right foot, then do it!  Once again, just keep an eye on your budget and balance so you can enjoy your morning treat, or whatever your splurge may be, without worrying or feeling guilty about it!

What other common financial tips have you heard that make you think twice?  Let us know on twitter @honorcu using #askhonorcu!

Listen to the Mason Jar Monday episode that aired on 97.5 Y-Country with Wild Bill! 

*Source: http://www.dailyfinance.com/2014/07/28/common-financial-tips-you-should-ignore/#!slide=2774313