Top 10 Financial Tips for Young Members

Throughout the year there are several opportunities to speak with young people on financial tips as they move into the world of account ownership. Money does not come with any instructions and financial mistakes can be very costly. The "learn as you go" approach with banking accounts and money is not ideal as a result. Working in the credit union industry for over 32 years has revealed the good, the bad, and the ugly in terms of stories with account holders and their money. The objective with our youth should be to avoid the financial mistakes made by those in the past. 

Below are the Top 10 Financial Tips covered in financial presentations to schools and youth groups. If any schools or youth groups are interested in a financial tips presentation, please email your inquiry to feedback@naecu.org . 
           
Top 10 Financial Tips

• Establish an account somewhere, preferably somewhere that does not charge you any fees just to have an account.
• Review your account history. Errors can and do occur plus fraud can take place and your rights have time limits.
• Do not accept fees as a way of life. Fees are like rent, money gone forever.
• Be leery of strangers offering gifts. Scams are born from greed and unrealistic offers. Don’t ignore red flags.
• Have a plan for your money and resolve to save some designated percentage. 5-10% is a good savings goal.
• Do your homework on purchases and financing. It is your job to find the best offer. Quick and easy can have a high cost.
• Do not trust text messages, calls, or emails as being legit. NEVER provide personal information from an unsolicited contact. Trust but verify with the real source.
• If having an amount drafted from your account, it is preferable to having it done by ACH rather than with a debit card. You can’t put a stop payment on a debit card monthly transaction and debit card numbers can change often due to fraud listings.
• Protect your credit history by paying debt as agreed. Your cost of credit increases dramatically when poor credit history exists. Your availability can be limited as well. Talk to your lender if help is needed to maintain your good history.
• Don’t be afraid to ask questions. Money doesn’t come with instructions. Banking issues can be confusing and costly at times.

        It's your money, how much do you want to keep?