If you do not have both a checking and savings account in your own name yet, now is the time to get them. These accounts allow you to save money, make purchases, and pay bills efficiently. When deciding where to open an account, pay attention to the fees. Are you charged a monthly maintenance fee for not keeping your balance above a certain amount? Are you charged a fee for ordering checks? Credit unions can be a great place to open checking and savings accounts – since they are non-profits, they frequently charge lower fees than banks. Many financial institutions also offer special checking accounts for college students, which can have lower fees as well. Checking accounts Having a checking account allows you to make purchases and pay bills without having to carry around or store a lot of cash. If you live in a dorm or apartment with roommates, Continue Reading »

If you watch television, read magazines, listen to the radio, or even just drive on major roads, you are probably very familiar with advertising. A common tactic that advertisers use is to appeal to a certain fear or desire or imply that their product or service can provide the image or lifestyle you want. When you buy a roll of biscuits, you are not just buying a roll of biscuits – you are buying a cheerful, loving family gathered around the kitchen table for brunch. Of course, consciously, no one thinks that biscuits have some magical power of making your family happy, but decision-making is influenced by unconscious thought, and advertisers know how to play to that. The following are some emotional appeals commonly used in advertising: The desire for health and well-being: Used to sell nutritional, exercise, and other health related products. The desire to look our best and Continue Reading »

An important part of financial independence is having your own checking and savings accounts. GTE Federal Credit Union offers a checking and savings account specifically designed for 12 to 22 year olds – it’s called the U22 Account. Checking accounts Because you will use it to write checks and pay for purchases and bills, having a checking account requires active management. There are several steps you can take to manage your checking account responsibly:         Be careful with your ATM and debit cards. Keep cards in a safe place, and never share them. Report lost or stolen cards to your financial institution immediately. Know your balance before making a purchase, and make sure that you have enough money in your account. Also look into possible charges when using ATMs from other financial institutions. Avoid bouncing checks. A check bounces when there is not enough money in the Continue Reading »

Have you thought about canceling a credit card that is collecting dust in your dresser drawer? Or one that has been used so often you have the card number memorized? While closing a card sometimes makes sense, other times, it may do more harm than good. The following are some factors that are helpful to consider when deciding whether to cancel a credit card: Cost: What will it cost you to keep the account open? Having a high interest rate does not necessarily matter because closing the account will not lower the interest rate on an existing balance (and you are not charged any interest if you pay off your balance in full each month). But if you are charged an annual fee, that is certainly relevant. Finding a card without this fee may be difficult if you are new to credit or have a blemished credit history. There are Continue Reading »

Most teenagers don’t really think about investing. As parents, it’s very important we start introducing some of the basics to our kids early on. Schools don’t really have this type of curriculum available. Even though retirement is light years away for our young children and teenagers in their minds, their futures may depend on the financial planning they do very early on. Here are some simple definitions you can use with your kids to explain the basics of Stocks, Bonds and Cash.   Stocks What they are? A share of stock represents a percentage of ownership in a corporation. In other words, if a company is divided into a million shares and you buy one share, you would own one millionth of that company. The two basic types of stock are “common” and “preferred.” If you own common stock you may vote on such issues as the company’s business objectives Continue Reading »

Did you know that Florida is usually within the top 3 states for fraudelent activity! Yep – that’s scary but true. When teaching my kids about money, a talk I recently had was how to keep their money secure. Everyday I seem to hear a story about someone getting their credit card stolen or their identity being compromised! And an easy place to start is looking at how you pay. Do you use your debit card and punch in a PIN or do you sign for your purchases?   One of the things I really appreciate about GTE Federal Credit Union is the information they share in regards to keeping my accounts and money protected. Here are some interesting risk management tips you may not know:   Did you know that using “credit” vs. “debit” and having to sign for your purchase is actually a more secure method of payment? When you really Continue Reading »

Wow, time is sure flying with 2011. With only a few months left in the high school year, you know what that means – Graduation! Yahoo! I’m so syked for anyone whose about to get a diploma and be firmly dismissed for your soon-to-be alma mater. I’m sure you’re starting to plan out the big party and all the hoopla that goes with it. I was chatting with my mom about it as she was reminiscing about her graduation 30 years ago (wow) and she brought up some killer points on what is available to graduates that weren’t available to her when she was getting ready to head off to college. So, that started me thinking about her stories and how the world has certainly changed since then. Back then; you usually received a typewriter (what’s that?), a sheet set and jewelry. Hum… So I thought of a few key Continue Reading »

Although filing taxes is never fun, it’s always nice to get an income tax refund. In 2010, the average income tax refund was $3,036 (for the 2009 tax year). For most of us, that’s a nice bonus that we don’t always expect or account for in our budgets. A large income tax refund can look like a nice spring bonus. The question is, what’s the best thing to do with your income tax refund? Here are seven tips to help you manage your income tax refund. 1) Avoid refund anticipation loans Almost every tax software program and the big tax prep companies offer refund anticipation loans or “rapid refunds.” These are nothing more than a high interest cash advance on your income tax refund. According to the Center for Responsible Lending, the interest rates on refund anticipation loans can range from 50% to 500% APR!  Not only that, if you Continue Reading »

As a teen, filing taxes can be a little overwhelming. Not only is your teen taking another step down the road to adulthood, the forms can be confusing if you’ve never seen them before. They’re confusing enough for adults, just think how your teen must feel. In a recent post, I talked about child tax deductions but if your teen held a job last year then chances are, she is going to need to file taxes. Here are five teen tax tips to help you guide your teen through the process. Educate Your Child Chances are if your child brought home a paycheck last year, you’ve already been through this. There is a certain shock the first time a teenager sees a chunk of their hard-earned income going to taxes. Take some time and talk to your teen about his role as a citizen and taxpayer. Discuss some of the Continue Reading »

It creeps up on us every year.  You tend to forget about it until you start to hear rumblings in the halls at school or hanging with the peeps.  Suddenly (and sadly), I always seem to forget to start planning ahead for what every kid in America dreams about this time of the year – Spring Break! Ah…what to do, what to do.  Normally, the school systems are “kind enough” to give our brains a rest for a full weeks time.  Woo Hoo!  However, most parents freak out when “the Break” approaches and they suddenly realize they might have to stay home, take vacation time, spend more money or end up babysitting for the entire neighborhood.  Have no fear, everyone!  I have started plotting my “Break on a Budget”, so I though I would share some awesome strategies on having fun on “the Break”. It’s Camping Time! There’s nothing cooler Continue Reading »