We are a special group, us folks aged 12‐22.

We LOVE all of the latest and greatest stuff out there … but it all costs a lot, huh?? We NEVER have enough money for what we need! (Or should I say WANT!!) Well, help is on the way!!! (If you are lucky enough to win!) GTE Federal Credit Union’s U22 program is granting one lucky entry’s wish, up to $1,000!!! It is so hard to narrow the list, I know, but pick your top dream and tell GTE FCU all about it; it can be something you want to buy, or it can be a long-term goal, like opening up your own jewelry shop! Check out the promotion details on my U22 page at http://www.u224u.com/personalities/suite‐caroline and fill out all of the official stuff they ask for, and then write a little story (by little I mean 500 words or less) to let the peeps at GTE FCU know why your dream deserves to win. The timing on this is great, because we all know mom and dad don’t have a lot of extra cash to loan us right now! I am saving for a new guitar, and having a U22 account is really the way to go to help with that. My statements come to me online, and I have learned how to make deposits and manage the account. It is fun watching it grow, knowing that I have a goal in mind! So, give it a shot. The money is there for the winning! As I like to say, DREAM BIG! All entries must be in by September 31st.

So, I headed back to school this week.

It’s going to take some adjusting!! I am taking World History, Science, Math, Language Arts, Spanish, Computer, and of course, music. But I am adding some new “classes” this year. These are the really fun kind. The kind that answer my questions about saving money and making smart money choices. I can use this info for the rest of my life! (I’m not sure if I can say that about World History ) These classes are online through the GTE Federal Credit Union’s U22 program. All I do is sit at my computer and choose the subject that looks good to me. I’m thinking I am going to start with “How to achieve my financial goals.” Maybe this will help me focus on a goal and save for it the right way. I spent a lot of money on my back to school stuff. (I just HAD to have that disco ball for my locker!!) Now I need to save again. I have some good paying gigs coming up. Even though it is tempting to head right to the mall, I am trying to save so that when I get older, I have a head start with some money in the bank – make that the credit union!

Hello Moms and Dads!

Well, today I was having yet another discussion with my daughter Gloria, now 15, about a driver’s permit. Since we opened her U22 account, she has committed to helping save for a new car, so the minute she turns 16 . . . ugh . . . she’ll be able to drive. Now, when we opened her GTE Federal Credit Union U22 account, Gloria was given a U22 debit card, which the parent inside of me was super excited about – it’s plastic in her eyes, and yet has limits and control at the same time, which is golden in my eyes.

In my research, the debit card is mentioned as a great prerequisite for a credit card in a lot of the articles I read. Gloria is managing her own money and feeling good about having her own account, but she doesn’t run the risk of getting into debt. To me, debt is a very scary word, but to Gloria, it just doesn’t have much impact yet. So to better convey why a U22 debit card is perfect for her right now, I switched gears and put the whole credit card, debt thing into terms she would understand – how credit could affect her CAR aspirations. More poignant still – how BAD credit could affect HER future car loan. Here’s how it went . . .

Parents, feel free to use this – here is how I explained credit – in car terms.
- Getting a credit card is the first step in establishing good credit, or the first step in putting dents in it.
- When you get a credit card, it’s like a permanent record; everything you do, or don’t do, will be noted and possibly judged, so if you get in to debt, and can’t make your payments, it can follow you around for a very long time.
- Car loans refer as far back as 7 years, so when you turn 22, Gloria, and want a new car, the credit card payments missed when you were younger could hurt you.
- Credit ranges from 850 to 300. Let’s say by the time you’re 22 and your credit rating is around a 650 – about average. You may qualify for around a 7% annual percentage rate or APR (The amount of interest you would pay per year on your auto loan for the money that is lent to you).

AVERAGE CREDIT SCENARIO:
So, you want to buy a $17,000 car and you have no money saved for a down payment?

The total amount you will pay for your $17,000 car would be $18,530.

BAD CREDIT SCENARIO:
That same car with bad credit, can mean that you’re denied a loan or must have your parent co-sign on the loan. For the few that are able to get a loan, you could pay as high as a 25% APR. The math now?

That’s over $14,000 MORE than if you qualified for 7% with decent credit!

By, the way, the first thing Gloria said to me when I used a $17,000 car for an example was “But, the Mercedes I want is over $35,000.” I was thinking in my mind – 22 with a Mercedes? Good luck with that, but at least she has big dreams right?

Anyway, I went on to explain that a debit card is a great way to ease into “plastic.” And, although her GTE U22 debit card only lets her buy what she can afford, because she has to have the funds actually in her savings account to pay right then and there, she’s already on her way to establishing good credit just by creating an account history.

Here are some other great articles I found that helped inspire this blog:

Ehow.com: How bad credit can affect a car loan
http://www.ehow.com/how-does_4565415_bad-credit-affect-car-loan.html

MSN.com: How Teens Get Sucked Into Credit Card Debt http://articles.moneycentral.msn.com/SavingandDebt/ManageDebt/HowTeensGetSuckedIntoCreditCardDebt.aspx?page=2

Edmonds.com: Auto Loan Calculator
http://www.edmunds.com/apps/calc/CalculatorController

Hey All!

So, now that I have my U22 account, I have been learning more and more about what makes GTE Federal Credit Union’s account different. One thing for sure? The PERKS. Have you guys heard about the FREE money GTE FCU is giving to U22 members? That’s right I said FREE. Pretty cool. All you have to do is the following four things:

1. Use your debit card to make a purchase
As if debit cards are hard to slide, they’ve made it even easier! U22 debit cards use a new “contactless” checkout method, which means no swiping; no waiting; no signing! And because everyone makes mistakes you also get once-a-month overdraft forgiveness. The overdraft forgiveness thing is pretty huge. Most banks actually charge teenagers and young adults more when they overdraft. This benefit is just another way GTE FCU helps us out.

2. Log into CU@Home –online account access
CU@Home makes it so easy to find what you’re looking for and almost always saves me a trip to the branch. I can check my balance and even see when the money that Mom transferred is available. I keep my bills paid and my parents proud by using the bill-pay program that lets you schedule regular monthly payments. With GTE FCU’s financial management guidance, it should be easy to survive college and save money for my new car.

3. Log into CU2GO – mobile account access
If you’re anything like me, your phone is your best friend and MAN does GTE FCU make managing money easy! If you’re on the go and you need a fast and convenient way to transfer money or check your account, there’s no need to freak out, you can do it from your phone! You can even pay bills simply and securely in minutes!

4. Set up an account balance alert at CU@Home

That’s it!! Then GTE FCU will automatically put $25 in your U22 account.

You were probably gonna do all of those steps anyway, so the fact that they give you money for that is seriously nice of them. Especially since school is almost back around. Twenty-five bucks is about one or two good meals at a nice restaurant…or 4 fast food meals if you’re broke and saving money like me.

I gotta admit, it’s been pretty tough saving. I find myself always wanting some new video game or new pair of sneakers that’s just a bit too expensive. I have given into temptation once or twice, but I’m still on track to that new car. I will not let myself get in the way of my goal!!

Wow what a week! It has been so exciting seeing all of the U22 ads going up. I still can’t believe I’m on all of these things for GTE Federal Credit Union. It’s so weird seeing myself on a billboard and on TV, but it’s been fun when friends call telling me they saw them. I was actually watching a Rays game and saw my ad with a couple of my friends. CRAZY! I think I’m going to start planning out “accidental” drive-bys past the billboards when I’m with people who have no idea about them. Lol.

So, I am excited to report, I’ve been doing some homework preparing for my first official GTE – U22 blog! My topic of choice? How young is too young to try and start your children on the path towards making smart decisions with money? According to an article I read at KidsHealth, a good time to start giving your kids an allowance is at 10 years old. We were a bit ahead of the curve and gave our two kiddos an allowance starting at age 8. They still earn an allowance for doing chores but now they are teenagers and have outgrown many things including their pink piggy banks! I want to start teaching my kids the value of saving versus the joy of spending and to make sure they are on the road to financial responsibility well before adulthood.

I recently read an article in the Wall Street Journal that stated:

“Roughly one-third of graduating high-school seniors feel unsure or unprepared to manage their personal finances, according to a survey of 500 students conducted by Capital One Financial Corp. And only 27% say their parents are a primary resource for financial guidance.”

Wow! So, coinciding with my commitment of financial education, I decided that it was time to get more involved. After all, if I don’t teach my children how to be responsible with money, who will?

And, here’s my little pitch, which I promise I won’t do too often, but it’s a good one! GTE Federal Union has a product that is specifically tailored for young adults, so it’s not the stiff bank account that I use, but something they may enjoy and appreciate – the GTE U22 account – visit www.u224u.com for more information. This particular program has a lot of features that I like, such as the ability for me to set daily spending limits for my kids, and alerts when the balances get low. They get their own debit card and earn points towards cool stuff. This type of tailored credit union account is a good way for my kids to get a taste of financial responsibility without having to leap into the commitment (and possible fees!) of a regular checking account.

Also, if your kids are like mine, they will make mistakes from time to time. One of the benefits of the U22 account is that once a month, should they overdraw from their account, the penalties are forgiven. I find this to be especially important given that Americans paid over 16 BILLION dollars in overdraft fees in 2006.

I’m excited about this big first step that we have taken by opening a U22 account, but I realize there are many more lessons to be learned. I’ll be sure to chronicle them along the way so that other parents can learn from my failures and successes. With GTE Federal Credit Union and the U22 account, together we can raise a more fiscally responsible generation of young adults! Go us!

www.u224u.com

Hello! My name is Caroline and this is my first official blog for U22! So excited!

For my first entry, I thought I would start off talking about a really special moment in my life. I still have the check. It is two years old, and it is only for $25 bucks, but I haven’t been able to part with it!!! It is pretty beat up because I’ve had it in my purse, hanging on my bulletin board, and I left it sitting on the kitchen counter a time or two. My first paycheck! I played at a place on the beach, and all of my friends came out, and for the first time, I REALLY felt what it was like to have energy from the crowd. Everyone was singing along with my songs!!! At the end of the night, the manager handed me the check. You get paid to have this much fun?? Coolio!!! There have been a lot of checks since then. But, what has changed is that I am learning to manage my money. I am really excited about all this, now that I opened my U22 account at GTE Federal Credit Union. To check out my page visitwww.u224u.com. I get my statements online, which is great. BUT THE BEST PART IS, I HAVE MY OWN MASTERCARD DEBIT CARD!!!!!! Whooaaaa…I really am gonna learn how to do this banking thing!!!!!!! I was thinking that since I have my account, it might be time to deposit that check…finally. The branch manager at my GTE FCU PROMISES me it will be safe there. I don’t think I can guarantee that on my kitchen counter!!! Talk to you all soon! And, if you ever want to talk more, e-mail me at Caroline@asku22.com

www.u224u.com

Hey all!!! Wow, let me just start out by saying that I feel very privileged to be representing the U22 account. I wasn’t even gonna audition for the job, because I almost chickened out. I’m really glad I didn’t punk out. By the way, everyone did such a great job at the auditions. It must have been a really tough decision for the judges. If you haven’t seen the auditions yet, you should definitely check ‘em out at www.youtube.com/user/U22Audition. A friend of mine sent me a random text with the link saying, “Dude, check it out, you’re gonna be on TV!!” I actually laughed out loud (loled I guess you can say) when I read that, cuz I didn’t think I would get it. So thanx Gio for believing in me (Wow! that sounded super cheesy).

Anyway, I just want to sort of introduce myself in case you were thinking, “Who is this loser?” Well, my name is Alex, and I really AM a broke college student. My car really ISN’T a hot ride, so it’s good I’m learning more about money. The decisions I make now could really affect how much my future car payment will be when I think about it – financing and credit scores, geez. My future car though…that sounds nice, and now, I feel like it actually could be attainable! I’m a huge goofball, but I know when to be serious. I love the arts, especially music and acting. I’m originally from New York and New Jersey (went back and forth from both states) and I love the city. I moved to Florida to go to school, and I’m having a great time in college. I’m an aspiring actor and hope to graduate with a degree in fine arts. I’m not looking for fame and fortune, because they can just lead to so many problems. In the future I just hope to be doing what I love and just enjoying life. Well, I think I’ve blabbed on enough, but if you wanna know more about me, check out my bio or send me an e-mail me at Alex@asku22.com.

Check me and the U22 Account out at www.u224u.com.