So I’ve pondered ways to help my teens navigate through the manipulative real world of “Buy Now, Pay Later”, “We’ll Beat Any Competitors Price” and “Zero Interest Until 2014”. We all have numerous experiences can we share with our teens on the art of negotiation and importance of reading the fine print, (which goes along with the mind bending exercise in trying to understand it.)

That fine art of negotiation works best when confidence fuels it, (and confidence is fueled by knowledge). Negotiating will be important not only in purchases but also in the career world as they seek to move up the ladder.

Below are 10 valuable tips compiled from Entrepreneur, Psychology Today and Consumer Reports.

1. Be Informed. Want to buy a new car, TV or rent an apartment? Do your homework first and research on the internet. The virtual world is bursting with information that’ll allow you to compare prices and important product details. Often there are online calculators that will factor in the price and most fees for you. These calculators are not entirely accurate but will give you a foundation to start from.

2. Create A Budget. The amount you spend can be determined by either what you are “able” to afford or what you “should” spend based on market prices. Both should be considered when establishing a budget. But be prepared, in most cases there are additional hidden fees known as taxes, interest, processing charges, insurance, maintenance packages, etc.) To account for the hidden fees, seek a product that is 85-90% of your total budget to allow for the average fees of 10-15%, (however it varies for every industry).

3. Shop Around. Find local (or online) businesses that are willing to beat any competitors advertised price. For smaller purchases, you can simply scan the bar code with your smart phone to compare prices. For larger purchases, it’s time to step away from your computer and iPod because the best places to find businesses offering price-beating programs are in your local newspaper or on the radio.

4. Make A List. After doing your research, write down what you need and what features are important to you. Your list will keep you focused so the “shiny objects” don’t lure you into buying something you don’t need or can’t afford.

5. Watch, Read & Listen. Find out what others are saying about the product or business. Testimonials can be found throughout the internet on Yelp.com, all search engines (Google, Bing & Yahoo) and in social media you can search via SocialMention.com. Another great source is Consumer Reports, a magazine and an app on your smart phone that is considered the supreme source of product research and reviews.

6. Put Your Game Face On. Your research and list will give you the confidence you need to get in the game. There are many types of sales people out there. The helpful, informative type and the commission-minded type. Keep your enthusiasm to yourself, evaluate your sales person to see if they have your true interests in mind, (and don’t be afraid to request a different person if they are not helpful). Stick to your research, list and budget but consider any new information you may gleam from an informative type sales person.

7. You’re In Charge. Always keep in mind that you are the customer. Never allow manipulative tactics to pressure you into purchasing on the spot. In the midst of negotiating a price or payment plan, or evaluating which product is best for you, take notes and prepare do more research.

8. Don’t Buy Now. Try not to rush into anything. Take the time to evaluate your experience, any new information and compare it with your research and list. This will prove valuable.

9. Cash vs. Credit. If you have been diligent in saving your money, you are miles ahead of others. The money you save in paying for your purchases vs. using credit can equate to a 15-40% savings. Of course, there are times we must use credit. If the company offers a “no interest” time period, this is timeframe in which you must to pay as much as you’re able to avoid high interest which will save you a lot of money.

10. Enjoy. Life is sweet! You’ve made a smart purchase on your own. Whether for need or pure entertainment, you can be assured you’ve paid the best price for a great product without over extending yourself.

I strongly encourage that you share these 10 valuable tips and your own experiences with teens and young adults as an important step towards a solid financial future. As stated in Tip #9, encourage them to save some of the money. They can start by opening a U22 account. It’s perfectly designed for 12-22 year olds.

Today we discuss purchasing, next month we’ll discuss negotiating in the career world.

Most banks are called “commercial banks” and as the name implies, their purpose is to serve commerce. Therefore their primary customers are businesses leaving private individuals as somewhat of an afterthought, (in fact banks account for 81% of industry revenue nationally). Most banks are led by boards of directors and must answer to shareholders with the expectation to make large profits. A bank’s depositors create those profits with every transaction they make. Even with a profit structure, for everyone who followed the news over the past year, it was the banking industry that was brought into the spotlight about their operations and need for a taxpayer bailout. (Did you see any credit unions under fire? No!)

So if banks have stockholders, what do credit unions have? Members. (So who do you think will serve your individual needs best?)

Credit unions were created specifically to serve individuals offering various accounts from savings to checking, in addition to credit cards, mortgages and, on occasion, home business accounts. Credit unions are federally regulated ‘non-profit’ organizations owned by their depositors, (that would be, should be you!). That’s why deposits are called shares versus deposits. Due to their structure and purpose, credit unions have remained well capitalized and remained the most viable option for home loans throughout the economic downturn. As consumers become more knowledgeable on the differences between banks and credit unions there has been an influx of families making the switch to who will serve their personal needs best, (and I think you know who that is).

So get moving to your locally depositor-owned and operated Federal Credit Union today!

Also learn more about youth accounts offered by Credit Unions. It’s a safe environment for teenagers to learn about money. Check out the GTE Federal Credit Union youth checking account for 12 to 22 year olds at www.U224U.com, because learning about money is important, no matter what your age.

Get inspired about money by looking into a GTE Federal Credit Union U22 youth checking account for 12 to 22 year olds. It pretty much rocks!

According to the National Association of Colleges and Employers, in 2009 only 19.7% of college graduates have found a job – that’s just 1 in 5 – compared to 51% in 2007.

The average college senior owes $21,000 in student loans upon graduation.

What are the statistics for young adults without a college education?

Unemployment is 20.6% for those with just a high school diploma according to the U.S. Bureau of Labor Statistics. (If that isn’t a statement for the value of a college education what is?)

These are harsh realities that need to be discussed. So, I set out on my continuous quest for knowledge about teens and money by visiting the local bookstore.

First, I encourage you to check out The Motley Fool Investment Guide for Teens. This clever book gives sound advice for teens to see how saving and investing can be fun. It’s filled with pages of work sheets, information in the credit card department and real world investment advice. Best of all, they talk the language of teens.

A few topics to expect from this book:
- How to gain financial independence
- Ask questions when it comes to managing your money
- Save cash for college, for investing and for fun
- Dodge the spending and savings pitfalls that have trapped many adults
- Get started with investing today
- Discover and learn how to identify up-and-coming businesses that could be future blue chips (what’s a blue chip? That too is explained in the book).

Fast forward to young adults and I found another great book, GradSpot.com’s Guide To Life After College.
This book helps twenty-somethings take a step into the real world with advice on finding a first apartment, first job, office politics, managing finances, paying taxes and so much more.

The book’s authors create a punchy comparison between college antics and fiscal responsibility pointing out there are those mistakes you can make now that won’t affect you when you’re older… and there are those that will. As they so aptly put it, “Between credit scores and compound interest, the American financial institution is designed to reward long-term saving and responsibility. So while a booze-soaked week in Acapulco hopefully won’t be held against you when you’re 65, your money and the people you owe it to are the proverbial elephants in the room. They are big, powerful, and have very good memories.”

I couldn’t have said it better myself. Buy the book or visit the website www.gradspot.com for great advice by college graduates for college graduates.

Here’s a real world tip… get started today! Visit www.U224U.com to learn more about GTE Federal Credit Union’s U22 checking account for 12 to 22 year olds. “Because learning about money is important, no matter what your age!”

Hi. It’s me again. Suite Caroline. I hope you have enjoyed reading about some of the stuff I have been up to. It actually gives me time to reflect on everything going on in my life. Us songwriters like that kind of thing. Anyway, I thought I would tell you what it is like to have corporate sponsors, like GTE Federal Credit Union. Well, in a word, it’s “cool.” Make that two words.. “totally cool.” You see, at first it was just all about me and writing some songs. Then it was about getting a band together. Now it is about being a part of a business organization that supports me and offers me some killer opportunities. I have gotten to know the people at GTE FCU very well. I even met the President of the whole company! I love promoting their credit union because they are so interested in kids. If you haven’t checked out the U22 program, click this link, www.U224U.com. If you are from age 12 (like me) to age 22 it might be just what you need to get good things going with saving and banking. Even if you don’t have a whole lot of money to manage, you need to have it somewhere safe, right? And whenever you need it, it only takes a swipe of your U22 debit card to get it! And it makes me feel like a VIP when I can use a debit card that is actually mine! As a matter of fact, I just used it to buy my Halloween costume. (I am going to be an M&M. The blue one.) BTW, I plan to say “Trick or Chocolate” this Halloween, instead of “Trick or Treat!”. BBYYEE!!!!

5.) Buying groceries instead of eating out.
This is a tough one for us college students, but it really can save you loads of money. By just buying groceries for yourself instead of eating nasty fast food or pricey restaurants every day, you’ll be saving money and learning how to cook!…. I know it doesn’t excite me either, but it works.

4.) Scheduling and Planning
As much as I hate to admit it, my mom was right. Making schedules to plan out your days and weeks really does save you time and money. When I was with my old bank, I don’t know how many late fees I had to pay because I forgot to make my payments – it’s scary to think about. My hard earned cash walking right out the door! I also like to make a list when I go shopping. This way, you’re only buying what you came to get and not everything else.

3.) Look for Sales
Looking for sales in the newspaper or online is a great way to save a buck. The best thing is that there is always some store that is offering some really good deals. All you have to do is look around. Oh yea and don’t be embarrassed to cut out and use coupons. They are awesome and your mom will love you for finally realizing how cool they are. Plus, it’s fun to cut stuff out… it’s therapeutic for me… what? Don’t judge me!!

2.) Comparing Prices
This one is really important for us to learn. Although it can sometimes be tedious, comparing prices with other stores or other brand’s prices is an extremely good thing to learn. Research is key here. If you really want something or need it, then it would be wise to know all that you can about the product and the differences between brands. You’ll learn that just because it’s more expensive it does not necessarily mean it is better. This will come in handy in the future when you want to buy a house, a pet, a car, or anything for that matter. Trust me, this will save you money.

1.) Wants vs. Needs
Almost everyone will have problems with this one some time in their life. The question you should always ask yourself before you buy something is, “Do I need this? Or do I just want this?” Being honest with yourself is key for this one. Whenever I try to convince myself that I really need something, I begin to realize that if I really needed it, then I wouldn’t need to convince myself of that fact. This is soooo important to learn. And I’m very guilty of buying things that I would never need. Buying things you don’t need is the biggest waste of your money and can cause lots of financial problems for anyone. It’s not a bad thing to buy something you want. Just make sure you do it sparingly and make sure you’re going to actually use it more than once.

Wow! Well I think I’ve lectured you all enough. I hope you will take my advice and learn from my mistakes. Now go out there and start saving!!!! FOR FINANCIAL FREEDOM!!!!!!!

www.U224U.com

10). Saving your spare change
I know you’ve all probably heard this before, but it really works. Saving those quarters, dimes and nickels really add up after a while. I actually saved up about 50 dollars worth of change once. So start pulling out those piggy banks.

9). Be Creative!
This tip helps me a whole lot because I’ve been very cheap ever since I started saving for my car. All you have to do is use stuff you have lying around the house for things you normally wouldn’t use them for. For example, instead of buying a mouse pad for my computer, I use a newspaper. If you do this your kinda recycling at the same time, and if you want to go for the trifecta you can actually read the newspaper!! So you’ll be well informed and green at the same time YAY!!

8.) Eating left-overs
This tip is a challenge for me because I sometimes hate eating left-overs (especially if its rice or fries eww), but it can actually save you some money. If you divide your meal so that you have some for later, then you can enjoy two meals for the price of one! “Wow that is soo easy Alex!” I know right!!!

7.) Re-discover your old stuff
If you guys are anything like me, then chances are you have a lot of stuff you don’t use anymore. Like clothes, books, games, and all sorts of things. Well what I do is go through that big pile of stuff and see if I can use it again. Many times I buy new stuff and I forget that my old things can still have a lot of value to them. So before you go buy something new try reading that book that you remember nothing about or playing through that old video game that you used to have fun with. You never know, you may re-discover something amazing.

6.) Driving Less
This one is self explanatory. Gas is expensive so no more joy rides. Just be aware of the gas you plan on using.

Check back in for more money tips – my top ones!

Visit www.U224U.com to learn more about me and the GTE Federal Credit Union’s U22 checking account for 12 to 22 year olds!
Or friend me on MySpace – www.myspace.com/myU22
Or become a friend on Facebook – http://www.facebook.com/pages/GTE-U22-Account/141512079625