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.

-Matt Walden

GTE Federal Credit Union Suite Caroline Strawberry Jam Contest Winner

Check out the U22 youth checking account for 12 to 22 year olds at www.U224U.com. Because learning about money is important no matter what your age.

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.

Buying for tweens, teens and young adults can be incredibly challenging. Seems like it’s almost impossible to figure out what’s in style, what are the latest trends. Sometimes I’m almost certain I got it right with my kids just to find out “thanks mom but that was soooo yesterday!”

However, one gift that is always in style is a gift card from one of their favorite stores. They seem to provide a sense of freedom, an opportunity to do their own shopping and buy exactly what they like. Now maybe for you, gift cards seem a little impersonal but it got me thinking about what they really like about gift cards. Freedom! Independence!

Freedom and independence can come in many packages and money never goes out of style. Now, I don’t want to sound like a pitch person, but opening the GTE U22 account with my own teens has proved to be an important step towards their financial independence. While I can contribute to their accounts as well as monitor their spending and balances, I mostly sit back and watch them manage their money all on their own. (I’ve been quite impressed!)

So I’ve decided to do what may seem a little predictable and gift wrap a few U.S. Savings Bonds and U22 deposits because I’ve seen firsthand the rewards of educating my kids on money matters.

(Hopefully they won’t read my blog or it’ll ruin the surprise!)

Visit www.U224U.com for more information on 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!

Matthew, I loved the song you played and it showed a quiet strength that I really liked. I can tell you are serious about wanting to promote your career.

Jackson, your performance was so sincere. Your guitar skills are amazing and your singing is so good!!

Shelby, you played such a great song that YOU wrote!! Keep writing and it will really take you places!

Kaylee, loved your Dream Big necklace! Your voice is incredible and awesome!!!

Kassidy, Rascal Flatts would be proud of you and how well you covered their song!! You and your sister should start a singing duo!! U guys would be FAB!!

Savannah, Gunpowder and Lead is one of my fave songs and you knocked it out of the park!! Wow!!

Jenna, You are “Fearless”. I really enjoyed getting to know you and listening to you perform!!

Katie, you ROCK, girl!! You inspired me to come home and dust off my electric guitar and start jammin!

Connor, The violin and the guitar?? Too cool. Plus I know you are an awesome piano player too!!!

Sarah, Your voice is so strong and beautiful!! Just like u!

Rachel, I want to learn Cowboy Cassanova for my shows, and you have motivated me to get on it! Your voice is flawless!!

Shane, your guitar rifts and original licks are insane! I want to take lessons from you!!

Taylor, I love that your grandpa was with you. Did you see him cry? I love that you did a classical and a popular piece. You are multi-talented!!

Lynnaida-Michael Jackson is looking down on you smiling!! What a great version of his song. The tone of your voice is so rich!!

I am glad I don’t pick the winner because it would literally be impossible! I hope that all of you can make it to the Strawberry Festival this year to cheer on the winner and be part of a really fun day!!!

XOXOX
Suite Caroline

Brought to you by 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.

Did some investigating recently and found some rather ingenious educators who have been developing new methods of learning, using creative curriculum that really engages today’s teen generation. They’ve made learning fun, including learning about financial responsibility.

By fun, I mean that they’ve developed hands on learning and video games with an educational message. Brilliant I say! I did my due diligence on a number of these video games and found some impressive sites that feature the essential money saving, credit-building message.

First, check out a really clever game, “Celebrity Calamity” which was featured in Fast Company magazine and many others. It’s a real hit with tweens, teens and young adults because they have to manage the money of a celebrity. I love the beginning where it’s raining money and clothes for you to catch! www.celebritycalamity.com

Then there is Moneytopia. More than just a clever name, this video game takes you through 40 years of financial decisions including where to live, what clothes to buy, where to invest and what bills to pay. You can use cash, credit cards or high cost payday loans. The game even throws in an occasional surprise such as a wedding or birth. This game really offers valuable know-how to teens on how to manage money, (and what its like to be an adult, a parent).
http://www.saveandinvest.org/Military/manageMoney/managingCredit/P037943

For younger kids, I love “The Great Piggy Adventure” which is a collaboration between Disney and T Rowe Price Associates. The game’s lessons are about setting goals, saving and spending wisely, inflation, etc. Anything involved in Disney hits a home run with kids, so this game excels in teaching kids 8 to14 about money.
www.piggybank.disney.go.com

I learned that many teachers recommend these and other online games for “real world” learning! So, check em’ out!

And always remember to 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!”

It was not only fun to watch the awards, but it was very comfortable too. All of the shops and food places were open in the arena, so we could eat and drink during the whole show. My sister was wearing a black satin dress, and she got an elephant ear covered with powdered sugar. Can you see where I am going with this? Yep, she got it ALL OVER her dress. Mom wasn’t too happy about that. I used my GTE Federal Credit Union U22 debit card to buy a CMA Awards t-shirt. You know, been there, done that, got the t-shirt!!!! :0 And I also bought a program to have forever. I only brought a small purse with me. I’m glad I didn’t need to bring a whole wallet. It wouldn’t have fit. Just my U22 card, a lip gloss and my phone and this girl was golden!!!!

I’m sure this comes of no surprise to all of you, there are two personalities when it comes to money: Spenders and Savers. If there was a race, the savers would clearly be in the lead. Sometimes I wonder if all teenagers are born spenders (and grow into one category or the other).

We all know the “spenders”… covered in labels from international designers, driving the super sports car with a wallet bursting with showy credit cards. It’s a lifestyle that teens see in music videos and movies. But it’s not real, not smart and the consequences can be life changing. Today’s economy has presented a perfect opportunity for teens and young adults to learn from the mistakes of overspending. As I say it: “Spenders survive, Savers thrive”.

Build Credit. Fix Credit.
Establishing good credit is the message, but sometimes that requires a few fixes along the way. No one likes to suffer the consequences of doing something you didn’t know was wrong (or you did know but were too young to understand). Life catches up with all of us, especially when it comes to credit.

Sometimes our teens or college-aged kids sway from their fiscal responsibilities, so share with them the basic 5-step process for improving their credit. Perhaps if they have to do the work to fix their credit, they’ll get back on track and stay there!

• Step 1: Get your credit report. Everyone is entitled to one free credit report a year. Visit www.AnnualCreditReport.com and order one from Equifax, Experian, or TransUnion.

• Step 2: Categorize the negative items. Create two categories: items that are legitimate and those that are mistakes. It’s reported that 80% of credit histories have at least one error.

• Step 3: Deal with the mistakes. With identity theft on the rise, your teen may find accounts they never opened and charges they never made. Contact the credit reporting agencies; it may be a hassle but it’s worth the pain in rebuilding credit.

• Step 4: Try overturning legitimately bad items. Skip the credit repair companies; your teen can do this on their own. They made mistakes and got behind, so now it’s time to ask for forgiveness. In some cases a creditor may be willing to waive or remove a negative item for those who been an otherwise excellent customer.

• Step 5: Think beyond FICO. There are alternative credit scores out there where they can build credit by paying their rent on time and doing other responsible things that aren’t included in traditional credit scores. While the alternative credit scores won’t make a huge impact on the overall score, they can give a more accurate picture of a borrower.
Start Saving.

First ask your teens and college kids, “What are you saving for?” Independence? A computer? A car? Or even better, “A luxurious lifestyle?” Dreams are the first step in establishing goals. Once you have them, you need to draw a clear path on what it will take to accomplish them.

Sit with your kids and help them evaluate their own income whether they have a part time job or an allowance. From there, simply make note of all the large to small expenses they are responsible for. Do the math, set aside some fun spending money and portion for savings. If they train themselves early to save a fixed portion of each paycheck, your teen will find that spending is more controlled. This is a money saving habit I like to call “out of sight, out of mine (and mind)”.

I read about a 12 year old that bought a used lawn mower for $10. In one summer he saved $10,000 from his profits! He later turned his lawn mowing business into a successful landscaping business and now makes more than a six figure income.
A six figure income can translate to a lot of fun like vacations, cars, computers… what else did your teens have on their list? Here you can see how saving creates stability, less worry and more purchasing ability. What a great concept!

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!”

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!”

Did you know GTE FCU is giving away Howl-o-scream tickets at Busch Gardens? Only 2 more weekends left!

Go on to your Facebook or MySpace page and become a friend of GTE FCU to enter. See our pages for details. You could win FREE Tickets, and at $50, $60 a pop, that’s an awesome giveaway!

Become a Fan:
GTE U22 Account: http://www.facebook.com/pages/GTE-U22-Account/141512079625
GTE FCU: http://www.facebook.com/pages/GTE-Federal-Credit-Union/11031481521?v=box_3#/pages/GTE-Federal-Credit-Union/11031481521?v=wall
MySpace: www.myspace.com/MyU22

Here is my insider’s scoop:
Howl-o-scream is back in action this year as they celebrate their 10th year of scaring the pants off of everyone. This year is supposed to be pretty cool too. They have a huge fashion show as you walk into the park, which seems not really that scary, until they show you their true form. There are seven haunted houses this year and if they’re anything like last year, then make sure you pack a change of underwear with you. If you’ve been to Howl-o-scream within the past 2 or 3 years then you’ll be able to recognize some of the returning houses, but the new ones are supposed to be really awesome. There is an evil toy factory this year. So if your frightened by small children, dolls, or clowns, then I would cruelly recommend this house for you. There are also 4 scare zones this year which means, “get ready to close your eyes and run”. There is also a magic show and a show called Fiends (aka a show with nurses in pink wigs). So if you’re ready to rest your heart from the scary madness, the nurses show is more entertaining than terrifying. Well I think I’ll leave the rest of Howl-o-scream up to your exploration. Your gonna have a blast! Just remember to spend your money wisely and stay away from those extremely large stuffed animals. They may be exciting to win, but they are a pain to carry around. And hey, maybe I’ll see some of you there… you’ll know it’s me by the really girly screaming…