Hello All!

Last year’s presidential election drew the attention of my teenagers for the first time, giving them a full lesson in the political process. Maybe it was their age, perhaps the state of the economy. Nevertheless, (and regardless of political party affiliations), I saw this as an important step towards being a responsible adult.

Since the election, we’ve seen government push forth for a program that would educate our youth on finances. As Business Week put it earlier this month, “When it comes to financial matters, Americans are functionally illiterate.”

So while the intent to educate has been alive for over a decade, those behind the financial literacy program say that during a strong economy many assumed we knew what to do with our money (other than spending it). Let’s reflect back on my previous blogs, ‘Teens Top 10 Money Myths’, obviously that assumption was not accurate.

As the Business Week article reported, “President’s Advisory Council on Financial Literacy issued a 57-page report in January just before President Barack Obama took office. Among other recommendations, the council said states and the federal government should mandate financial education from kindergarten to grade 12, and require college students to take a financial literacy course before taking out student loans.”

It seems our government leaders are seeking to correct our economy from both ends – what caused it (in part, financial illiteracy), as well as the other factors we’ve read about in the news. So I dove into learning more about the proposed Financial Literacy programs for our youth. One of several bills in Congress addressing the issue would devote $250 million per year to financial education, with the money split between K-12 schools and colleges. I love the thought of this program as my kids try to dodge me in my continued quest to educate them on money matters. (However, I have seen the results of my efforts in their savings accounts!)

A major benefit I’ve come to realize as a parent who is trying to educate my kids, is that our kids may soon be educated on finances within the schools from kindergarten through college. So educating them on saving, spending and investing will be unavoidable!

So there’s still a long road ahead in putting a Financial Literacy program into effect. I think we can all agree that with a program like this, we all win.

Learn more about a GTE Federal Credit Union U22 checking account for 12 to 22 year olds. Because learning about money is important no matter what your age!

Kathy here!

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!”

So, earlier this month I put together a top 10 list of saving tips that I myself have tried to take my own advice and do! It’s been going pretty well. I’ve been dedicated to finishing my left-overs, which is a big thing for me. Usually, they just sort of sit and rot. Since I revealed by 10 through 6 tips already, now, it’s time for the really good ones.

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

It can be really challenging for us teens and young adults to save money nowadays. This is why I’ve decided to give you my top ten list of money saving tips that will help you get closer to your goal. I know… thank me later. Here are my first 5!

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!

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