When it comes to talk about personal finances, many of my friends have surprised me by asking, “Why do you bank with a Federal Credit Union?” First, it is clear their underlying question is they simply do not know the differences between a credit union and a bank, and there are many differences. So I’ll rewind past all my prior conversations and start at the beginning because if you understand the key elements of how credit unions and banks are structured, your choice is fairly clear as to which will serve your personal needs best.

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.

Hello All,

Alex here! So, I’m not very good at math and I try to avoid doing it whenever humanly possible, but when it comes to saving for my car, I have no choice. Before I got my U22 account, I had to start writing down how much I was making and how much I would be spending each week so that I could avoid wasting money. I had to save receipts just to record all of the money I was spending. And at the end of each month, I’d tally up all of the money I’d spent. From that list, I came up with things I could cut back on, so I had an estimate on how much I could spend once I got my pay checks. But now that I have my U22 account, I have replaced all of those tedious chores with the GTE FCU Money Tracker!! It’s free for U22 members and extremely easy to use. The Money Tracker informs you of exactly where you’re spending your money and what you’re spending it on. You can even create a budget plan, so all of that hard work I was doing is over!! It also gives you a monthly report on what your spending habits are. I never realized how much money I was spending each month, and since I found out, I was able to make huge cutbacks. One of the biggest areas of overspending for me was food. I usually resort to eating whatever my stomach craves, instead of cooking and buying groceries, which not only leads to me overspending, but also eating unhealthy foods. So now that I’m changing that I guess you can say that saving with the Money Tracker has been good for my health.

Check out the U22 checking account at GTE Federal Credit Union, www.U224U.com. 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