When it comes to teaching your kids about financial responsibility, it’s never too early to start. By making saving money part of their lives early, you’ll turn it into a habit that they will carry with them through adulthood. At GCS Credit Union, we have several savings account options designed with our youngest members in mind, starting with the Cub Club.
The Cub Club is open to children ages zero to 10 and only requires a $5 opening and minimum balance. As a Cub Club member, your child will have access to great tools from GCS Credit Union to help him or her learn about everything from interest to making deposits and banking online. At age 11, Cub Club accounts are automatically transferred into our CU Savers Club program for children up to 13 years of age.
GCS Credit Union Cub Club members also get to take part in our kid-friendly community events. To open an account for your child, stop by a GCS Credit Union location in O’Fallon or call (618) 219-8600. Be sure to ask about our other products, including checking accounts and debit cards.
If you need extra money for any purchase, a personal loan from your credit union could be the answer. However, while personal loans can be a good solution, they’re not always the right choice, because they often carry higher interest rates than other lines of credit. If you’re considering applying for a personal loan at your credit union, here is what you need to know.
How Can Personal Loans Be Used?
There are no restrictions on how the money from a personal loan can be used. People choose to get personal loans for a range of reasons, from paying off a higher interest debt to paying for a vacation. Although personal loans can be used for anything, that doesn’t always make them the best option. For instance, you could use the money from a personal loan to buy a car, but typically, it is better to get an auto loan when you want to buy a car because the interest rate will be lower. Think carefully about what you want to use the loan for before you decide if a personal loan is right for you.
What Are the Terms of a Loan?
Personal loans have fixed terms, meaning you have a set amount of time in which to pay them back. The length of your loan term usually depends on how much you borrow. Interest rates on personal loans are usually higher than other types of loans and may vary based on your credit score. Unlike some other loans, such as auto loans and mortgages, personal loans are not guaranteed against any collateral, though late payments could result in collection action.
How Can I Apply for a Personal Loan?
Visit your credit union to apply for a personal loan and to discuss different loan options. At GCS Credit Union, you can also apply online through our website. If you need assistance choosing between loan types, our experts can help.
Offering personal loans is just one way GCS Credit Union in O’Fallon, IL can help you reach your financial goals. We also provide auto loans, checking accounts, and more. Get additional information about our financial products or credit union membership by calling (618) 219-8600.
Credit cards are usually associated with credit history nightmares, but when used correctly, they can actually be beneficial to your financial wellbeing. This video explains how to use a credit card to your advantage in building a strong credit history.
To have a good credit history, you have to obtain credit and use it responsibly. A credit card is a great way to do just that. To boost your credit history, make small purchases on your card each month and pay your balance off in full. You should also limit the number of cards you have, and of course, pay your bills on time.
Let the team at GCS Credit Union in O’Fallon help you manage your credit card. For information about our credit union services, please call (618) 219-8600.
One of the most important lessons parents can teach their kids is the value of saving money. If your kids get into the habit of saving when they are young, it will be easier for them to exercise control over their spending as adults. GCS Credit Union offers three savings accounts for young people with special benefits designed to reward them for responsible financial decisions. If you’ve opened one of these accounts for your children, or if you’re a young saver yourself, here are some ways to boost the account balance.
Create a Routine
One of the easiest ways of getting into the habit of saving is to automatically deduct a certain portion of all money earned or received and put it directly into a savings account. If you’re a teen, consider how much money you really need to pay for your expenses. Parents can help younger children make these decisions when they get money for things like allowance or a birthday. Whatever percentage of money you decide to save, stick to that routine each time you get money and watch the account grow.
Weigh Saving Versus Spending
Parents can help kids learn how to balance spending and saving by teaching them about the trade-offs. Use savings account statements to show how money grows with interest and talk about the value of buying something now versus the value of letting that money grow. Let your kids know that they do not need to save every penny and never buy anything they want—they should simply be sure to consider each purchase carefully.
Look for New Ways to Make Money
The more money young people earn, the more money they can save. For young kids, parents can help by setting them up with chores to do in exchange for an allowance. Teens can consider hitting the job market to boost their incomes.
Show your kids how you manage money by bringing them with you to GCS Credit Union. Don’t forget to explore our savings accounts for kids. Teens can also open checking accounts at our credit union. Learn more by calling (618) 219-8600.
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