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    How to Teach Your Teenager About Money Management

    Last updated 5 months ago

    You’re smart with your money; you stick to a budget, you pay off your bills on time, and you belong to a local credit union. If you have teenagers, they probably don’t manage their money quite as well as you do. To set up your children for a lifetime of financial success and independence, take time to teach them how to be smarter about money. Here are a few ways to make sure that your teenagers learn the lesson about money management. 

    Put Them on a Budget

    Instead of putting $20 bills in your teen’s hand when he or she walks out the door, give them a weekly or monthly allowance and teach them how to limit their spending and live within a budget. Be prepared to say no when your teenager asks for more money after they spend all of the allowance. This is a great teaching experience, as they will learn what happens in the real world when spend over your limit each month.

    Reward Them for Saving

    Talk to your children about the benefits of paying themselves. Start by recommending that your children put away at least 10 percent of any money they earn from work. If your teen doesn’t have a part-time job, recommend instead putting away 10 percent of the allowance each week. Tell your child that you will match his or her contributions each month to hammer home the benefits of saving for a rainy day. 

    Warn Them About Excessive Debt

    Nearly everyone has debt, but there is a point where enough is enough. Be straightforward with your teenagers about the dangers of carrying excessive debt, and explain to them how difficult it can be to repay high-interest credit cards or auto loans.

    If you want your children to be smart with their money, start by being smarter with yours. GCS Credit Union is a full-service, member-owned credit union in O’Fallon, IL. We can help you and your teens plan for a successful financial future. To learn more about our credit union, please call us at (618) 219-8600.

    GCS Credit Union: Who We Are

    Last updated 5 months ago

    For over 70 years, GCS Credit Union has provided financial products and services for members in O’Fallon, IL and the surrounding counties. Founded in 1941, GCS Credit Union has always focused on you, the member. We are big enough to offer all of the products and services you would expect at a traditional bank, but small enough to offer customized financial services to meet your ever-changing needs. Whether you’re looking for a high-yield savings account or a low-interest auto loan, you can find all of the financial services you need at CGS Credit Union.

    When you’re ready to become a member, GCS Credit Union is here for you. To learn more about the financial services we offer to our members, visit our website or call us at (618) 219-8600. You can also visit our branch today to become a member at our credit union. 

    Why You Should Start Saving for Retirement Now

    Last updated 5 months ago

    Even though the thought of retirement probably doesn’t loom large on the horizon for you if you are in your 20s or 30s, the very fact that you’re young gives you a huge advantage if you want to be rich in retirement and truly enjoy your golden years. The longer your money sits and matures in a savings account, the more you will have during your retirement. To help motivate you to start saving, here are three reasons why you should put away for your retirement while you’re still young. 

    More Money for Retirement

    If you start saving money in your 20s, you will have a big leg up on someone who starts saving in their 30s or 40s. For example, if you put away $2,000 a year starting at 25, you’ll have around $560,000 after 40 years, assuming earnings grow at eight percent annually. If you put the same amount away each year but you start saving when you are 35, you’ll wind up with about less than half the money by the time you’re 65.

    Less Stress and Worry Later On

    Saving for retirement is difficult no matter when you start putting money away, but the earlier you start saving, the less stress and worry you will have later on. It may be difficult to find any extra money to put aside with student loans and credit card debt looming over you, but tightening your belt and saving whatever you can now will make it much easier than if you wait until you are well into your 30s and 40s.

    If you’re looking for a high-yield savings account at a financial institution you can trust, contact GCS Credit Union. Located in O’Fallon, IL, our member-owned credit union can help you get your finances in order and start saving for a comfortable retirement. For additional information about our share account rates, visit our website or call us at (618) 219-8600. 

    Stash Your Cash at GCS Credit Union

    Last updated 5 months ago

    You set a budget each month, you don’t use credit cards unwisely, and you take every opportunity to trim your expenses. You work hard to save your money, so make sure you keep it at a financial institution you can trust. Here at CGS Credit Union, we offer a variety of savings accounts that can help you stash your cash and watch it grow. To get a look inside our credit union in O’Fallon, IL, check out this short video clip. And to learn about becoming a member, contact us online or call us at (618) 219-8600. 

    Better Than a Bank: The Credit Union Advantage

    Last updated 5 months ago

    There seems to be a lot of debate about the benefits of joining a credit union versus keeping you money in a bank. Unfortunately, it really isn’t much of an argument. Credit unions offer the same financial products and services as traditional banks, but often with fewer or lower fees. If you’re sick of not having a voice in how your bank is operated, read on to learn about some of the benefits of becoming a member at your local credit union. 

    Higher Interest Rates

    Compared to traditional banks, credit unions offer more “bang for your buck.” For starters, credit unions typically pay higher interest rates on all deposit accounts including savings, money market, and checking accounts. This is largely because credit unions are not-for-profit, so surplus earnings are returned to members in the forms of higher dividends, lower loan rates, and free or low-cost services.

    Flexible Loans

    If you have a blemished credit history, you may find it hard to get a loan or open a credit card at a big bank. This is because banks process thousands of applications a month, so they streamline the process by setting strict income and credit score requirements. Credit unions, on the other hand, are more willing to work with you even if you have a troubled financial past.

    Fast and Personal Service

    Big banks have thousands of locations all over the world, making it nearly impossible to find a teller who even recognizes you, let alone remembers your name. Because credit unions have small branches located in your home town, they can offer fast and personal service not found at traditional banks.

    To learn what personal banking feels like, visit GCS Credit Union. Located in O’Fallon, IL, we provide our members with first-class financial products and services, with the personal touch only found at a credit union. For information about becoming a member, visit us or call (618) 219-8600 today.  

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