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Credit Unions for Kids

April 11, 2022 • By Kevin Alvarez

Financial Terms To Teach Your Kids

It’s never too early to start teaching your kids about finances. After all, it is a topic they will use for the rest of their life. Breaking down some the key financial terms will help them have an understanding of a few fundamental concepts.

Here are some terms you can teach your child and why it’s important for them to know.

Budget

What is a budget?

A budget is a plan that helps you keep track of your money and where it goes. One way parents like to teach kids how to budget is to categorize money into three “buckets”: give, save, and spend.

Why is a budget Important?

A budget allows you to plan out your finances for the future and ensures you’ll have enough money to pay for all your “needs” and, if you have money left-over, to pay for all your “wants”. It provides structure towards reaching a financial goal, such as saving for a video game system, a vacation or even a college education.

Checking Account

What is a Checking Account?

A checking account is a contractual relationship between you and your financial institution where you can make day to day transactions. The financial institution holds your money in a safe place and helps to facilitate your purchases. You are responsible for handling your account wisely by not overspending the money you have in your account.

Why is a Checking Account Important?

A checking account makes your money accessible and serves as a way to keep track of your spending. It also keeps your money safe, meaning it can’t be lost, stolen or damaged. Institutions must be insured in order to operate, so there’s no risk and much safer than carrying cash.

Credit and Credit History

What is Credit?

Credit is a way to borrow money (such as a credit card or loan) with the agreement of paying it back in full, plus interest. Paying back the borrowed amount on time is reflected on your credit report/history. One important concept to remember is that credit isn’t free and should only be used if you’re able to pay it back right away.

Why is Credit History Important?

Developing good credit history allows lenders see how responsible you are when it comes to paying that money back. The more on-time payments you make, the better your credit becomes, making it easier to borrow money in the future, rent an apartment, or even get a job.

Credit Score

What Is a Credit Score (also known as FICO Score)?

A credit score is a number that lenders use to measure your credit worthiness. Your credit score is influenced by a number of things such as the amount of open credit accounts, overall amount of debt you have and your repayment history (making payments on-time). Credit scores range from 300 to 850 and lenders use these scores to determine how much risk they will take on when lending to you. The higher your credit score, the lower your interest rate will be (less risk) and vice-versa; the lower your credit score, the higher your interest rate will be (more risk).

Why is a Credit Score Important?

The better the credit score, the easier it will be to reach life’s milestones. A good credit score can help you get a lower interest rate on a loan (like a car loan or mortgage), thus you pay less over the lifetime of the loan. A good credit score can even help you get an apartment or job. Overall, it pays to have a good credit score! Literally.

Loan

What is a Loan?

A loan is a sum of money that you borrow with an agreement to be paid back with interest. One way to help your child understand loans, is to explain why people take out loans in the first place. A great example is a car or mortgage loan. These items usually cost a lot of money, so it becomes necessary to borrow the money. Having that good credit score (as explained above) will help you get a lower interest rate on that loan, making it more affordable. Agreeing to the terms of a loan means you’re obligated to pay it back with the agreed upon interest. Failure to do so can be detrimental to your good credit.

Why Is Having a Loan Important?

Having a loan allows you to enjoy the item you borrowed money for right away. Rather than saving up $20,000 for a car, you can take out an auto loan to immediately have access to the vehicle and repay on a monthly basis until the loan has been paid off. Paying off loans strengthens your credit score and allows you to become prepared for any future or bigger purchases.

Debt

What is Debt?

Debt is money borrowed (a loan) which has not been paid off. Types of debt range from credit cards and student loans to major purchases such as vehicles and mortgages.

Why is Debt Good?

Borrowing money and having debt is typically the only manner in which some people will be able to purchase important high cost items such as a home or higher education. Debt is okay if it’s going to help you make money in the future, whereas taking on debt on items such as cars or clothes is not recommended based on the depreciating factor associated with these items.

Interest

What is Interest?

Interest has two sides; it is either something you pay (an interest rate on a loan) or something you earn (an interest rate on a savings account). Show your children the interest you pay on a loan, like a vehicle loan, each month. And then also show them that when you deposit money into a savings account (your “save bucket” from earlier) that the bank pays you for the deposits you place there.

Why is Interest important?

Whether you’re paying interest or earning interest, the amount of interest is important to understand. When obtaining a loan, you want to look for an institution that offers the best rate (lowest rate or APR). That combined with your good credit score will help you get the best deal. The same goes for deposits. When saving your money, you want to look for the highest yield (or APY). This will get you most amount of interest earned.

Taxes

What are Taxes?

Taxes serve as payment to the government and are used to pay for things like improving public schools and fixing the roads. Taxes are taken from your paycheck and the amount you pay depends on how much money you make. A great way to explain it is to relate it to their allowance. Take a small amount from their allowance and put it away to be used toward a household expense, like an improvement!

Why are Taxes Important?

Taxes are the main source of revenue for the government. Without taxes, funding for many of the public benefits we take advantage of every day would be impacted severely.

Youth Month

Save small. Dream big.

We're celebrating Youth Month all April long! Be sure to check out our blog each week or follow is on social media for a new youth financial literacy topic.

You can also check out our Youth Program to help get your child started on the path to smart money management.  

youth program

August 2, 2021 • By Kevin Alvarez

How To Raise Financially Healthy Kids

Information brought to you by our partner, GreenPath Financial Wellness

As a parent, you may be wondering what type of conversations you may begin to have in order to develop financially healthy kids. Coming out of the unprecedented year we all endured, it may serve as a good opportunity to begin sharing valuable life-lessons about money.

Here are some tips that will show you how to raise financially healthy kids.

Talk About Money

Let’s change the narrative around money.  You can introduce the concept of money to your kids at an early age.  As your children grow, continue to deepen the conversation and help them understand the concepts of money.

If you're unsure of where to start, you can also ask a trusted friend or family member to have these conversations with your kids.  It’s also ok to let your kids know that you don’t have it all figured out.  Explain the things you’ve done and what you would or wouldn’t do again and why.  Sharing is how we learn!

Involve Your Kids in Major Purchases

Deciding where to go on vacation?  Buying a new appliance?  Include your kids in the process. They can help with the research.  You can show them the factors that go into making the decision.  You can help them compare the options before making the purchase.  Even better, allow your kids to pay for the major purchase.  Imagine how your children will feel knowing they did the research to make the best decision for the entire family.

Teach Your Children Math and Money

Most people don’t learn about budgeting until it’s too late.  Imagine what the future will look like for your children, if you teach them the value of savings today.  Show them how compounding interest works. When you go to the store, could you give your kids a $10 bill and ask them to purchase part of the grocery list?  When could you teach your children about credit?  Could you educate them about how credit cards work before they go to college?

Teach Your Children to Record Their Spending and Saving

Remember the main reason for teaching our children about how to track their spending is to allow them to better understand where their money goes.  More importantly, this allows our children to successfully handle their money and achieve their goals.

Don’t worry, teaching your kids about money doesn’t have to be a daunting task.  If you’re like most people, the hardest thing to do is to start the conversation.  We are here to help.  Share these posts with them, discuss the articles on GreenPath’s site or simply reach out to us for ideas.

GreenPath

SafeAmerica's Youth Program

Set up your children for financial success! Learn about our Youth Program and implement tips from this blog to jumpstart your children with healthy financial habits.

For more financial tips and education, visit GreenPath Financial Wellness.

Youth Program
GreenPath Financial Wellness

September 3, 2020 • By Lisa

Miracle Jeans Day 2020

SafeAmerica Credit Union is participating in Miracle Jeans Day, a fundraiser where employees wear jeans to work on September 9th by donating $5 to UCSF Benioff Children’s Hospital Oakland. Typically, employees dress casually to show their support for the kids at the hospital. However, because of the pandemic, most of our employees are working from home. We've asked for their participation by donating online instead!  It shows the power of the credit union coming together as one.

CU 4 Kids

Want to join our team in making miracles for the kids at UCSF Benioff Children’s Hospital?

Stop by a branch anytime between now and September 9th and donate a dollar. In return for your generosity, you will receive a Miracle Jeans Day paper icon to display in the branch. This will let everyone know that we are in this together.

America’s credit unions and members have raised more than $195 million for the kids, much of it one dollar at a time. You can help make a difference in the life of a child in our community by donating just $1 or more!

Stop by SafeAmerica Credit Union to donate today or you can donate online.

Thank you for making miracles happen.

Donate Online

December 31, 2019 • By Lisa

A Year of Giving Back: 2019

Giving back and donating to local community organizations is one way SafeAmerica Credit Union supports the communities that we serve.  By the end of 2019, we made contributions to the following charitable organizations.

We invite you to also support these worthy causes in our community.

Alameda County Community Food Bank

Food Bank of Contra Costa & Solano

Children’s Miracle Network – Credit Unions for Kids

Kids Against Hunger

Red Nose Day

Thank you to our dedicated staff and members who all contributed!

Giving Back to Alameda County Community Food Bank
Food Bank of Contra Costa & Solano
Credit Unions for Kids
Red Nose Day
Kids Against Hunger

August 19, 2019 • By Lisa

Miracle Jeans Day – Going Casual for the Kids

Children's Miracle Network Jeans Day

It’s amazing what dedicated teamwork can do. SafeAmerica Credit Union employees "went casual for the kids” and participated in Miracle Jeans Day, a fundraiser benefiting UCSF Benioff Children's Hospital Oakland. Starting August 16, 2019 and running through Miracle Jeans Day on September 11, 2019, credit union staff donated $5 to the Children's Miracle Network in exchange for wearing jeans to work every Friday.  Every dollar raised will help us toward our goal of raising $2,000 and contribute to our collective goal of raising $350,000 nationwide.

Members participated as well! Thank you for those who visited a branch or made a donation online.

Together we raised $1,711! 

We thank you for your support.

Donate Online

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